Promoting Entrepreneurship And Social Development Through Sociocultural And Economic Factors

Abstract

The study looked at entrepreneurship promotion from the perspectives of sociocultural and economic factors. The study was specific on establishing the relationship between both general and social entrepreneurship and sustainable development. And secondly, the formation of new initiatives that support the emergence of new economic agents in the economy. The study adopted a qualitative methodology that used 10 OECD countries as cases in point. The findings revealed a positive relationship between both types of entrepreneurship on sustainable development. Also, both groups of factors are positively related to the two types of entrepreneurship analyzed, but the sociocultural factor shows a greater impact than the economic one. The study concluded through recommendations that policies aimed at promoting human capital, employment, and investment aid would favour more social entrepreneurship, whereas those that increase innovation and improve institutions and are aimed at reducing corruption and making the market freer and more effective would have a greater impact on general entrepreneurship.