Why is it important to track the entrepreneurship dynamics?

Based on Global Entrepreneurship Monitor (GEM) Report 2015/2016 (which is the world’s foremost study of entrepreneurship), the collection of primary entrepreneurship-related data on a global scale allows efficient monitoring and comparison of entrepreneurial inspirations, attitudes, intentions, activities, and success factors among various economies. According to GILE expert Aiste Miliute (2016), involved in collection of GEM data from 2011 to 2014, sustainability is a critical factor in monitoring the entrepreneurship and intrapreneurship dynamics: “In the case of Lithuania, we clearly witnessed the progress moving from necessity to opportunity-driven country profile, where 18 – 34 year – old adults were the most dynamic in entrepreneurial processes, and intrapreneurship rates were high. Lithuania’s transition from efficiency to innovation-driven group of economies was in line with Latvia’s dynamics; however, we lacked behind Estonia. The year of 2015 was expected to be a year of joining a group of innovation-driven countries; however, the country skipped this year in GEM. Missing a few years of data collection in a row during a transition stage diminishes the added value of entrepreneurship researches of previous years”.

Mindaugas Lauzikas (2016), a leader of GEM Lithuania 2011-2014, adds that apart from a sustainable monitoring of the entrepreneurship dynamics (while collecting the data for 5 and more years without breaks), it is important to learn from mistakes and use the entrepreneurship data in governmental policies and programs, education system reforms, and encouragement of high-tech industries. For instance, many CEEC countries, which entered the EU in 2004, are facing high rates of fear of failure; entrepreneurs are struggling to enter niche markets with innovative products and/or services. Thus, governmental policies and programs should be oriented to these particular challenges, and monitored via the cooperation with researchers. A special attention should be paid to the investment in the R&D, Innovation, Creativity, and Education.

Miliute and Lauzikas (2016) believe that governments, researchers, and entrepreneurs should co-operate in tracking the entrepreneurship dynamics in order to share the best practices, research results, and resources. Without an efficient and effective co-operation among these stakeholders, it is impossible to fully understand and enhance the entrepreneurship dynamics.