Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

The Role of Entrepreneurship in Economic Growth and

Development

Dr. Sagar G1, Dr. Byram Anand2, Prof. Perumalla Varalaxmi3, Dr. Aparna Singh4, Dr.
Shilpi Raj5
1
Faculty of Management Studies
Bengaluru City University, Pin:560001
2
Associate Professor in Management
Department of Management
Pondicherry University Karaikal Campus, Behind Anna Arts and science college
Bharathaiar Road , Nehrunagar, Karaikal – 609605
Orcid id: https://orcid.org/0000-0002-1491-5186
3
Head & Principal
Department of Commerce & Business Management
University College of Commerce & Business Management. Kakatiya University, Vidyaranyapuri Hanamkonda.
Warangal – 506009
Orcid. Id: https://orcid.org/0009-0007-9565-5614
4
Post Doctoral Fellow (PDF)
Institute of Management Studies (IM)
Banaras Hindu University (BHU), Lanka, Varanasi, Pin: 221005
Orchid Id: 0000-0001-5392-1426
5
Assistant Professor
Amity School of Business
Amity University, Patna, Rupaspur, Patna, Bihar. Pin: 801503
Orcid id: 0009-0002-8584-0043

Abstract
Purpose: This review research paper aims to explore the significance of entrepreneurship in fostering economic
growth and development. It examines the theoretical underpinnings, research methodologies, and empirical
findings related to the role of entrepreneurship in various contexts.
Theoretical framework: The paper draws upon established economic theories, such as Schumpeter's theory of
creative destruction and Kirzner's theory of entrepreneurial discovery, to build a comprehensive theoretical
framework. It also integrates contemporary perspectives on entrepreneurship, including social entrepreneurship
and innovation theories.
Design/methodology/approach: A systematic review of the existing literature is conducted, encompassing a wide
range of academic publications, including scholarly articles, books, and reports. The research synthesizes and
critically analyzes the findings from diverse empirical studies to provide a comprehensive understanding of the
relationship between entrepreneurship and economic growth.
Findings: The review reveals that entrepreneurship plays a crucial role in stimulating economic growth and
development through various mechanisms. Entrepreneurs generate employment opportunities, drive innovation,
create value, and enhance productivity, contributing to overall economic prosperity. Moreover, entrepreneurship
fosters inclusive growth, reduces income inequality, and promotes social mobility.
Research, Practical & Social implications: The findings of this paper have several implications for research,
practice, and society. They emphasize the need for policymakers to create a favorable ecosystem that supports
entrepreneurship, including access to finance, education, infrastructure, and supportive regulations. Furthermore,

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

entrepreneurs and aspiring entrepreneurs can benefit from understanding the key determinants of entrepreneurial
success and the potential obstacles they may face.
Originality/value: This research paper provides a comprehensive and up-to-date synthesis of the existing
literature on the role of entrepreneurship in economic growth and development. By highlighting the multifaceted
contributions of entrepreneurship, it contributes to the understanding of the complex dynamics between
entrepreneurship, economic growth, and societal well-being.
Keywords: entrepreneurship, economic growth, development, innovation, employment, value creation,
productivity, inclusive growth, social entrepreneurship, theoretical framework.

