Entrepreneurial Behaviours and Practices Within the Modern Business Economy

Organisational structures and behaviour's within the modern global business economy are undergoing a period change (Burns, 2013; Dicken, 1998; Walters, 2004). Walters (2004) identifies a major cause of this change to be the increased interaction between global markets. In addition, increased demands have been placed upon businesses in the form of the greater expectations of customers in terms of product choice and the increased number of finance, supply and ordering methods available. In order to remain competitive in the modern business economy, organisations have increased their focus upon developing new products and services, or improving existing ones. Furthermore, the prediction that the global economy will double in size by 2032 (PricewaterhouseCoopers, 2015) will place increased pressure upon organisations, which may have to enter new international markets in order to generate sufficient revenue to enable growth. A major contributing factor in this development is viewed to be the emerging economies of Brazil, Russia, India and China; the demand for services and products within these growths regions will increase as nations continue to become wealthier. The expansion of the digital economy in particular, which involves only relatively low set-up costs, opens further potential avenues for new business. Entrepreneurs play crucial roles within this business environment through introducing innovative ideas and improving existing processes.

Baum et al. (2007) describe entrepreneurism as the human contribution to business success. The term entrepreneur has been used to describe individuals who have conceived, designed and often introduced a range of innovative developments predominately within commercial markets (Brockhaus and Horwitz, 1986). The increased levels of geopolitical instability and the greater access to disruptive technologies, particularly in terms of electronic communications over the course of the twenty-first century have contributed to the increased importance of entrepreneurs within the global business economy (Burns, 2013). In support of the view that entrepreneurial behaviour's result in the pursuance of opportunities by either individuals or the organisations they work for (Stevenson and Jarillo, 1990), an example of an innovative system that has impacted modern business has been the introduction of intranet and extranet systems (Liautaud and Hammond, 2000). The widespread introduction of such systems has improved the ability of businesses to communicate across departments and locations. The entrepreneurial vision, which designed these modern means of communications, resulted in the development of further services including cyber security, in order to reduce the risk of cyber crimes such as hacking, to gain business intelligence or denial of service attacks