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The main purpose of this report is to critically address the key role of entrepreneurship in the development of modern businesses. In this regard, I would support the statement stated by Mark Zuckerberg that one of the key risks is not taking any risk. For this purpose, the report structure incorporates different perspectives that are required for an entrepreneurial success. A comprehensive theoretical review has been conducted. Along with this, assessments of factors that affect levels of entrepreneurial activity and strategies have been developed to address the key affecting factors. In the end, a brief conclusion has been presented that summarizes the entire report.

1.  Theoretical Review

According to Bygrave (2002), there are several models and theories related to the entrepreneurial process and development of entrepreneurship. The research provides evidence that represents an entrepreneurship is a complex mechanism, yet the most critical factor in the economic growth and development. According to the report of Global Entrepreneurship Monitor, the entrepreneurial activities and ventures are significantly beneficial for the extensive growth of an economy. Along with this, it has been identified that there is no any country around the world that has reflected the least impact of increasing entrepreneurship with the low growth of the national economy (Edoho, 2015; Braunerhjelm, 2010).

1.1              Conceptual Approaches

In this regard, a wide range of conceptual approaches has been proposed related to the entrepreneurship. However, there is no specific and particular definition of this concept but it is known as a multidimensional construct in the modern era of business development (Hébert and Link, 1989). According to Yusuf and Albanawi (2016); Cooney (2012), diversity and wide pool of research regarding entrepreneurship have increased the theoretical perspectives. Toma, Grigore and Marinescu (2014) argued that the concept and perspectives of entrepreneurship vary from the academic studies including – psychology and others.

1.2              Theoretical Approaches

On the other hand, the theoretical approaches suggest that entrepreneurship is a phenomenon of sociology (Bygrave, 2002). On contrary, Hébert and Link (1989), presented an entirely different view and approaches related to the entrepreneurship model that it is based on psychology, economics, business sciences and sociology as well. Some researchers have also argued that it is aligned with politics as well at minimum extent. Therefore, the theories and approaches of entrepreneurship are related with wide fields in academic and practical terms as well (Braunerhjelm, 2010; Hébert and Link, 1989).

1.3              Theory of Planned Behaviour

Along with this, Jones and Wadhwani (2006) examined that as per the sociological and psychological approaches, entrepreneurship mainly focuses on the character traits and motivation of the entrepreneurs. Similarly, the theory of Planned Behaviour also considers entrepreneur’s beliefs and attitude as key factors towards the success of entrepreneurship. On the other hand, as per the economic studies, the concept….