Global Entrepreneurship Monitor Management

Question: Discuss about the Global Entrepreneurship Monitor Management. Answer: Introduction: Under the patronage of the Shaikh Hamdan Al Maktoum, Crown Prince and the Executive Council of Dubai the UAE Economic Outlook 2016 hosted jointly by Dubai Department of Economic development as well as Abu Dhabi Department of Economic Development. Kargwell (2012) Commented that innovation is fundamental to achieve the levels of productivity and sustainable development as targeted in the UAE vision 2021. In this context, Kargwell and Inguva (2012) commented that after having demonstrated its sustainability as well as resilience to the vagaries of the global economy, the city Dubai is determined to strengthen its positions as the global business hub. The city has focused on emerging as one of the five most significant centers of global trade and transport, finance and tourism. It is identified that economies increasingly compete based on product differentiation, of which innovation is the key driver. As UAE is economically developed nation, increase innovation in the standard of livelihood is because of the innovation. In the recent time, the pioneering performance is the fundamental factor in increasing competitiveness and countrys growth. The existing studies demonstrate that organizations both private and public of Abu Dhabi have just understood the importance of entrepreneurial initiatives. Interestingly, the motives of entrepreneurship is are strong; however, they do not transform them into entrepreneurial actions. The data revealed by GEM (Global Entrepreneurship Monitor) indicates that the community in UAE largely focuses on the entrepreneurship with almost three- quarter (73%) of GEM reviewed population (Bosma, 2013). Alm ost 89% of the surveyed UAE nations consider that entrepreneurship acquire a high social status in the Emirates. As opined by Majumdar and Varadarajan (2013) nearly 40% of UAE population who identifies the market opportunities to enhance a business state that fear of being failed might discourage them from applying the required entrepreneurial action. However, total entrepreneurial activity is also elevated in UAE than the OECD (Organizations for Economic Co-operation and Development) average. As mentioned by Kelley, Singer and Herrington (2012) quite a sole characteristic of entrepreneurship found in the UAE is that 82.5% of Emirate entrepreneurship do not fall under the criteria of full time business owners. They are rather involved in another occupation such as holding a position in the public sector. In addition, nearly 73% of the overall stock ventures are small business hiring a least number of workers but OECD simple average for small organizations is comparatively higher (90%) (Hopbach, 2016). Conversely, the organizations with high capital hiring 50 staff or more than 5% of the overall Abu Dhabi but it could be below 2% of the overall OECD. Mohammed Bin Rashid Al Maktoum collaboratively has taken the global initiatives of developing the communities with the help of outstanding leadership education specialize in effective guidance. The community supports the growth of leadership among youth and provides incubators to help innovators and rely on the research and innovation. With the help of the initiative, the community trains and supports 23000 young entrepreneurs as well as provides supports for more than 3000 organizations (Wiseman Anderson 2014). The overall employees of the orgznaitons are around 160,000. The initiative also trains the officials and leaders from 155 governmental agencies from different countries across the globe. This initiative widely influences the economy of UAE nation. The community has made the investment of 1 billion AED to develop an integrated environment to serve skilled innovators regionally, globally throughout the Museum of the Future. Citing the key factors that drive for innovation andentrepreneurshipin the country There are some of significant social and cultural factors influencing the entrepreneurial intention among the young people. As mentioned by Schilir (2015), a unique and significant factor visible in young people of UAE is their favor towards the employment at public sector. The global competitiveness index indicates that pressure from the family, high salaries, long-term goals influence the youth to select employment in the public sector organizations. Some other factors that affect the innovations and entrepreneurship are occupational security, extra employment benefits along with culture and type of employment. In addition to this the shorter work hours as well as lesser work pressure influences youths to choose job in the government sector. The benefits provided by the organizations in government sector creates the scenario, which denotes that, an increasing rate of Emirate Entrepreneurs initiate the business venture while working in government organization. The GEM data reveals that almost four entrepreneurs out of five are working in a large organizations but running their own business as well at the same time. The factors presently motivates the youths to become entrepreneurs are potential gratification of self-esteem, actualization needs, that increase the earlier income and passion for being an entrepreneur. The nation does not have many attributes that facilitate the ways of enhancing entrepreneurial characteristics among the UAE nationals. In this context, Salem and Mourtada (2012) commented that lack of support, high power distance and high ambiguity stand as the barriers for developing entrepreneurial characteristics. References and Bibliography Bosma, N. (2013). The Global Entrepreneurship Monitor (GEM) and its impact on entrepreneurship research.Foundations and Trends in Entrepreneurship,9(2), 143-248. Hopbach, A. (2016). The OECD/UNESCO Guidelines for Quality Provision in Cross-Border Higher Education: Its Relevance for Quality Assurance in the Past and the Future. InCross-Border Higher Education and Quality Assurance(pp. 183-201). Palgrave Macmillan UK. Interactive, P. (2017). . [online] Almaktouminitiatives.org. Available at: https://www.almaktouminitiatives.org/en/entrepreneurship-innovation [Accessed 24 Mar. 2017]. Kargwell, S. A. (2012). A comparative study on gender and entrepreneurship development: still a male's world within UAE cultural context.International Journal of Business and Social Science,3(6). Kargwell, S., Inguva, I. (2012). Factors influencing the First generation entrepreneurs: an analytical study on the graduates of UAE Universities.International Journal of Business and Social Science,3(7). Kelley, D. J., Singer, S., Herrington, M. (2012). The global entrepreneurship monitor.2011 Global Report, GEM 2011,7. Majumdar, S., Varadarajan, D. (2013). Students' attitude towards entrepreneurship: does gender matter in the UAE?.Foresight,15(4), 278-293. Salem, F., Mourtada, R. (2012). Social Media, Employment and Entrepreneurship: New Frontiers for the Economic Empowerment of Arab Youth. Schilir, D. 2015. Innovation in small and medium enterprises in the United Arab Emirates.International Journal of Social Science Studies,3(5), 148-160. Wiseman, A. W., Anderson, E. (2014). Developing innovation and entrepreneurial skills in youth through mass education: The example of ICT in the UAE. InInternational educational innovation and public sector entrepreneurship(pp. 85-123). 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