New Frontiers of Entrepreneurship

China opened up its centrally controlled economy to a market economy by allowing entrepreneurship. They created laws to support entrepreneurship and venture creation. Also realizing that a culture has to be created for an enterprising environment, they went to their educational institutions for an ecosystem of entrepreneurship. Facilitating change is the core of entrepreneurial action and history reminds us that we must continue to embrace change as a society. Hence entrepreneurship researchers have focused on the role played by economic experiments. Another realization has been the importance of large cities. Geography of the world has changed because of innovation. Cities which are home to enterprising universities that rely on innovation, become the centre of gravity. Silicon Valley, Seattle and Austin have over taken older cities. Stanford built a community of technical scholars and a world class network which led to the greatness of Silicon Valley and Route 128.A century ago there were only 20 cities around the world which had a population of 01 million or over. Today there are 450 cities having more than a million populations. They are referred to as Metropolitan states and have City Diplomats jetting across the world jockeying for an important position.The paper goes on to give examples of the entrepreneurial cities and the way they have acquired the status of entrepreneurial cities.The paper talks about social entrepreneurship as the new trend around the world among the major world leaders. It defines the Social Entrepreneurship as an activity that finds solutions and working to meet the unmet needs of the society. Its not about an individual's profit but about social needs of the society. Its importance in today's world can be gauged from this fact alone that within the last ten years, three noble peaces prizes were awarded to social entrepreneurs.Another area of entrepreneurship is Indigenous Entrepreneurship. Its about the marginalized society who were the original owners of a country's resources or the territory they live in. it is activity focused on new venture creation or pursuit of opportunity specifically by Indigenous community.The purpose is to create an awareness of the importance of various dimension of Entrepreneurship