Innovative Entrepreneurship for a Nation’s Economic Development: A Sustainable Paradigm for 21st Century

Abstract

This study seeks to investigate the link between ‘innovative entrepreneurship and economic development’; with a bid to leverage the experience of entrepreneurs in the UK. In order to better understand these phenomena, a single research question was posed: Is there a correlation between entrepreneurship and industrialized nations’ economic development? The research question would be examined using qualitative in-depth interviews with entrepreneurs. It is established that there are common links between entrepreneurial and economic development in general. Entrepreneurs argue that business forces, economic development, employment generation, industrial invention, and business process are central desires of economies. Entrepreneurship has become the backbone of economic development in industrialized economies. Economic development and growth achieved in developed countries are due to the role of entrepreneurship in the formation of businesses which have transformed these economies from managed to entrepreneurial economies. Entrepreneurship has been used in several economies of the world and has proved to be important in creating a strong economy. The partnership would allow for more income generation, especially in taxation, which would influence the provision of basic social amenities, mobilization of investments and savings, and the spreading of industries, as well as encourage foreign earnings.