According to Global Entrepreneurship Monitor, China is a: Factor driven economy, Efficiency driven economy, Innovation driven economy, or All of the above? Given the resource const... According to Global Entrepreneurship Monitor, China is a: Factor driven economy, Efficiency driven economy, Innovation driven economy, or All of the above? Given the resource constraints, Indian start-ups must aim at: Low cost ventures, Early proof-of-concept, Informal self-employment, or Traditional products?
Understand the Problem
The question is asking about the classification of China's economy according to the Global Entrepreneurship Monitor and the necessary strategies for Indian start-ups given certain constraints. The first question requires knowledge about economic classifications, while the second focuses on strategic business planning.
Answer
China: Efficiency driven economy. Indian start-ups: Low cost ventures.
According to GEM, China is an Efficiency driven economy. Given resource constraints, Indian start-ups must aim at Low cost ventures to manage within available funds.
Answer for screen readers
According to GEM, China is an Efficiency driven economy. Given resource constraints, Indian start-ups must aim at Low cost ventures to manage within available funds.
More Information
Efficiency-driven economies like China focus on improving production processes and product quality. This classification fits since China is known for its large-scale manufacturing and improving capabilities. For Indian start-ups with limited resources, managing within available funds through low-cost ventures is crucial for sustainability and growth.
Tips
Common mistakes include not aligning start-up strategies with available resources, which can lead to unsustainable ventures.
Sources
- GEM Global Report - gemconsortium.org
- Factor-driven - GEM Global Entrepreneurship Monitor - gemconsortium.org
