The Relevance Of Networks Among Ethnic Entrepreneurs Within Their Embedded Environment In An Uncertain Economic Climate

The relevance of networks among ethnic entrepreneurs within their embedded environment in an

uncertain economic climate

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The relevance of networks among ethnic entrepreneurs within their embedded

environment in an uncertain economic climate

Introduction

In the last five decades, a new econometrical force has been in the making. This has

resulted in the wave of imperialism as more societies come together and exchange their business

ideas, cultures, and entrepreneurial skills. The wave of globalization and proto-globalization has

resulted in a situation whereby more people are coming together than ever before. The world is

becoming a small village as more individuals from different ethnic backgrounds come together

in the same society. In the past, economic theories and analyses have mainly focused on

economic patterns and similar developments. However, such studies have ignored the

relationship of cultural, social processes and ethnic entrepreneurs. This paper will provide an

analysis of the relevance of the ethnic entrepreneurs in our modern society. This is a new

development within the embedded environment in our economic climate.

Relevance of Networks among Ethnic Entrepreneurs

The past economic downturns and crises have resulted in various situations directly

connected to uncertain economic climate. Such economic uncertainties call for new systems and

entrepreneurial practices capable of promoting the best activities that would promote

entrepreneurial activities (Carter & Jones-Evans, 2006, p. 39). In the current turmoil and

economic uncertainty, there is definitely the need for networks among various ethnic

entrepreneurs with their embedded environment especially at this time when uncertainty in the

economic climate has become a major concern. In the recent past, studies have focused on the

demographic patterns, social structures, and their subsequent implications of economic

development (Deakins & Freel, 2009, p. 32).

As more societies and individuals from different backgrounds come together, they bring

new ideas and incentives thereby promoting entrepreneurial practices. This makes sense that

entrepreneurship is a strategic tool that can be improved if more studies and analyses are done to

examine how different societies can grow. It is worth noting that entrepreneurship is a practice

that is concentrated to a society. The wave of globalization is bringing diversity in the

environment thereby making it possible to promote the greatest gains for such societies. It would

be necessary to observed that entrepreneurial activity is a new strategic approach that has the

possibilities towards transforming a nation or society (Hatten, 2003, p. 27). Experts and theorists

have considered this as a classical societal phenomenon and not purely economic.

Different scholars and researchers have successfully studied the practices of

entrepreneurship from a socioeconomic and cultural perspective rather than from economic

position. This has led to some interesting observations and ideas through which increased

entrepreneurial activity can promote societal economic development. This is because the practice

is observed to bring different ethnic groups, individuals and societies together. The practice has

therefore become an integral aspect or part of social networks (Hisrich, 2010, p. 38). This means

that the entrepreneurial activity can be studied categorically to examine the politico-institutional

and socioeconomic aspects of the society within the country. Through a formal analysis and

approach, it would be possible to provide the necessary strategies and ideas through which the

greatest gains would be realized. In the embedded environment, the integration of networks

among different ethnic entrepreneurs is a critical idea that has the potentiality of promoting

economic development and societal success.

Studies have indicated the close relationship between societal success and entrepreneurial

activity. It is clearly notable that this is a process capable of bringing together different people

from different societies thereby making it possible to integrate new ideas and skills. This results

in ‘embeddedness’ thereby creating new business opportunities. Such structures created would

be critical towards empowering the people and ensuring they have promoted their social

positions. Opportunities are rather different and critical for different societies (Blake, 2008, p.

21). That being the case, the development of entrepreneurial ties that cuts across the expectations

of various ethnic groups is a process that has the potential of promoting economic growth. Such

developments have been critical towards developing new economic networks thereby making its

possible to raise the economic positions of various societies (Burns, 2010, p. 48).

When different ethnic groups and individuals come together, it becomes possible to

identify the major obstacles that have affected business growth and performance. At the same

time, new markets are developed thereby creating a new form of opportunities for the dwellers in

the society. Markets developing from racial integration and entrepreneurial activities are a

critical process that results from social phenomena. This becomes a critical aspect of social

development and eventually promotes the best approaches towards better socioeconomic

establishments. This will promote economic development and empower the diverse individuals

in the society. When that is the case, it would be necessary to observe that the ethnic

entrepreneurial patterns will tend to create a new and yet an enduring economic process

(Brundin, 2009, p. 453). The newly created economic network will allow promoting and raising

the best economic patterns and standards. This critical development is capable of promoting

economic activities and ensuring the greatest gains have been realized from the process. In the

studies conducted by past researchers, it has occurred that entrepreneurial activities promoted by

various ethnic backgrounds would definitely promote new markets and endure the major

challenges that have been observed in the environment due to the changing economic patterns.

