Why is growing the level of entrepreneurial activity critical to the growth of the Australian economy?  What factors help and hinder the process of entrepreneurship in Australia?

Introduction 

The practice of entrepreneurship can be defined as the capacity or willingness to undertake risky decisions that would contribute in encouraging a business startup or venture, with the motive of earning substantial amount of profit. The individuals who display the ability to undertake these risks are being addressed as entrepreneurs. The entrepreneurs in Australia are being considered as one of the biggest contributors of its economy. This essay will primarily focus on the importance of the entrepreneurs in the development of the Australian economy. At the same time, the essay will also focus on the factors that allow the entrepreneurs to maintain a competitive advantage in the Australian market and the theories and practices that are required to be properly assessed by an entrepreneur before making a major decision. By the end of the essay, the roles and functions of an entrepreneur will be evitable and so is their contribution in enriching the economy of the country.

Discussion 

The entrepreneurs play a significant role in enriching the economy of a country and they are able to gain substantial amount of profit with the help of their advanced strategies and understanding of the structure of the management of the small business. All kinds of entrepreneurs play a key role in transforming the economic structure of a country. In the country Australia, the government has laid substantial amount of emphasis on the role of innovative entrepreneurs in contributing towards changing the economic structure of the country. The innovative entrepreneurs are being addressed as the biggest drivers of the economic growth. The motivation and creative appreciation for the ideas of the entrepreneurs play a key role in enhancing the growth level of the country's economy.  Being one of the prominently developed economies in the world, the rate of entrepreneurship is eventually high in the country as well but the government is mainly inclined towards encouraging the idea of innovation-driven entrepreneurship so that the business ventures are able to provide creative products and services to the people and gain profit in their business (Blackburn, 2016).

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