Entrepreneurial Initiatives, Education and Culture: Hubs for Enterprise Innovations and Economic Development

Abstract

The purpose of this research was to investigate the effects of entrepreneurial initiatives, entrepreneurial education, and entrepreneurial culture on enterprise innovation and economic development. The research was driven by the fact that entrepreneurship is a remarkable force which drives the enterprise growth, societal development, and economic development of a nation. The research adopted the social exchange theory and the economic theory as the basis of the literature. Primary data were used, collected from people engaged in entrepreneurship in Russia. The study used quantitative research method, where empirical data were analyzed using Structural equation modelling (SEM). The findings of the study indicated that entrepreneurship initiatives, entrepreneurship education, and entrepreneurship culture have a significant effect on enterprise innovation. However, only entrepreneurship culture was found to have a direct effect on economic development, but entrepreneurial education and initiatives have indirect effects through enterprise innovation. Enterprise innovation was found to have significant effect on economic development. The research recommended that stakeholder should emphasize creating an entrepreneurial culture to encourage enterprise innovation and economic development. The search also advocates for providing entrepreneurs with the resources, support, and incentives to start businesses in addition to adopting policies that enable and facilitate enterprise innovation, both domestically and internationally, to boost their economic development.

Do Entrepreneurial Financial Support and Entrepreneurial Culture Stimulate New Venture Performance through Organizational Creativity and Firm Innovation? Empirical Findings from Ho Chi Minh City Region, Vietnam

“…Besides that, Ruiz et al [97] illustrated that CUL promotes personal entrepreneurial characteristics and traits, and related and risk-taking, adaptive strategies, which are important for new ventures' establishment, INO, and growth. Zemlyak et al [98] demonstrated that CUL, which is rooted in the societal context where businesses operate, positively influences INO because it helps new ventures to innovate, seek, and employ novel notions, and create a longstanding and sustainable competitive position. Thus, we provide the subsequent hypothesis: H2.…”

“…CUL also helps new ventures to develop INO by creating a climate which supports entrepreneurial activities, stimulating risk-taking activities to converse new concepts into actual productions and services [146], and thus INO can promote BuSuc since it helps firms to create more value from novel notions, skills, information, and approaches [107]. CUL positively affects new ventures' INO since it assists them in innovative processes and new idea employment [98], ultimately facilitating superior BuSuc by enforcing an innovative strategy [40]. Zemlyak et al [98] suggested that CUL is the ways of thinking and procedures of employing opportunities to establish new firms, products, and services, which stimulate the transformation and improvement of extant firms, new venture establishment, and their performance by developing innovative business procedures, boosting effectiveness, and assuring quality control.…”

FAIR REMUNERATION OF LABOR: PROBLEMS AND DIRECTIONS OF IMPROVEMENT IN MODERN RUSSIA

“…Для этого может потребоваться изменение законодательства и повышение ответственности за нарушения. Кроме того, важным шагом может стать улучшение конкуренции на рынке труда и введение механизмов защиты прав работников, например, создание профсоюзов [5,6,8].…”

The Role of Entrepreneurship in Enhancing Economic Development: A Literature Review on the Dynamic Interaction between Education and Human Resources

“…However, it is recognized that education is not the sole factor influencing someone's readiness to engage in entrepreneurial activities (Wasim et al, 2024). Additional factors, such as local culture that promotes innovation, a business environment supportive of small and medium enterprises' growth, and the existence of policies facilitating business development, also have undeniable influence in facilitating the role of entrepreneurship in a country's economic dynamics (Zemlyak et al, 2023). Therefore, a deeper understanding of the complexity of interactions among these factors is crucial in designing sustainable education strategies and policies to support entrepreneurial development and create a conducive environment for innovation and inclusive economic growth.…”