The Relationship between Entrepreneurship and National Development - Literature review Example

A Study of the Relationship between Entrepreneurship and National Development Name Institution Table of Contents Abstract 3 Introduction 3 Statement of the Problem 4 Background Review of Related Literature 4 Study Objectives 5 The guiding ScholarlyPrinciple 5 Research Methodology 6 Methods of Data Collection and Analysis 6 Possible Limitations with regard to the Method of Data Collection adopted 7 Expected Results 7 Activity Timetable 8 References 11 Abstract The purpose of this research plan is to basically identify the ways in which entrepreneurship has contributed towards national development in England, United Kingdom. The study will targetone thousand entrepreneurs (existing and upcoming) involved in different forms of enterprises. The data from the respondents will be analyzed through SPSS (Statistical Package for Social Scientists) to generate the frequency distribution tables, analysis on variance (ANOVA) along with standard deviations (Valerie, 2008). Both the null and substantive hypotheses will then be tested against a significance level of 0.05 using Chi-Square Statistics. The ultimate goal will be to come up with at least five common problems limiting creativity and innovation among our people in addition to identifying the most acceptable route in providing satisfactory solutions. Of major interest will be the ever-changing government policies among other factors that tend to cripple our collective quest to develop, nurture and promote the generation and successful incubation of new ideas. Overall, we’ll investigate the complex relationship between our entrepreneurial activities and the existing business cycles in comparison with economic openness (Scholmn et al., 2014). As a result, we’ll be able to establish the corporate position of our mother country in relation to the world’s business cycle in these changing time horizons. Introduction According to the United Nations Development Programme (2009) entrepreneurship can be defined as the process through which individual or group initiatives are transformed into viable business concepts. It, therefore, follows that entrepreneurs are preoccupied with undying quest for continuous innovations, mobilization of resources and efficient management skills coupled with calculated risk taking all with a view to opening up new markets for upcoming products and services. Onthe other hand, national development is visualized as more or less the same as economic development since the former is directly hinged on prosperity of the latter. In this case, we comfortably define national development as the process through which national revenue as well as per capita earnings grow over a given period of time(Thurik et al. 2010). The big question, however,remains; how is entrepreneurship linked to the development of any nation? To respond to this question satisfactorily there is need to take an objective look at the pillars that hold the key to the economic prosperity of any given nation. As Thurik et al. (2010) observes, the generation of wealth in a given country or state majorly rests with the aggressiveness of its industries which in turn depends on the competencies of the top managers and entrepreneurs. Ogbo (2012)explains that, over the last few years, entrepreneurship has been seen as the major driving force behind economic development not only in developed countries but also in developingcountries. She singles out small and medium enterprises in third world countries as the real catalysts to economic enablement in the twenty first century. The SME’s, which are mainly ground-breaking start-ups, are seen as the surest way to restructure the economy and consequently help in poverty reduction. Nonetheless, a number of questions keep lingering in our minds: To what degree has entrepreneurship contributed towards national development? Can creativity be influenced in manner that instills a sense of innovation among the populace? If so, why is it that nations experience regional imbalance in matters entrepreneurial and what corrective measures can be put in place to reverse this sorry state of affairs? Statement of the Problem Thus far, a lot of academic work has been done with regard to the interrelationship between entrepreneurship and prosperity of any nation. However, it is important to note that most of these studies remain equivocal on real challenges that are limiting creativity and hence entrepreneurship among our people. In addition, the existing scholarly works seem to dodge the question of yawning disparities in matters entrepreneurship. According to Kerr et al. (2013) regions of high economic growth tend to attract new firms instead of stimulating local growth through start-ups. There is need to study this worrying trend in conjunction with presence or absence of research institutions. It is in light of this remorseful set of circumstances, that we seek to gather as much theoretical information as possible with regard to the correlation between innovative undertakings and national growth with a view to recommending the most worthwhile solutions to entrepreneurial challenges bedeviling our country - England. Background Review of Related Literature A considerable number of academicians have written widely with regard to the subject of entrepreneurship and its contribution in terms of employment (Jones and Wadhwan, 2009). Thisserves to underscore the critical role played by creativity and innovation in the economic growth of any country. The available scholarly works and experiences drawn from developed countries have proved beyond reasonable doubt that the need for entrepreneurship in any developing country cannot be overemphasized (Cuervo et al., 2013). Entrepreneurial activities have, over time, been accepted as the pivot on which job creation and hence economic growth is anchored. Nkechi et al. (2012) observes that there exists a positive correlation between growth and development of the economy; creation of employment opportunities and poverty reduction among members of the lower cohorts of the society.In light of this, it follows that we’ve an obligation to establish the yawning gaps that are limiting the optimal contribution by entrepreneurship to national development. Study Objectives Based on the above problem statement, the main objective of this academic study will be to pinpoint the various ways through which our country can boost entrepreneurship as one of the indisputable engines for sustainable economic growth (Burton, 2012). In coming up with the possible solutions, the specific objectives to be addressed will be: To establish the origin of limitations that are harboringgrowth of innovation and thus entrepreneurship in England. To establish the extent towhich entrepreneurship has helped foster economic growth in England. To establish the cause