What are the definition of local entrepreneurship?
Research Question
Academic Insights
Local entrepreneurship is defined as the process of starting and managing a business within a specific local context, often with a focus on leveraging local resources, addressing local needs, and contributing to the local economy.
Key Insights
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Contextual Relevance:
- Local entrepreneurship is often tied to specific sectors such as food production, where it plays a significant role in regional development and consumer satisfaction .
- It is also seen as a critical factor in rural and local economic development, requiring holistic and non-divisive approaches to be effective .
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Sustainability and Social Impact:
- Sustainable entrepreneurship, a subset of local entrepreneurship, emphasizes ethical business practices that contribute to economic development while improving the quality of life for the local community and future generations .
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Innovation and Development:
- Local entrepreneurship is often characterized by innovation in products, production methods, and market approaches, which are essential for local economic development .
- The development of start-ups is a driving force for local economies, with human and financial capital being significant determinants .
Conclusion
Local entrepreneurship is a multifaceted concept that involves starting and managing businesses within a local context, focusing on leveraging local resources, addressing local needs, and contributing to the local economy. It is essential for regional development, innovation, and sustainability, requiring a holistic approach to be effective.
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Related Questions
- What are the key characteristics of local entrepreneurship?
- How does local entrepreneurship differ from global entrepreneurship?
- What are the benefits of supporting local entrepreneurship?
- What challenges do local entrepreneurs face?
- How can communities promote local entrepreneurship?
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