How Do Entrepreneurs Contribute To The Economy – The concept of social entrepreneurship has emerged as a significant contributor to public welfare and prosperity. According to recent studies, social entrepreneurship has an impact on the economic growth and sustainability of the state. Therefore, the main objective of this study is to examine the impact of social entrepreneurship on sustainable economic growth and value creation. This study undertakes to observe the relationship between social entrepreneurship and sustainable economic growth and the mediating role of innovation between social entrepreneurship and value creation. A questionnaire method was adopted to obtain information from 343 tour operators in China. Smart-PLS software was used to analyze the data with the help of structural equation modeling (SEM) technique. The results confirmed that social entrepreneurship has an impact on sustainable economic growth and value creation. The results showed that innovation has its own impact on sustainable economic growth and value creation. He also observed that innovation emphasizes the relationship between social entrepreneurship and sustainable economic growth, and the relationship between social entrepreneurship and value creation. Theoretically, this study makes a significant contribution by examining the impact of social entrepreneurship on sustainable economic growth and value creation and innovation as mediators. In terms of practical implications, this study will certainly help policy makers design policies and strategies to encourage and promote social entrepreneurship. Moreover, future studies can introduce other mediating and moderating variables to gain a deeper understanding of the phenomenon.
Recently, the concept of entrepreneurship has been viewed from different perspectives (Ranville and Barros, 2021). One of the ways to look at entrepreneurship is how it affects the economic growth of the country. Higher economic growth leads to higher employment and better living standards in society, especially when the economy is slowing down (Doran et al., 2018). This proves that entrepreneurship is directly related to the country’s economic growth. Therefore, policy makers can intervene and increase social entrepreneurship as a significant indicator that fosters sustainable economic growth. Furthermore, innovation and human capital are closely related to social entrepreneurship. Statistical analysis shows that these variables contribute significantly to economic sustainability and growth (Rayamajhi et al., 2022).
How Do Entrepreneurs Contribute To The Economy
In particular, social entrepreneurship has recently attracted the attention of researchers and practitioners and this concept has been found to be a major factor contributing to the improvement of society (Kannampuzha and Hockerts, 2019). Businesses have designed policies on social welfare to reduce many social issues such as human welfare, poverty and employment (Lall and Park, 2020). Social entrepreneurship is a critical factor that can foster social change. Additionally, social entrepreneurs work for the community without expecting any direct financial benefit from the community in return (Adro and Fernandes, 2021). Moreover, each type of entrepreneurship has some kind of social function, however, social entrepreneurship and traditional entrepreneurship are different in terms of value creation (Stirzaker et al., 2021). Social entrepreneurship creates societal value, while traditional entrepreneurship aims to create private economic value. Gupta et al. (2020) opined that business and social activities are closely linked in the real world and that entrepreneurship promotes economic benefits that are inseparable from social benefits. Furthermore, in the larger system, opportunism, entrepreneurship, and philanthropy foster economic sustainability and institutional development. Social entrepreneurship is considered as a novel activity and a combination of entrepreneurship (developing new ideas) and social reason (working for society; Bozhikin et al., 2019). According to the literature, various studies have tried to investigate the phenomenon of social entrepreneurship and its impact on the perspectives of social enterprises, social entrepreneurs and social ventures (Dwivedi and Weerawardena, 2018).