of regional imbalance with respect to entrepreneurial innovativeness in England. The guiding ScholarlyPrinciple In pursuit of our objectives, we endeavor to adopt an inter-disciplinary approach on critical issues around entrepreneurship and economic growth. This will help bring in the much needed social understanding of the scientific processes through which creativity and entrepreneurship at large are developed and the available stakeholder support in incubating such ideas (Burton, 2012). On this front, we’ll strive to conceptualize the means through which individuals or even groups identify the most promising ideas for further presentation to prospective stakeholders. This is because, it is the same cadre of people whom we expect to move with speed and engage in resource mobilization so as to embody the idea in an organized form that can survive intense market competition (Jones and Wadhwan, 2009). Research Methodology In the proposed research study, we intend to bring together various theories touching on the different social strata with an aim of getting a clear view on the origin, development and effect of new ideas on a country’s economic growth. During the process of study, we’ll put up with a very keen interest on the much touted view that our government is not doing enough to support entrepreneurship as harangued by Burton et al. (2012). Particularly, we’ll seek to understand the implications of the various government policies that touch on entrepreneurial undertakings. Owing to the nature of this research work, we believe it will be best suited to apply survey techniques through the use of questionnaires. This is because, it is practically impossible to interview the entire population and therefore a fixed set of questions would be most appropriate (Nkechi et al., 2012). The interviewees’ responses will then be systematically classified for the purposes of quantitative comparisons as described by Ogbo (2012). The questionnaires will be administered to the prospective as well as existing entrepreneurs to obtain the primary data. Comparisons will also be made with the existing academic works touching on entrepreneurship. The common sources of secondary data that will be included in the study will include but not limited to: newspapers, magazines, periodicals, government records as well as journal articles that touch on the subject of entrepreneurship. Methods of Data Collection and Analysis Our main tool of data collection will be through the administration of questionnaires. Questionnaires are advantageous in data collection in that they are easy to standardize and replicate. This is because they often make use of closed-ended questions that call for brief responses. In addition, several respondents can be contacted quite easily and quickly hence hastening the process (Gill and Johnson, 2010). Suitable statistical descriptive techniques including but not limited to frequency distribution tables and simple pie charts will be applied in analyzing the data. These statistical tools will help standardize that data and consequently bring out the commonest drawbacks facing entrepreneurship in our country in addition to revealing the best approaches in scouting for an ample remedy. Possible Limitations with regard to the Method of Data Collection adopted According to Bryan and Bell (2007), it is important to note that, questionnaires have a number of limitations when applied in data collection. To start with, lack of one-on-one interaction with the respondent makes it difficult to understand interviewee’s emotional and behavioral characteristics at the time of response. Secondly, there is a possibility of misunderstanding between the interviewer and the interviewee as there is no room for clarifications on information that is perceived as ambiguous. Thirdly, chances of imposition by the researcher are high as the interviewer designs questions on basis of his or her own opinions and thoughts. Besides, Gemmell (2012) observes that there is a possibility of low response rates as some potential respondents may not bother to take part in the survey. Above all, there are real risks of getting socially anticipated responses based on the respondent’s subjective feelings (Wallace, 2006).   To counter such an eventuality, it would be important to adopt intimate interviews where timely illuminations can be made and questions reframed as necessary(Smith, 2008).Further, such an approach would place the crossexaminer in a better position to gauge the accuracy of information provided. Expected Results By way of this study, we expect to provide solutions to a myriad of questions touching on creative innovations on which the subject of entrepreneurship is hinged(Gemmel, 2013).. The substantive questions which we’llattempt to respond to include: How is the evaluation process of new ideas (both by the creators and target stakeholders who are expected to provide financial support)? Is creativity better when people are working as individuals or in group settings? What kind of possible biases influence the final decisions made with respect to such ideas? No doubt, the research results will serve as an eye opener to the government agencies to re-examine its policies with regard to creativity and innovation in England. Subsequently, a sober debate among the various stakeholders will hopefully enhance broad support in this sector. Granted, the study will convincingly nullify the existing notions and misplaced assumptions that there exists other better options for advancing economic growth away from entrepreneurship (Ogbo, 2012).In addition, we believe access to capital will improve significantly and therefore enable young and upcoming entrepreneurs fully implement their ideas. In the long run, more job opportunities will be created that will in turn stimulate the much needed economic growth in England. Activity Timetable S/No. ACTIVITY DURATION (Oct. 2015 to Sept. 2016) Oct. Nov. Feb. Mar May June July Aug. Sept. 1 Conceptualization of an Idea 2 Development of the idea into a problem statement 3 Preliminary design 4 Preliminary Presentations(Research Plan) 5 Implementation of the proposed changes in the research plan and acceptance 6 Material gathering for data collection 7 Data collection and analysis 8 Writing of the final proposal 9 Discussion of the final proposal with the supervisors 10 Amendments of the final proposal in line with supervisors’ advice 11 Presentation of the Final proposal 12 Compiling the final proposal report for onward forwarding to implementing agencies References Anderson, Valerie(2010). Research methods in human resource Management. London: Chartered Institute of Personnel and Development. Ayres, Ian. (2007). Super crunchers: How anything can be predicted. London. Barkus, E., &Yavorski, C. (2006). Understanding and using advanced statistics. London. 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