Globalization and Entrepreneurship in the Industry 5.0 Era

Abstract

The definition and concepts behind globalization are sometimes confusing for the masses, and studies on globalization often focus on the macroeconomic level. Globalization is the interdependence of people and businesses everywhere that leads to global cultural, political, and economic integration. The purpose of this chapter is to provide background and insight on globalization, from concepts to linking globalization to micro, small, and medium-sized enterprises (MSMEs). Also, to showcase how favorable globalization conditions are beneficial for the growth of MSMEs, which can ultimately result in them expanding their area of operations in terms of sales, number of employees, and size. This chapter presents George Yip's broader framework of globalization that highlights the conditions needed for MSMEs to grow and flourish, including external factors. A framework is proposed to highlight the summarized framework of the external factors and conditions of globalization that influence the growth of MSMEs.