Entrepreneurship: A Tool to Overcome Global Recession

Abstract

More than 4 billion people in the world live on less than $2 per day, and they are not just in developing countries. In recent years, there is a trend of greater interest of entrepreneurs in social causes. However, people have experienced an economic recession since December 2007, the longest since the Great Depression of the 1930s. As a result, the authors propose the question; does it take an economic recession to advance social entrepreneurship?

The findings determine that during the recession such factors as low cost of skilled labor, less expensive supplies, tax benefits, new web tools, blogs, social networks make it easier to enter into a social entrepreneurial venture.

A modest attempt has been made through the literature review used in this paper to examine how the entrepreneurship and regional development has been previously addressed theoretically and empirically. We believe that the Regional Studies and Entrepreneurship are the two fields with their own distinct literature and it is the best time to be your own boss. It enables one to have the freedom and flexibility to work and to extend a helping hand in improving the societal needs.

Keywords: entrepreneurship, global crises, regional development