Enterprise Skills Assignment Example | Topics and Well Written Essays - 4750 words

Enterprise Skills - Assignment Example Entrepreneurialism mattered less and remained so for long although we can see the importance it plays in the economy at present. Ward asserts that we are in the third phase of the industrial revolution marked by telecommunications, nanotechnology, and information technology (IT), robotics and biotechnology. The traits of the present revolution include breakthroughs and harnessing scientific knowledge. Technological changes have brought social impacts in the present world. A fast response time is a requirement for the emerging mass customization. There has been the emergence of skills divide over the last decade, and the gap between skilled and unskilled labor has grown immensely. High-skilled labor demand has been on the increase for the present technological change. On the other hand, there has been automation or outsourcing of low-skilled labor to low-wage countries. Martinez et al.  assert that, in the new economy, many people have accepted the increasing relevance of entrepreneurship in job creation. However, he argues that a few exhaustive studies on the subject exist. This means that people are still viewing entrepreneurship with a negative attitude. Galloway et al. mention that it is not large industrial companies that drive the growth of modern economies, but rather small and new businesses. The concepts of innovation and flexibility are fundamentally crucial in the present shift of economic focus. Entrepreneurial economy and the past industrial capitalist economy are similar in that both have innovation, exploitation of innovation and creation as economic drivers. Ward mentions refer to this present time as the ‘Age of Personal Sovereignty’ in which, unlike the previous generations, there are several choices for individuals to make.