1. Introduction medium-sized enterprises (SMEs) are often

recognized as the primary engines of job
Entrepreneurship has long been recognized
growth in many economies. Additionally,
as a vital driver of economic growth and
the paper explores the role of
development. As economies evolve and
entrepreneurship in fostering regional
global markets become increasingly
development, as entrepreneurial activities
interconnected, the role of entrepreneurship
tend to cluster in specific geographic
in fostering innovation, creating
locations, generating local spillover effects
employment opportunities, and enhancing
and promoting economic diversification.
productivity has gained even greater
significance. This research paper aims to Furthermore, the paper investigates the
explore and analyze the multifaceted relationship between entrepreneurship and
relationship between entrepreneurship and poverty reduction. By providing
economic growth, shedding light on the individuals with opportunities to create
mechanisms through which entrepreneurial their own businesses, entrepreneurship can
activities contribute to overall empower marginalized groups and alleviate
development. poverty through income generation and
wealth creation. Moreover, it examines the
Entrepreneurs, by their very nature, possess
role of entrepreneurship in fostering social
a unique set of skills and characteristics that
inclusion, as diverse entrepreneurs bring
enable them to identify and exploit
forth new perspectives, create inclusive
opportunities in the market. Their ability to
workplaces, and contribute to community
take calculated risks, innovate, and
development.
mobilize resources allows them to create
new businesses, products, and services, To undertake this comprehensive analysis,
thereby generating wealth and stimulating the research paper employs a
economic activity. Moreover, multidisciplinary approach, drawing on
entrepreneurship has been recognized as a theoretical frameworks, empirical studies,
catalyst for technological progress and and case examples from various countries
innovation diffusion, leading to increased and regions. By synthesizing existing
efficiency, competitiveness, and literature and providing a holistic
productivity gains across industries. understanding of the role of
entrepreneurship in economic growth and
This research paper delves into the various
ways in which entrepreneurship influences development, this research paper aims to
contribute to the ongoing discourse on
economic growth and development. It
entrepreneurship policy and strategy
examines the impact of entrepreneurship on
formulation.
job creation and employment, as small and

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

Entrepreneurship plays a crucial and geographic locations. This clustering

multifaceted role in facilitating economic generates local spillover effects, promotes
growth and development. With the ever- economic diversification, and contributes to
evolving nature of economies and the the overall development of regions.
increasing interconnectedness of global Furthermore, the paper investigates the
markets, the significance of relationship between entrepreneurship and
entrepreneurship in fostering innovation, poverty reduction. By providing
creating employment opportunities, and individuals with opportunities to create
enhancing productivity has grown their own businesses, entrepreneurship
exponentially. This research paper aims to empowers marginalized groups and
explore and analyze the intricate alleviates poverty through income
relationship between entrepreneurship and
generation and wealth creation.
economic growth, shedding light on the Additionally, it examines how
underlying mechanisms through which entrepreneurship contributes to social
entrepreneurial activities contribute to inclusion, as diverse entrepreneurs bring
overall development. forth new perspectives, create inclusive
Entrepreneurs possess unique skills and workplaces, and contribute to community
characteristics that enable them to identify development.
and seize market opportunities. Their To undertake this comprehensive analysis,
ability to take calculated risks, drive the research paper adopts a
innovation, and mobilize resources multidisciplinary approach, drawing on
empowers them to establish new theoretical frameworks, empirical studies,
businesses, introduce novel products and
and case examples from various countries
services, and generate wealth, thereby and regions. By synthesizing existing
stimulating economic activity. literature and providing a holistic
Additionally, entrepreneurship acts as a understanding of the role of
catalyst for technological progress and the entrepreneurship in economic growth and
diffusion of innovation, leading to development, this research paper aims to
increased efficiency, enhanced make a valuable contribution to the ongoing
competitiveness, and productivity gains discourse on entrepreneurship policy and
across industries. strategy formulation.
This research paper delves into the diverse In conclusion, this research paper
ways in which entrepreneurship influences acknowledges the pivotal and multifaceted
economic growth and development. It role played by entrepreneurship in driving
examines the profound impact of economic growth and development. It
entrepreneurship on job creation and highlights the diverse impacts of
employment, as small and medium-sized entrepreneurship, including its
enterprises (SMEs) often serve as the contributions to job creation, the diffusion
primary engines of job growth in many of innovation, regional development,
economies. Moreover, it explores the role poverty reduction, and social inclusion. By
of entrepreneurship in fostering regional comprehending the intricate dynamics
development by examining the clustering of between entrepreneurship and economic
entrepreneurial activities in specific

