Entrepreneurship in The 21st Century — The Key to Development

Abstract

Entrepreneurship has become a central pillar of economic growth, innovation, and social transformation in the rapidly evolving global landscape of the 21st century. As technological advancement and globalization reshape traditional industries, entrepreneurial activity extends beyond business creation to include social impact, technological leadership, and inclusive development, as demonstrated in countries like the United States, Israel, and Singapore. Despite its recognized significance, there remains a need for a comprehensive understanding of how different national ecosystems cultivate entrepreneurship to achieve sustainable and equitable growth, particularly in developing contexts. This study aims to analyze the role of entrepreneurship as a transformative force in modern development, identify key ecosystem components that foster entrepreneurial success, and propose strategic recommendations for overcoming systemic barriers. The findings reveal that entrepreneurship drives innovation, job creation, socio-economic inclusion, and resilience, but it flourishes only in environments with strong financial, educational, legal, and cultural support structures. Successful models combine policy incentives, digital integration, and entrepreneurial education to stimulate growth and reduce inequalities. By employing a cross-national comparative method and integrating qualitative insights, this research offers a multidimensional framework for understanding entrepreneurship as a systemic and dynamic driver of development rather than a standalone economic activity. Empowering entrepreneurship through ecosystem-building, education reform, and inclusive policy measures is critical for addressing global challenges such as poverty, inequality, and climate change, positioning entrepreneurship as a strategic lever for achieving a sustainable and prosperous future.