Entrepreneurship as a factor of socio-economic development: literature review
Keywords:
economic growth, entrepreneurship functions, entrepreneurship theory, self-employment, small and medium-sized enterprises, SMEs, socio-economic developmentAbstract
The purpose of this article is the synthetic presentation of a selective literature review in the field of economics as a scientific discipline and a discussion of the major theories, concepts and models combining entrepreneurship and economic growth or, more broadly, socio-economic development. The article is based on an enquiry of literature, its analysis and constructive criticism. The paper is divided into two main parts, the first of which discusses the understanding of the conceptof entrepreneurship in economic sciences and the other constitutes a synthetic report and the literaturestudies. The article discusses the four basic dimensions of entrepreneurship in economic literature (as a function of personality, managerial process, individual entrepreneurs, market) and three derivative functions attributed to economic models at the operationalisation stage (self-employment,SMEs, and the fourth factor of production). The article discusses three groups of theories linking entrepreneurship to economic growth, i.e. wealth-based theories, knowledge-based theories and technology-based theories. Despite numerous concepts discussed in the article it is clear that thereis a fragmentation of scientific knowledge in this area, hence attempts to look for holistic solutions linking entrepreneurship with socio-economic development based on previous works, which would correspond to the restrictions of mainstream economics, should be continued.
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