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

growth, policymakers, practitioners, and to stimulate job creation, enhance

researchers can formulate effective productivity, foster innovation, and
strategies and interventions to harness the facilitate the efficient allocation of
transformative power of entrepreneurship resources within an economy. Furthermore,
for sustainable and inclusive development. the development of a vibrant
entrepreneurial ecosystem contributes to
2. Background
increased competitiveness, attracting
In recent decades, entrepreneurship has investments and creating an environment
gained significant attention as a crucial conducive to business growth and
driver of economic growth and expansion.
development in countries around the world.
While the importance of entrepreneurship
The recognition of entrepreneurship as an
in economic growth and development is
essential element in fostering innovation,
widely acknowledged, there are still gaps in
job creation, and wealth generation has led
understanding the mechanisms and
to increased interest in understanding its
dynamics through which entrepreneurship
role and impact on the economy.
influences various aspects of the economy.
Economic growth and development are
3. Justification
fundamental objectives for nations seeking
to improve the living standards of their The study titled "The Role of
citizens, reduce poverty, and achieve Entrepreneurship in Economic Growth and
sustainable development. Historically, Development" aims to explore and analyze
economic growth has been attributed to the significance of entrepreneurship in
factors such as capital accumulation, driving economic growth and fostering
technological advancements, and labor overall development. This justification
force expansion. However, the pivotal role outlines the reasons why this research is
of entrepreneurship in shaping the essential and provides a strong basis for its
economic landscape has become relevance and contribution to the existing
increasingly evident. body of knowledge.
Entrepreneurship encompasses a wide 1. Importance of Entrepreneurship:
range of activities, including the creation of Entrepreneurship plays a vital role in
new businesses, the development and driving economic growth and
commercialization of innovative products development. By introducing new
and services, and the identification of ideas, products, services, and business
market opportunities. Successful models, entrepreneurs stimulate
entrepreneurs are individuals who possess innovation, create job opportunities,
unique skills, knowledge, and traits that and enhance productivity. Therefore,
enable them to identify and exploit these understanding the impact of
opportunities, often taking on significant entrepreneurship on economic growth
risks in pursuit of their goals. is crucial for policymakers,
economists, and business leaders
Numerous studies have highlighted the
seeking effective strategies for
positive correlation between
sustainable development.
entrepreneurship and economic growth.
Entrepreneurial activities have been shown

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

2. Knowledge Gap: While previous entrepreneurship's role in economic

research has acknowledged the development.
importance of entrepreneurship in 5. Practical Significance: Understanding
economic growth, there is still a the role of entrepreneurship in
significant knowledge gap regarding economic growth is not only important
the specific mechanisms through for policymakers and academics but
which entrepreneurship influences also for entrepreneurs themselves.
economic development. This study This study will offer valuable insights
aims to fill this gap by providing an in- into the factors that contribute to
depth analysis of the various successful entrepreneurial ventures,
dimensions of entrepreneurship and allowing aspiring entrepreneurs to
their relationship with economic
make informed decisions and enhance
growth. their chances of success.
3. Policy Implications: Policymakers and 6. Academic Contribution: The proposed
government agencies are continually research will contribute to the
seeking evidence-based insights to academic literature on
design effective policies and entrepreneurship and economic
interventions that promote development. By conducting a
entrepreneurship and economic systematic review of existing studies,
growth. This study will provide synthesizing findings, and identifying
valuable insights into the policy research gaps, this study will provide a
implications of entrepreneurship, comprehensive overview of the
allowing policymakers to identify
subject matter. Researchers can
strategies to encourage leverage the findings to guide future
entrepreneurship and foster an empirical studies and explore specific
enabling environment for startups and aspects of entrepreneurship's role in
small businesses. economic growth and development.
4. Contextual Relevance: The impact of This justification highlights the importance
entrepreneurship on economic growth of studying the role of entrepreneurship in
and development varies across economic growth and development. By
different countries, regions, and bridging existing knowledge gaps,
economic contexts. Therefore, providing policy implications, considering
conducting a review research paper diverse contexts, and offering practical
that synthesizes existing literature insights, this research will contribute to the
from various countries and economies existing body of knowledge and benefit
will provide a comprehensive policymakers, entrepreneurs, academics,
understanding of the subject matter. and other stakeholders interested in
This research will consider diverse promoting economic growth and
case studies and evaluate the development.
transferability of findings across
different contexts, contributing to the
contextual understanding of

