International Journal of Academic Research in Business and Social Sciences

search-icon

Sustainable Economic Development and the Role of Entrepreneurship Factor

Open access
The purpose of the study is to conduct an in-depth analysis of the degree to which the entrepreneurship factor would enhance sustainable economic development. The analysis will run a comparative analysis on how the entrepreneurship factors would add value to sustainable economic development. It is worth mentioning that entrepreneurship is a factor of production per se. The design was based on secondary research but then focused on appropriate data that addressed the research objectives. The main data had been obtained from business and investment reports. On the other hand, the researcher conducted an evaluation of the entrepreneurship factor in sustainable economic development. In general, a review of relevant literature was undertaken and fundamental issues were identified. The research analysis contains a discussion of the entrepreneurship factor in sustainable economic development. Particular attention has been given to the contribution entrepreneurial activities have to sustainable economic development. The study also conducts a risk assessment among the three factors of production capital, labor and now entrepreneurship to assess the one that would have minimal risks in as far as sustainable economic development is concerned. The researcher purports that the entrepreneurship factor can extend quite a number of advantages through innovation, product development, and competitiveness, thus creating a more sustainable economic development. This research analysis brings together the discussion on the entrepreneurship factor and its relationship with sustainable economic development. Therefore, it should be a great resource to the managers and policy makers in their quest to enhance sustainable economic development especially in a strategic context.
Acs, Z.J and Armington, C. (2004), Employment growth and entrepreneurial activities in cities. Regional Studies, 38(8): 911-927
Acs, Z. and Szerb, L. (2010), The Global Entrepreneurship and Development Index (GEDI). Available at
Antoncic, B. and Hisrich, R. (2004), Corporate Entrepreneurship Contingencies and Organizational Wealth Creation. Journal of Management Development, Vol. 23 No. 6, pp. 518-550
Bathelt, H (2001), Regional competence and economic recovery: divergent growth paths in Boston’s high technology economy, Entrepreneurship & Regional Development, 13(4): 287-314
Bostjan, A. and Hisrich, R. (2004), Corporate entrepreneurship contingencies and organizational wealth creation. Journal of Management Development, Vol. 23 No. 6, pp. 518-550
Chang, E.P (2011). Exploring the effects of entrepreneurship capital on the private economic impact of American counties. Retrieved 24th March, 2012, from:
Carree, M.A (2002). Industrial restricting and economic growth, Small Business Economics, 18:243-255
Carree, M., Van Stel, A., Thurik, R., and Wennekers, S. (2002), Economic development and business ownership: an analysis using data of 23 OECD countries in the period 1976-1996. Small Business Economics, 19: 271-290
Carree, M.A., and Thurik, A.R (2002), The impact of entrepreneurship on economic growth.
Website 22nd March, 2012
Carrier, C. (2004), “Intrapreneurship in large firms and SMEs: a comparative study”, International Small Business Journal, Vol. 12 No. 3, pp. 54-61.
Carson, D., Cromie, S., McGowan, P. and Hill, J. (2005), Marketing and Entrepreneurship in SMEs: An Innovative Approach, Prentice Hall, Hemel Hempstead.
Chang, E.P (2011). Exploring the effects of entrepreneurship capital on the private economic impact of American counties. Retrieved 24th March, 2012, from: http://usasbe.org/knowledge/proceedings/proceedingsDocs/2011/PaperID99.pdf
Chaston, I. and Scott, G. (2012), Entrepreneurship and open innovation in an emerging economy. Management Decision, Vol. 50 No. 7, pp. 1161-1177
Chell E., and Ozkan, K. M (2010), Nascent Entrepreneurship and Learning. Northampton: Edward Elgar
Covin, J.G. (2003), “Entrepreneurial vs conservative firms: a comparison of strategies and performance”, Journal of Management Studies, Vol. 25 No. 5, pp. 439-462.
