When looking at factors affecting entrepreneurship, we have decided to take a closer look at what drives individuals to enter the sector. Business decisions can be driven by either necessary or opportunity . entrepreneurship. As defined by the World Bank, necessary entrepreneurship occurs when the individual has no other option for income whereas opportunity entrepreneurship occurs when the individuals sees potential in the market. This brings the question: which is more prominent across world markets? Would more developed countries experience higher levels of opportunity entrepreneurship than lesser developed countries? With the same idea would lesser developed nations see higher levels of necessary entrepreneurship with less income available.
The World Bank Global Entrepreneurship Monitor provides data on countries’ entrepreneurial levels including indicators of these different types of entrepreneurship through survey collection. While the data being available so readily has been a success in this process, learning to use the GEM database and format the data has been a challenge. This project has allowed me a deeper understanding of what drives decisions to enter the markets from a business or individual standpoint. It may lead me to look at other topics that begin with microeconomic decisions that affect the economy worldwide.