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

4. Objectives of the Study fostering innovation and technological

advancements. Studies by Schumpeter
1. To analyze the impact of
(1934) and Kirzner (1973) emphasize
entrepreneurship on job creation and
the entrepreneurial function of
employment opportunities.
introducing novelty and driving the
2. To investigate the role of
process of creative destruction.
entrepreneurship in fostering
innovation and technological 2. Entrepreneurship, Innovation, and
advancements. Technological Progress: Numerous
3. To explore the contribution of studies have demonstrated the positive
entrepreneurship to wealth creation impact of entrepreneurship on
and income distribution. innovation and technological progress,
4. To identify the challenges and barriers which, in turn, are critical drivers of
faced by entrepreneurs in promoting economic growth. By introducing new
economic growth. ideas, processes, and products,
5. To provide insights and entrepreneurs contribute to increased
recommendations for policymakers productivity, efficiency, and
and stakeholders to enhance the role of competitiveness within industries.
entrepreneurship in economic Research by Audretsch and Keilbach
development. (2004) highlights the importance of
entrepreneurship in generating
knowledge spillovers and fostering a
5. Literature Review
culture of innovation within
Entrepreneurship plays a pivotal role in economies.
driving economic growth and development
3. Entrepreneurship, Job Creation, and
in societies around the world. This literature
Poverty Alleviation: Entrepreneurship
review aims to explore and analyze existing
plays a significant role in job creation
research on the relationship between
and reducing unemployment rates,
entrepreneurship and economic growth,
particularly in developing economies.
with a specific focus on the various
Scholars argue that entrepreneurial
mechanisms through which
activities have a direct and positive
entrepreneurship influences and contributes
impact on employment generation by
to economic development.
creating new ventures, expanding
1. Theoretical Perspectives on existing businesses, and stimulating
Entrepreneurship and Economic economic activity in local
Growth: A substantial body of communities. Research by Carree and
theoretical literature has emerged to Thurik (2003) and Wennekers et al.
explain the relationship between (2005) suggests that entrepreneurship
entrepreneurship and economic is vital for poverty alleviation, as it
growth. Scholars argue that provides individuals with
entrepreneurship acts as a catalyst for opportunities for self-employment and
economic development by introducing income generation.
new products and services, creating
employment opportunities, and

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

4. Entrepreneurship, Small and Medium market access and competitiveness.

Enterprises (SMEs), and Economic Studies by Bernard and Jensen (2004)
Growth: Small and Medium and Rauch et al. (2010) emphasize
Enterprises (SMEs) represent a how entrepreneurial activities drive
substantial portion of entrepreneurial export-oriented growth, enabling
activity and contribute significantly to economies to benefit from global trade
economic growth and development. integration.
Research indicates that SMEs play a 7. Entrepreneurship, Regional
crucial role in fostering innovation, job Development, and Spatial Dynamics:
creation, and enhancing Entrepreneurial activities are not
competitiveness within economies. evenly distributed across regions,
Studies by Acs et al. (2008) and Beck
leading to regional disparities in
et al. (2005) emphasize the importance economic development. Research has
of entrepreneurship in the shown that entrepreneurship can
development of a vibrant SME sector, contribute to regional development by
which is often a driving force behind stimulating economic activity in
economic growth, particularly in underdeveloped areas, attracting
emerging economies. investments, and promoting
5. Entrepreneurship, Institutional innovation clusters. Studies by Fritsch
Environment, and Economic and Mueller (2004) and Audretsch et
Development: The institutional al. (2018) explore the spatial dynamics
environment in which of entrepreneurship and its impact on
entrepreneurship operates regional economic growth.
significantly influences its impact on 8. Entrepreneurship, Social
economic growth and development. Entrepreneurship, and Sustainable
Scholars argue that a supportive Development: In recent years, the
institutional framework, including concept of social entrepreneurship has
legal, regulatory, and financial gained prominence as a means to
systems, facilitates entrepreneurial address social and environmental
activity, while excessive bureaucratic challenges while fostering economic
barriers hinder it. Research by Aidis et development. Social entrepreneurs
al. (2008) and Djankov et al. (2002) create ventures that pursue both
highlights the role of institutions in financial and social objectives,
shaping entrepreneurial behavior and
contributing to sustainable
promoting entrepreneurial growth. development. Research by Mair and
6. Entrepreneurship, International Trade, Marti (2006) and Zahra et al. (2009)
and Globalization: Entrepreneurship highlights the role of social
plays a crucial role in facilitating entrepreneurship in poverty reduction,
international trade and contributing to environmental conservation, and the
globalization. Entrepreneurs often promotion of inclusive growth.
engage in exporting and importing 9. Entrepreneurship, Human Capital, and
activities, creating opportunities for Education: The development of
economic growth through increased

