How Entrepreneurship Affects The Growth Of Unicorns

At the fourth plenary session of the 19 th central committee of the communist party of China(CPC)held on October 28,2019,the country once again emp hasized the use of the government system to stimulate the vitality of the non-public sector and promote economic growth.As an outstanding representative of private economy,unicorn enterprises can achieve rapid growth in a short time,provide more jobs,facilitate public life,and promote economic growth.What is the driving force behind this rapid growth?This paper tries to find out how entrepreneu rship affects growth and which factors affect growth.On the basis of reviewing the existing literature on unicorn enterprise,entre preneurship and enterprise growth,this paper defines the connotation and extensi on of these three concepts,and classifies entrepreneurship into four elements,na mely,the spirit of innovation,the spirit of adventure,the spirit of exploration and the sense of social responsibility.Then the relationship between entrepreneurship and enterprise growth in the existing research is expounded.The four dimensions of entrepreneurship determine the internal decisions of enterprises from different aspects,while the internal decisions determine the external behaviors of enterpri ses and affect the growth of enterprises.In order to verify whether the hypothesis is correct,this paper establishes a second-level index system,calculates the entr epreneurship index with the help of the principal factor analysis method,compar es the influence of entrepreneurship index and specific indicators on the growth of enterprises in detail,and verifies the five hypotheses in this paper.It is found that entrepreneurship has a positive effect on the growth of unicorn enterprises.Specifically,the spirit of risk is good for scale,but bad for profitability,operatio ns and long-term growth.The pioneering spirit and innovative spirit are beneficial to the long-term growth of enterprises,but not conducive to the expansion,prof itability and operation of enterprises.Social responsibility is conducive to the expansion and long-term growth of enterprises.The state should protect the legal envir onment for the legitimate rights and interests of entrepreneurs in accordance with the law,maintain a market environment that promotes fair competition and hone st operation of enterprises,guide social and cultural recognition of entrepreneursh ip,strengthen quality,efficient and practical services for entrepreneurs,and streng then the leadership of the party over their teams.