The concept of living in entrepreneurial age is giving us a large and unorganized increase in innovations and “industrial revolution” can be considered as a misconception. Best Resume writers in Dubai indicates that many academic papers on “entrepreneurial economy” have been appreciated. A large amount have been invested by policy makers and investors for the creation of an ecosystem and innovation. Entrepreneurship in included in the basic curriculum f business schools and degrees. The innovations in entrepreneurship has decline the economy. As identified by an economist Tyler Cowen:
“Previously in America, people don’t usually switch to new jobs and there were less chances to more anywhere in the country and used to remain in their own houses. The economy was growing at lower rate and was more controlled”.
The ossified economy:
The trend of economy will be towards the decline, by using different innovative styles of entrepreneurship. Due to the entry of new companies in the business industry in between 1978 to 2011, the economy of US declines round about 50%. The economy of the companies that were existing from 4 to 5 years have decline the economy from 47% and in 2006 it reaches to 39%. The size of the firm is increased by a rapid increase in the number of employees and there has an average increase of employees in the average size companies like 20 to 24 people.
Switching from one job to another, or moving from one position to another within the same job or moving from one location to another, there is observed a decline in the dynamics of entry and exit and measures responsible for it. It has been observed that after 2000, the trend of jobs have been switch from high salaries to low salaries (less skills). There is a rapid decline in the share of highly qualified entrepreneur like the rate of qualified entrepreneur was 12.2% in 1985 and was 5.3 in 2004. According to economist Nicholas Kozeniauskas, “Due to saturation of smart technology, there is observed a decline in entrepreneurship”.
It has been observed through many ways that there is less quality of innovation in entrepreneurs. In US, the cost of license is increasing and the number of license for doing business are decreasing. According to an economist Nicolas Bloom and his co-authors, there is observed an average decline of 5% in the efficient research of US economy and is affected by a factor 42 since 1930. According to a survey, due the increase in complexities in the largest economies of the world, the rate of entrepreneurship and the rate of innovations is also declining. The data gathered through ILO shows that the rate entrepreneurship was 8.2% in 1991 in the world’s largest countries and it reduced to 6.8% in 2018.
The main reason for a rapid decline in the economy is a rapid decrease in the population growth and the age of population is also decreasing. There is reduction in fertility rate and it reduced to 1.6 children per women and it indicates that next generation will be 20% smaller from the previous generation.
The saturated and ever growing market can be considered as another reason. A power is being created by existing organization to stop the new entrepreneurs to enter in the market. The existing powers are suppressing the increase of competition in the market. There are more than 1 lac powerful companies in the UK, that are running on subsidies because they have very low productivity level. The reason behind the decline are interconnected with each other. Now the fresh companies are being purchased by existing companies and the rates of mergers between two companies is increasing. Monopolies must be break down and completion in the market must boost up by allowing marketers to do better work, to improve the diffusion of knowledge. Now it is important and essential to increase the number of demand in the market. It is only possible when government increase its investment in the public services and infrastructure and the ratio of inequalities must be decreased and there must be an increase in the power of bargaining of labor union. These policies must be applied to get the desired outcomes. The complex and rich economies are being created through decreasing the ratio of entrepreneurship. When there is a rapid increase occur in the size, the economy become more complex and growth level stops. So, by achieving a new level it is tough and a challenge for the firms to create and apply fresh and valuable knowledge.