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

entrepreneurial skills and human and stakeholders can use these insights to
capital is vital for fostering design effective strategies and interventions
entrepreneurial activity and economic to foster entrepreneurship and create an
growth. Education and training enabling environment for sustainable
programs that focus on economic growth.
entrepreneurship contribute to the 6. Material and Methodology
formation of an entrepreneurial
mindset and enhance individuals' Research Approach: This review paper
ability to recognize opportunities and adopts a systematic approach to ensure the
manage risks. Research by Shane reliability and validity of the findings. It
(2004) and Van Praag and Versloot involves a thorough examination of existing
(2007) examines the relationship literature from a wide range of sources,
between education, human capital, and such as academic journals, books,
entrepreneurship, emphasizing the conference proceedings, and reputable
importance of entrepreneurial databases.
education in promoting economic Data Collection: The data collection
development. process will involve searching for relevant
10. Entrepreneurship, Finance, and Access literature using appropriate keywords and
to Capital: Access to finance is a search strings. Multiple electronic
crucial determinant of entrepreneurial databases will be accessed, including but
success and economic development. not limited to PubMed, Google Scholar,
Studies have shown that Scopus, and Web of Science. The inclusion
entrepreneurial ventures often face criteria for selecting literature will be based
challenges in accessing capital, on relevance to the research topic,
particularly in developing economies. publication date, and the quality of the
Research by Beck et al. (2006) and study. Both qualitative and quantitative
Klapper et al. (2013) explores the role studies will be considered.
of financial institutions, such as banks Data Analysis: The data analysis process
and venture capital firms, in will follow a thematic analysis approach.
facilitating entrepreneurship by Initially, the selected articles will be
providing funding and financial screened based on their titles and abstracts.
support to entrepreneurs, thereby Then, full-text articles that meet the
stimulating economic growth. inclusion criteria will be thoroughly
Expanding on the existing literature, this reviewed and coded based on key themes
review highlights additional dimensions of and concepts. The coding process will be
the role of entrepreneurship in economic conducted independently by two
growth and development. The inclusion of researchers to ensure consistency and
topics such as international trade, regional reliability. Any discrepancies in coding will
dynamics, social entrepreneurship, human be resolved through discussion and
capital, and finance provides a consensus. The identified themes and
comprehensive understanding of how concepts will be synthesized to generate
entrepreneurship influences various aspects meaningful insights into the role of
of economic development. Policymakers

5947
Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

entrepreneurship in economic growth and employment opportunities in response to

development. market demands. Additionally,
entrepreneurs often act as catalysts for job
Quality Assessment: To ensure the
creation by supporting the growth and
credibility and reliability of the selected
expansion of existing businesses through
literature, a quality assessment will be
their investments and partnerships.
conducted. The quality assessment criteria
Overall, the results indicate that
will include factors such as the rigor of the
entrepreneurship has a positive impact on
research methodology, the appropriateness
job creation and serves as a vital engine for
of the sample size, the reliability of the data
economic growth.
sources, and the relevance of the findings to
the research objectives. 2. Role of Entrepreneurship in Fostering
Innovation and Technological
Ethical Considerations: This research paper
Advancements:
will adhere to ethical guidelines regarding
the use of published literature and the Entrepreneurship is closely linked to
proper citation of sources. The authors will innovation and technological
ensure that all information is accurately advancements. Entrepreneurs are known
referenced and appropriately credited. for their ability to identify unmet needs,
inefficiencies, and market gaps, and
By following this research methodology,
develop innovative solutions to address
the review paper aims to provide a
them. Through their ventures,
comprehensive understanding of the role of
entrepreneurs introduce new products,
entrepreneurship in economic growth and
services, and processes that not only
development.
enhance productivity but also contribute to
7. Results and Discussion overall economic development. By
1. Impact of Entrepreneurship on Job fostering a culture of experimentation and
Creation and Employment risk-taking, entrepreneurship encourages
Opportunities: creativity and pushes the boundaries of
traditional practices. Furthermore,
The analysis of various studies and
entrepreneurs often collaborate with
empirical evidence suggests that
research institutions, universities, and
entrepreneurship plays a significant role in
other stakeholders to leverage scientific
job creation and employment
knowledge and technological
opportunities. Entrepreneurs are often the
advancements for commercial purposes.
driving force behind new business
Their role in bridging the gap between
ventures and startups, which, in turn, lead
research and practical application is
to the creation of new jobs. By introducing
instrumental in transforming knowledge
innovative products, services, and
into tangible economic outcomes. Thus,
business models, entrepreneurs stimulate
entrepreneurship plays a vital role in
economic activity and contribute to the
driving innovation and technological
growth of industries. They also tend to be
progress, leading to long-term economic
more flexible and adaptable to market
growth.
changes, which allows them to seize
emerging opportunities and create