With the increasing wave of human movement and permanent settlement, different ethnic

groups have come together thereby identifying the best economic activities and entrepreneurial

activities capable of promoting their goals. there has been dense concentration of individuals

belonging from the same ethnic background. When this is the case, studies have observed an

interesting trend whereby a new kind of ethnic economy develops (Clark & Drinkwater, 2010, p.

180). As a result, such groups realize a better economic position. Evidence and theories have

shown that the establishment of ethnic groups and development of business trends is a positive

move that has led to reduction in the costs of doing business. With decreased costs of doing

business, it definitely possible to achieve the greatest benefits and profits. This will eventually

promote economic development especially at this time when there are enormous challenges and

obstacles that affect various societies (Beaver, 2002, p. 38).

The other important observation is that societal patterns have a way of creating a new

form of trust especially when different ethnic groups come together. Such networks developed

by the individuals are critical because they make it possible for different individuals to conduct

successful business. This is something relevant towards economic development. Studies have

supported the idea that integrated societies and ethnic groups will increase the level of trust. This

trust arises from social capital thereby making it possible for entrepreneurs to get relevant

information that might not been availed in the market (Davidson & Fielden, 2008, p. 61). Such

information is critical towards fostering greater connections between the entrepreneurs and

eventually promoting the business process. With increased trust and business information, the

entrepreneurial activities would increase thereby making it possible to meet the targeted goals.

According to a study by Brundin et al. (2009, p. 28), South African societies have

developed from the increasing level of racial integration in the past few decades. In South Africa,

it has been observed that several ethnic groups have succeeded from the entrepreneurial

activities. in South Africa, the ethnic-driven forces have led to increased discourses in

entrepreneurship thereby promoting the societal economic levels. The country has created new

social organizations and perspectives integrated within the wider cultural context. The social

organizational framework in different regions across the country has resulted in fragmentations

and differentiation thereby making the goals and purpose attainable. The continued sub-cultural

change in the country has led to a socio cultural transfer thereby promoting economic

development. The ethnicity-driven forces and laws in South African have brought about new

ideas thereby promoting economic position in the country (Jones & Ram, 2010, p. 167). The so-

called black-empowerment has arisen from the business ideas and uniformity in business trends

as adopted in the country. This supports the relevance of new connections between racial groups

and promotion of new networks among different ethnic entrepreneurs.

In Britain, some of the minority ethnic groups have been in an effort to promote the best

entrepreneurial activities. As a result, they have promoted the employment rates in the country

with majority integrated in the increasing level of self-employment. This has resulted from the

entrepreneurship programs among the individuals from various ethnic groups. Since in the

1990s, an increasing number of people in the country have considered the relevance of

entrepreneurship as the best approach towards self-employment. The changing demographics

have led to decreasing levels of organizational and paid employment. However, majority of the

ethnic minorities have continued to work for themselves thereby widening the level of

entrepreneurship in the country. In the recent years, the patterns have changed positively with

different groups embracing the new ideas towards entrepreneurship (Barringer & Ireland, 2012,

p. 29). Such networks have been critical because they have helped majority of the individuals

from the minority groups to promote the best practices and create self-employment opportunities.

This has made it possible for them to overcome the numerous economic challenges that have

resulted from the previous downturn (Klark & Drinkwater, 2010).

In another study, it was indicated that the issue of racism, ethnic disparities and

unemployment have been a major source of non-proportional development especially in the

American society. In the recent past, many people have identified the fact that oppression and

continued racism has been a major challenge in the country. However, the respondents from

various studies indicates that stereotyping and other forms of discrimination were reducing

thanks due to the support resulting from social integration. The studies indicates that many

people were finding it impossible to achieve their greatest gains due to specific obstacles

founded on cultural, ethnic and even religious practices (Parker, 2004, p. 35). However,

continued social support and integration was a major support that seemed to promote the best

practices and ensuring more people were able to overcome the major economic challenges and

obstacles affecting them. Most of the studies have indicated that different forms of social support

have the potential to promote financial and forma support thereby making it possible for the

ethnic minorities to be part of the entrepreneurial process thereby realize the greatest gains and

economic sustainability.

A key element towards the development and establishment of a new strategic approach is

a critical approach that has the potential to address some of the major challenges that have been

affecting majority of the people from the minority groups in different societies. Such ideas have

the potential of redesigning new mainstream models for businesses, ensure the minority groups

have adopted the best approaches, and eventually promote their economic position (McEvoy &

Hafeez, 2009, p. 54). Such entrepreneurial support has the potential to foster the best practices

towards promoting business ownership. This will empower different social groups and ensure

they have realized their business goals. This will also promote economic development and

sustainability.