Covin, J.G. and Slevin, D.P. (2004), “A conceptual model of entrepreneurship as firm behavior”, Entrepreneurship Theory and Practice, Vol. 16 No. 1, pp. 7-25.
Davidsson, P. (2005), “Methodological approaches to entrepreneurship: past research and suggestions for the future”, Small Enterprise Research, Vol. 13 No. 1, pp. 1-21.
Davies, H. (2010), The Financial Crisis. Polity Publishers DeLisle, J.D. (2007), “At the crossroads of expansion and recession”, Financial Views, Fall, pp. 314-22.
Georgelli, P., Joyce, B. and Woods, A. (2000), “Entrepreneurial action, innovation, and business performance: the small independent business”. Journal of Small Business and Enterprise Development, Vol. 7 No. 1, pp. 7-17.
Gregoire, D.A., Noel, M.X., Dery, R. and Bechard, J.P. (2006), “Is there conceptual convergence in entrepreneurship research? A co-citation analysis of the frontiers of entrepreneurship research, 1981-2004”. Entrepreneurship Theory and Practice, Vol. 30 No. 3, pp. 333-373.
Hills, G.E. and LaForge, R.W. (2002), “Research at the marketing interface to advance entrepreneurship theory”. Entrepreneurship Theory and Practice, Vol. 23, pp. 33-59.
Hisrich, R.D. and Peters, M.P. (2004), Entrepreneurship: Starting, Developing, and Managing a New Enterprise, 4th ed., Irwin, Chicago, IL.
Jain, A. and Pisani, M.J. (2008), “Small- and microenterprise business development in Costa Rica: an examination of domestic and foreign born entrepreneurs”. Latin American Business Review, Vol. 9 No. 2, pp. 149-167.
Katsikis, I. and Kyrgidou, L. (2009), Entrepreneurship in Teleology: the Variety of the Forms. International Journal of Entrepreneurial Behaviour and Research, Vol. 15 No. 2, pp. 209-231
Kriš?i?nas, K. and Greblikait?, J. (2007), Entrepreneurship in Sustainable Development: SMEs Innovativeness in Lithuania. The Economic Conditions of Enterprise Functioning, Engineering Economics, No. 4 (54)
Lloyd-Ellis, H., and Bernhardt, D (2000). Enterprise, inequality and economic development, Review of Economic Studies, 67: 147-168
Naman, J.L. and Slevin, D.P. (2003), “Entrepreneurship and the concept of fit: a model and empirical tests”, Strategic Management Journal, Vol. 14 No. 2, pp. 137-153.
Nazir, M. and Ramzan, M. (2012), Contributions of Entrepreneurship in Economic Growth. Interdisciplinary Journal of Contemporary Research in Business, Vol.4, No.3
Robbins, D.K., Pantuosco, L.J., Parker, D.F and Fuller, B.K (2000), An empirical assessment of the contribution of small business employment to U.S state economic performance, Small Business Economics, 15:293-302
Rumelt, R.P., Schendel, D.E. and Teece, D.J. (2004), “Fundamental issues in strategy”, in Rumelt, R.P., Schendel, D.E. and Teece, D.J. (Eds), Fundamental Issues in Strategy: A Research Agenda, Harvard Business School Press, Boston, MA, pp. 9-53.
Stetz, P.E., Stewart, A., Howell, R., Blair, J.D. and Fottler, M.D. (2002), “Dimensionality of the entrepreneurial posture/orientation construct: a structural equation study”, paper presented at the 1998 Academy of Management Meeting, San Diego, CA.
Todtling, F., & Wanzenbock, H (2003). Regional differences in structural characteristics of start-ups. Entrepreneurship & Regional Development, 15: 351-370
Trott, P. (2008), “Growing businesses by generating genuine business opportunities: a review of recent thinking”, Journal of Applied Management, Vol. 7 No. 2, pp. 211-223.
Van Stel, A., Carree, M., and Thurik, R (2004a). The effect of entrepreneurship on national economic growth: an analysis using the GEM database. Available from
Wennekers, S. and Thurik, R. (2003), “Linking entrepreneurship and economic growth”, Small Business Economics, Vol. 13 No. 1, pp. 27-55.
Wiklund, J. (2002), “The sustainability of the entrepreneurial orientation – performance relationship”, paper presented
Zahra, S.A. (2005), “Predictors and financial outcomes of corporate entrepreneurship: an exploratory study”, Journal of Business Venturing, Vol. 6 No. 4, pp. 259-285.
Zahra, S.A. and Covin, J.G. (2003), “Contextual influences on the corporate entrepreneurship-performance relationship: a longitudinal analysis”, Journal of Business Venturing, Vol. 10 No. 1, pp. 43-58.