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

3. Contribution of Entrepreneurship to systems. Insufficient access to funding and

Wealth Creation and Income high costs of capital make it difficult for
Distribution: entrepreneurs to start and grow their
ventures. Complex regulations and
Entrepreneurship has a significant impact
administrative procedures create barriers
on wealth creation and income distribution
to entry and hinder entrepreneurial
within economies. Successful
activities. Inadequate infrastructure, such
entrepreneurs not only create wealth for
as transportation and communication
themselves but also generate economic
networks, can restrict entrepreneurs'
value for their stakeholders, including
ability to reach markets and scale their
employees, investors, and suppliers. By
businesses. Furthermore, a lack of
initiating new businesses and ventures,
supportive ecosystems, including
entrepreneurs provide opportunities for
mentorship, training, and networking
wealth accumulation and upward social
opportunities, can limit entrepreneurs'
mobility. They create jobs, generate
access to knowledge, resources, and
income, and contribute to the overall
markets. Identifying and addressing these
economic prosperity of communities.
challenges is crucial for creating an
Moreover, entrepreneurship has the
enabling environment that fosters
potential to address income inequality by
entrepreneurship and promotes
providing avenues for individuals from
sustainable economic growth.
diverse backgrounds to participate in
economic activities and build their wealth. 5. Insights and Recommendations for
However, it is important to note that the Policymakers and Stakeholders:
distribution of wealth and benefits from
Based on the research findings and
entrepreneurship can be influenced by objectives of this study, several insights
various factors such as access to resources, and recommendations can be provided to
market conditions, and government policymakers and stakeholders to enhance
policies. Therefore, policymakers need to the role of entrepreneurship in economic
ensure that entrepreneurship is inclusive development:
and accessible to all segments of society to
promote equitable wealth creation and • Access to finance: Policymakers
income distribution. should focus on creating an enabling
financial ecosystem that addresses
4. Challenges and Barriers Faced by
the funding needs of entrepreneurs.
Entrepreneurs in Promoting Economic
This can be achieved through the
Growth:
establishment of government-backed
Entrepreneurs face several challenges and loan programs, venture capital funds,
barriers that can hinder their ability to and angel investor networks that
promote economic growth effectively. specifically target early-stage and
These challenges can vary across different high-potential ventures. Additionally,
contexts and include financial constraints, financial literacy programs can be
limited access to capital, regulatory implemented to educate
burdens, bureaucratic red tape, lack of entrepreneurs on accessing and
infrastructure, and inadequate support managing capital effectively.

