This week marks Global Entrepreneurship Week (GEW) – a celebration of the innovators and job creators who launch start-ups that bring ideas to life, drive economic growth and expand human welfare. While there are lots of different routes to self-employment, an entrepreneurial spirit can surely be one of the leading pathways to develop the attributes of running one’s own business.

Since the early writing of Schumpeter (1921), entrepreneurship is believed to be a key determinant of the economic success of a country. Entrepreneurs are not only responsible for the creation of new firms, but they are also engines of economic growth due to their technological lead and innovative success.

Recent research has shown that self-employment is positively and significantly correlated with both the rate of firm creation and the incidence of innovation (Faggio and Silva, 2014). And the link between self-employment and entrepreneurship have become increasingly important in our modern economies. Policy and research interest in these areas overlaps when it comes to aspects such as the impact of ability, risk, personal characteristics, growth and innovation and the appropriate role for governments in promoting self-employment and entrepreneurial activities.

GEW supporting self-employment

GEW annually empowers approximately 25 million entrepreneurs by connecting them to potential collaborators, mentors and investors. Between 13th and 19th November millions of individuals across 170 countries will engage in entrepreneurial activities as part of the 35,000 GEW events and competitions.

The event opportunities in London range from a networking club for leading women and first steps in entrepreneurship to Q&A sessions with the founders of some of Britain’s most successful start-ups. GEW celebrates the next generation of innovators and entrepreneurs, no matter whether they are experienced professionals or university students who have an idea and the courage to take the next step.

It aims to alleviate issues such as lack of business knowledge and initial investment by proving that the spirit of entrepreneurship should not be determined by age and professional experience, but rather by a determination to succeed.

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