8 Fundamental Laws of Entrepreneurship

In view of the fact that the global competitiveness of nations is largely determined by the comparative size, strength and rate of growth of their economies and entrepreneurship is the only means of creating value and wealth across all industries, markets and economies, entrepreneurship can be likened to a must-win game that involves the highest stakes! The fact that entrepreneurship is a must-win game that involves the highest stakes is conclusively-proven by the overwhelming evidence that businesses and economies which are more entrepreneurial typically tend to easily out-perform and out-compete less-entrepreneurial businesses and economies. Since a game can only be entered, played and won on the basis of playing by its ground-rules, it logically follows that the game of entrepreneurship can only be best-played and won on the basis of the fundamental laws of entrepreneurship. But, the paradox is that despite its fundamental importance as the only means of creating value and wealth as well as the catalyst that makes the highest contribution to the development, growth, competitiveness and transformation of all industries, markets and economies, the teaching and practice of entrepreneurship have hardly been known to be linked to any specific set of principles of entrepreneurial thought and action which are articulated as the fundamental laws of entrepreneurship! The absence of clearly-defined laws of entrepreneurship means that the most important economic activities which are linked to the creation of value and wealth are being undertaken without the benefit of either sufficiently building on the fundamentals of entrepreneurship or developing and deploying the right national and enterprise-level entrepreneurial systems! The desire to establish the rules of the all-important game of entrepreneurship is mission-critical because entrepreneurship will only take on its true meaning and make its fullest contribution to the creation of wealth when it can be approached, learnt and practiced on the basis of its fundamental laws! This book answers the most important economic question which is-what are the fundamental laws of entrepreneurship?