Different studies have identified through which different societies and communities can

be integrated using various language models. Certain studies have indicated that language

diversity and economic activity would be closely related. If a society is connected through a

common language, it will be possible to empower the individuals such that new ideas are

developed (Glancey & McQuaid, 2000, p. 49). As a result, it will be possible to empower the

population and ensure they promote the best entrepreneurial behaviors. Using various economic

theories, social capital is empowered through language use thereby promoting socio-economic

practices and ensures there is continued diversity while improving economic growth (McEvoy &

Hafeez, 2009, p. 61). With new connections and interrelationships, it would definitely be

possible to improve higher entrepreneurial activity thereby making it possible to close the gaps

and disparities that have existed in various societies. Most of the studies have supported the need

for closer ethno-linguistic aspects to ensure the economic and income disparities and gaps have

been reduced (Galbraith & Benitez-Galbraith, 2009, p. 19). When this is done, it will be possible

to promote higher business rates thereby promoting economic growth.

The issue of social capital is the totality of the forces that are capable of promoting

entrepreneurial activities. Different ethnic groups and forces have the power to promote the best

ideas and improve industrial relations. This development has the possibility of improving labor

process, improving the market position and ensuring that the society achieves its goals and

economic objectives. With new economic embeddedness from various social developments, it

will be possible to create new community networks thereby empowering the people towards the

best entrepreneurial networks (Smallbone, Kitching & Athayde, 2010, p. 21). The process will

improve the economic position of the ethnic minorities thereby making it possible to improve the

strategies targeting to overcome the current economic obstacles.

In countries with an increased number of immigrants, there have been the increasing

numbers of individuals who have indentified the best ideas and political structures through which

they can develop and establish the best businesses (Price & Chacko, 2009, p.340). This has

resulted in a classical entrepreneurial activity thereby making it possible to promote their

economic positions and bargaining powers. Different studies have indentified the development of

ethnic capital as one of the critical approaches through which the best entrepreneurial activities

would be promoted. It is clearly notable that all forms of mixed embeddedness will definitely

offer valuable approaches and strategies that can be used to promote entrepreneurial activities

and eventually promote economic development and sustainability (Smith-Hunter & Boyd, 2004,

p. 23).

In some studies, entrepreneurial success has been connected to the ethnic resources and

abilities that are known to promote social capital. However, this has been reconsidered thereby

identifying the need for ethnic capital that is capable of promoting economic-integration and

ensuring the economy develops faster than ever. With integrated societies and ethnic groups, an

entrepreneurial activity becomes automatic thereby leading to redistribution of resources. With

continued government support and financial assistance, it would be possible to improve the

market performance (Valdez, 2002, p. 26). According to various scholars, in any capitalist

economic system or market, the exchange patterns will significantly facilitate the redistributive

approaches and relationships thereby compensating for the disadvantages that have always

existed in the market (Brooks, 2008, p. 32). Eventually, the situation will definitely promote a

success market position and make it possible to overcome the major obstacles and challenges

faced in the marketplace.

In different societies, various obstacles and challenges such as economic disparity and

continued discrimination have faced women. However, it has become eminent that an increasing

number of women have been involved in various economic activities. This has made it possible

to them to promote their racial differences and at the same time being in a position being able to

realize the greatest gains from the economic activities. in order to achieve such goals and

achievements, women have become targeted through their values and business strategies. This

has seen an increasing number of women engaged in various entrepreneurial activities. They

have also exchanged various ideas and information thereby making it possible for them to realize

the greatest gains and eventually promote their economic position. This is a clear indication that

different economic patterns and promotion of different entrepreneurial activities will make it

possible for various individuals and groups in the society to achieve their goals and promote the

economic position of their societies. This is something that calls for supportive ideas and

opinions (Smith-Hunter & Boyd, 2004, p. 23). This will make it possible to reduce the financial

gap and economic position. With the community interconnected, it will be possible to address the

major challenges faced in the society.

Conclusion

With the increasing wave of human movement and permanent settlement, different ethnic

groups have come together thereby identifying the best economic activities and entrepreneurial

activities capable of promoting their goals. Different economic theories present the relevance of

networks among ethnic entrepreneurs within their embedded environment in an uncertain

economic climate. In the current turmoil and economic uncertainty, there is definitely the need

for networks among various ethnic entrepreneurs with their embedded environment especially at

this time when uncertainty in the economic climate has become a major concern. Studies have

indicated the close relationship between societal success and entrepreneurial activity. This is a

process that brings together different people from different societies thereby making it possible

to integrate new ideas and skills. According to various scholars, in any capitalist economic

system or market, the exchange patterns will significantly facilitate the redistributive approaches

and relationships thereby compensating for the disadvantages that have always existed in the

market. It would therefore be necessary to support regional and interethnic entrepreneurial

activities because they will be able to promote the economic position of various societies across

the world. Such entrepreneurial support has the potential to foster the best practices towards

promoting business ownership. This will empower different social groups and ensure they have

realized their business goals. This will also promote economic development and sustainability.

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