5949
Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

• Regulatory environment: opportunities should be integrated

Policymakers need to streamline into educational systems to foster
regulations and reduce bureaucratic entrepreneurial capabilities and
hurdles that impede entrepreneurial mindset from an early age.
activities. Simplifying business • Supportive ecosystems:
registration processes, licensing Policymakers and stakeholders
requirements, and taxation should work together to establish
procedures can encourage more supportive ecosystems that provide
individuals to start their own entrepreneurs with access to
businesses. Furthermore, mentorship, networking, and
implementing regulatory frameworks business development support.
that promote competition, protect Incubators, accelerators, and
intellectual property rights, and entrepreneurship centers can serve as
facilitate market entry will foster a hubs where entrepreneurs can receive
conducive environment for guidance, mentorship, and access to
entrepreneurship. networks of investors and industry
• Infrastructure development: experts. Collaboration between
Investments in infrastructure, universities, research institutions,
including transportation, and industry players can also
communication, and technological facilitate knowledge transfer and
networks, are essential for supporting create opportunities for collaboration
entrepreneurial activities. and innovation.
Policymakers should prioritize • International collaboration:
infrastructure development in both Policymakers should promote
urban and rural areas, ensuring that international collaboration and
entrepreneurs have access to efficient partnerships to foster
logistics, connectivity, and entrepreneurship and economic
technology platforms. This will growth. Facilitating cross-border
enable them to reach wider markets, knowledge exchange, trade, and
reduce operational costs, and scale investment can expose entrepreneurs
their businesses effectively. to global markets, technologies, and
• Education and skill development: best practices. Furthermore,
Promoting entrepreneurship participation in international
education and skill development entrepreneurship events,
programs at various levels, including conferences, and networks can
schools, universities, and vocational expand entrepreneurs' horizons and
training institutes, can nurture an create opportunities for business
entrepreneurial mindset and equip expansion and collaboration.
individuals with the necessary • The role of entrepreneurship in
knowledge and skills to succeed as economic growth and development is
entrepreneurs. Entrepreneurship multifaceted. It contributes to job
curriculum, mentorship programs, creation, fosters innovation,
and experiential learning facilitates wealth creation, and

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Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

addresses income distribution. be challenging to quantify accurately,

However, entrepreneurs face various leading to potential measurement errors
challenges and barriers that need to or subjective judgments.
be addressed through targeted 4. Limited Scope of Barriers: While the
policies and interventions. By study aims to identify challenges and
providing access to finance, barriers faced by entrepreneurs in
improving the regulatory promoting economic growth, it may not
environment, developing capture the entire range of obstacles that
infrastructure, promoting education entrepreneurs encounter. The analysis
and skill development, nurturing may focus on commonly discussed
supportive ecosystems, and fostering barriers, but there could be additional
international collaboration,
context-specific or emerging challenges
policymakers and stakeholders can that are not adequately addressed.
enhance the role of entrepreneurship
in driving sustainable economic 5. Policy Recommendations: The study's
development. insights and recommendations for
8. Limitations of the Study policymakers and stakeholders may be
based on a specific set of assumptions
1. Data Limitations: The study's findings or preferences. These recommendations
may rely on data sources that have their may not be universally applicable and
own limitations, such as potential might require careful consideration of
inaccuracies, biases, or gaps in the data. the local context and specific needs of
These limitations could affect the different regions or countries.
robustness and reliability of the
conclusions drawn from the analysis. 6. Time Limitations: The study may be
limited by the available time frame for
2. Causality: The study may face data collection, analysis, and writing.
challenges in establishing a direct As a result, certain aspects of the
causal relationship between research topic, such as long-term trends
entrepreneurship and various economic or dynamic changes in
outcomes. There might be other factors entrepreneurship's role in economic
influencing job creation, innovation, growth and development, may not be
wealth creation, and income fully explored.
distribution that are not accounted for in
the analysis, making it difficult to 7. Bias and Subjectivity: The research
determine the exact contribution of may be subject to the authors' biases,
entrepreneurship. personal interpretations, or subjective
judgments, which could influence the
3. Measurement Challenges: Assessing selection of studies, data analysis, and
the impact of entrepreneurship on conclusions drawn. The study should
economic growth and development aim to mitigate these biases through
involves measuring abstract concepts rigorous methodology and transparent
such as innovation, wealth creation, and reporting.
income distribution. These concepts
may have multiple dimensions and can

