Project Outline and Topic Presentation Entrepreneurship

Question: Discuss about the Project Outline and Topic Presentation Entrepreneurship. Answer: Introduction Entrepreneurship is an act of putting together available resource to set up a business or business and managing financial risks associated with the started business with an aim or hope of making profit. In Australia, a country with a population of over 23.9 million people and gross domestic product (GDP) of $1.1 trillion according to the data kept at 2017 index of economic freedom is composed of a free market with impressive economy that has resisted economic recessions for the last 25 years facilitating strong entrepreneurial development. (Groot, Nijkamp, Stough, 2004) However, a report titled Boosting High-Impact Entrepreneurship in Australia; Commissioned by Australias Chief scientist indicated that Australia has not yet introduced entrepreneurship education in formative schools to inculcate the culture of entrepreneurship among the young generation like other developed economies United Kingdom and United States. (Bakhtiari, n.d.) Entrepreneurship has played key role in Australian economy by creating jobs which in turn has empowered people to have strong purchasing power a key ingredient in any financially healthy economy. In the year 2006 through 2011 starts up in Australia which is basically the product of entrepreneurship added 1.44 million of full time jobs to the economy whereas the rest of the other firms lost 400,000 of full time jobs. This clearly demonstrates how important entrepreneurship is to Australian economy. (Bakhtiari, n.d.) It is therefore imperative study the impact entrepreneurship has on the Australian economic development in a wider scope and detect any new change/impact that the entrepreneurship could be having on the Australian economy. (Therin, 2014) Statement of the problem To examine the role of Entrepreneurship in economic development in Australia Research aims and objectives The aim of this project is to examine to what role entrepreneurship plays in the economic development of Australia. The following objective will help us achieve our aims. To explore in what economic impact does new products created by entrepreneurs has on the Australian Economy. To explore the economic impact does job opportunities created by entrepreneurs has on the Australian economy. Methodology The research will utilize the following methodology in order to achieve it aims; Literature review Relevant information will be obtained from credible sources such as academic journals on information such employment opportunities crated by the entrepreneurs in Australia and the effects it has on the country economy. The research will also explore information available through this medium on how entrepreneurship in Australia has help with distribution of money in the economy. Surveys interviews will be conducted to relevant personnel in finance ministry in the Australian government to give views on how entrepreneurship has affected the countrys economic development. Questionnaires will also be used to specific selected entrepreneurs to give their views sales they make, new products they have invented and employment opportunities they have created. Observation important data such as graphs and charts from relevant Australian authorities will be observed to deduce information will help meet this research aim and objectives. Both qualitative and quantitative types of methodology will be used. The qualitative methodology will used in analyzing opinions obtained from entrepreneurs and key personnel from the government relevant departments on important questions of the research such as views on impact of employment opportunities created by the entrepreneurs In Australia. Quantitative analysis will make use of the data obtained on various aspects of the research such as number of job opportunities realized by the entrepreneurs in Australia on various modes such as graphical representation. This study will be exploratory as it seeks to understand and unravel the various relationships between entrepreneurship and economic development in Australia. This will include exploring relationships such as creation of new job employment by the entrepreneurship in Australia and the populations purchasing power. References Bakhtiari, S. Entrepreneurship Dynamics in Australia: Lessons from Micro-Data. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.2940093 Groot, H., Nijkamp, P., Stough, R. (2004). Entrepreneurship and regional economic development. Cheltenham: Edward Elgar. SMEs, entrepreneurship and innovation. (2010). Paris. Therin, F. (2014). Handbook of research on techno-entrepreneurship. Edward Elgar.