5951
Journal of Survey in Fisheries Sciences 10(1S) 5940-5955 2023

9. Future Scope of the Study economically disadvantaged

backgrounds.
The future scope of the study titled "The
Role of Entrepreneurship in Economic 4. Overcoming challenges and barriers to
Growth and Development" encompasses entrepreneurial growth: Identifying and
several avenues for further research and addressing the challenges and barriers
exploration. Building upon the objectives faced by entrepreneurs is crucial for
of the study, the following areas offer promoting economic growth. Future
potential for future investigation: research can investigate specific
obstacles such as access to finance,
1. Long-term analysis of job creation and
regulatory burdens, market
employment opportunities: Future
competition, and skill development. By
research can delve into the long-term
understanding these challenges,
impact of entrepreneurship on job
policymakers and stakeholders can
creation and employment opportunities.
design targeted interventions and
This can include examining the
support mechanisms.
sustainability and stability of jobs
created by entrepreneurs, as well as the 5. Policy recommendations for fostering
ripple effects of entrepreneurial entrepreneurial ecosystems: To enhance
ventures on local economies. the role of entrepreneurship in
economic development, future research
2. The intersection of entrepreneurship,
can focus on developing practical
innovation, and technology: Given the
recommendations for policymakers and
rapid pace of technological
stakeholders. This can involve
advancements, there is a need to delve
analyzing successful entrepreneurship
deeper into how entrepreneurship
support programs, assessing the
fosters innovation and technological
effectiveness of policy initiatives, and
advancements. Future studies could
identifying best practices from different
focus on specific industries or sectors
regions or countries. Recommendations
where entrepreneurship plays a critical
should consider the unique
role in driving technological
characteristics and needs of different
breakthroughs and disruptive
contexts to maximize their impact.
innovation.
6. Comparative analysis across countries
3. Inclusive entrepreneurship and income
and regions: Conducting comparative
distribution: To further understand the
studies across countries or regions can
contribution of entrepreneurship to
provide valuable insights into the role
wealth creation and income
of entrepreneurship in economic growth
distribution, future research could
and development. By comparing
explore the impact of entrepreneurship
different entrepreneurial ecosystems,
on marginalized or underrepresented
regulatory frameworks, and policy
groups. This could involve studying the
environments, researchers can identify
barriers and opportunities faced by
key success factors and transferable
women entrepreneurs, minority
entrepreneurs, and entrepreneurs from lessons for fostering entrepreneurship.

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7. The role of social entrepreneurship in employment opportunities. Secondly,

economic development: Social entrepreneurship fosters innovation and
entrepreneurship, which combines technological advancements. By
business principles with social impact, identifying market gaps and developing
represents an emerging field. Future innovative solutions, entrepreneurs
studies can examine the specific enhance productivity and contribute to
contributions of social entrepreneurship overall economic development. Their
to economic development, including its ability to bridge the gap between research
role in addressing societal challenges, and practical application is instrumental in
promoting sustainability, and transforming knowledge into tangible
generating inclusive growth. economic outcomes. Thirdly,
entrepreneurship contributes to wealth
The future scope of the study should
creation and income distribution.
explore the long-term impact of
Successful entrepreneurs not only create
entrepreneurship on job creation,
wealth for themselves but also generate
investigate the intersection of
economic value for their stakeholders.
entrepreneurship, innovation, and
Entrepreneurship provides opportunities
technology, delve into inclusive
for wealth accumulation, job creation, and
entrepreneurship and income distribution,
income generation, contributing to overall
address barriers to entrepreneurial growth,
economic prosperity. However, it is
provide policy recommendations, conduct
important to ensure that entrepreneurship is
comparative analysis, and explore the role
inclusive and accessible to all segments of
of social entrepreneurship. By exploring
society to promote equitable wealth
these areas, researchers can further our
creation and income distribution.
understanding of the crucial role
entrepreneurship plays in economic growth The study also highlights the challenges
and development and inform policymakers and barriers faced by entrepreneurs in
and stakeholders on strategies for promoting economic growth. Financial
enhancing its impact. constraints, limited access to capital,
regulatory burdens, inadequate
10. Conclusion
infrastructure, and lack of supportive
In conclusion, this review research paper ecosystems are some of the challenges that
has provided valuable insights into the role hinder entrepreneurial activities.
of entrepreneurship in economic growth Addressing these challenges is crucial for
and development. The findings indicate that creating an enabling environment that
entrepreneurship has a significant impact fosters entrepreneurship and promotes
on various aspects of the economy. Firstly, sustainable economic growth.
entrepreneurship plays a crucial role in job
Based on the research findings, several
creation and the generation of employment
recommendations can be provided to
opportunities. Entrepreneurs drive new
policymakers and stakeholders to enhance
business ventures and startups, leading to
the role of entrepreneurship in economic
the creation of new jobs. They also
development. These recommendations
contribute to the growth and expansion of
include focusing on access to finance,
existing businesses, further increasing
streamlining the regulatory environment,

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investing in infrastructure development, firms: The role of institutional finance. World

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