Gem Global Entrepreneurship Monitor
Psychologists have made important contributions to the field of entrepreneurship by clearly understanding the behavioral factors that drive entrepreneurs’ career choice and success (Gorgievski and Stefan, 2016). As a result, entrepreneurship research has provided new insights and avenues to the field of behavioral psychology. For example, entrepreneurship practices have produced many examples by identifying different aspects that show continuous changes in the work, namely responsibility, uncertainty, flexibility, time pressure and lack of security with the help of individual initiative that still cannot be solved. characteristics (Mu et al., 2020). In addition, the early stages of business did not respect any or less standards in daily or routine work roles. This gives researchers the opportunity to examine how entrepreneurship shapes innovation, jobs, organizations, and the overall environmental impact that can influence the growth of the organization. As a field of entrepreneurship, social entrepreneurship particularly shows its potential to provide innovative and innovative solutions to the challenges societies are facing today, such as climate change and social exclusion (Stefan et al., 2016). Social entrepreneurship is a driving force for innovation (Kikul et al., 2018). Innovation stems from social entrepreneurship because entrepreneurs intend to act on opportunities created in the market and produce new products or services (Douglas and Prentice, 2019). In the context of social entrepreneurship, innovation is seen as a significant factor that enhances innovation in society. This study considered innovation as an important construct because innovation in the production process is a competitive advantage for firms and societies. This competitive advantage comes when environmental constraints are reduced and economic growth increases with technological advancement (Ho and Yun, 2022).
Entrepreneurship activities are being done to solve the problems of the society and promote sustainable development in the country. Therefore, social value is created through innovation, progressiveness, social responsibility and competitiveness (Adro and Fernandes, 2021). Innovation, in this regard, greatly helps the society to grow and be sustainable in the long run. Moreover, social entrepreneurs can bring innovation to the society to improve the standard of living of the people. Innovations not only benefit a country’s society, but also improve the country’s overall reputation (Doran et al., 2018). Various social factors are considered as opportunities for social entrepreneurs to act on those opportunities and develop innovative products and services to address those social problems (Crupi et al., 2022).
Sustainable economic development and economic stability are critical to the country’s development (Al-Qudah et al., 2022). Social problems such as poverty, food shortages, unemployment and human well-being are undermining the state’s sustainable economic growth (Méndez-Picazo et al., 2021). However, social entrepreneurs intervene and overcome these problems to achieve economic prosperity without compromising the capacity of future generations (Morales et al., 2021). Sustainable economic development can be achieved by designing convenient and effective economic policies and development strategies. In addition, scholars have argued that there should be no trade-off between sustainability and economic growth, so studies have been conducted on the factors affecting sustainable economic development and how sustainable economic development affects the country’s economy. Political decision makers of various countries have been designing policies for sustainable economic development (Morris et al., 2020). When social entrepreneurs work for the betterment of society, sustainable economic stability can be developed through social entrepreneurship, which leads to better economic conditions (Abad-Segura and Gonzalez-Zamar, 2021). In addition, the growing interest in societal or social problems faced by the economy has led to attention being paid to ways to reduce or mitigate these issues. As a result, economic growth has become a prominent debate and the arguments for such debates are built on sustainable economic development (Aquino et al., 2018).
The Global Entrepreneurship Monitor defines the social entrepreneur variable as activities or organizations with a specific purpose related to environmental, social or societal issues (Gupta et al., 2020). These factors cover innovations that focus on new value creation and social nature (Van Lunenburg et al., 2020). From the perspective of social entrepreneurship, value creation develops when resources are combined in new ways to meet societal needs, create new organizations, and stimulate social change (Douglas and Prentice, 2019). Countries that promote value creation can create a competitive advantage and gain a better and improved reputation. The role of social entrepreneurship in creating value is critical to the economy. Social entrepreneurship is a phenomenon that encourages the creation of value for a better standard of living for the people. Value creation occurs when social problems in society are reduced. Some examples of social problems are poverty, unemployment, homelessness, gender inequality and lack of access to health services. Moreover, innovations generated by social entrepreneurship are critical factors contributing to value creation. Social innovation increases value creation which improves the standard of living of society. Moreover, the value created by social entrepreneurship is generally based on social value. Also, high sustainability ensures value creation through social entrepreneurship (Bozhikin et al., 2019).
Economic Theory Of Entrepreneurship
Social entrepreneurship is a novel concept that needs attention as few studies have been done to understand this concept (Lall and Park, 2020). Al-Qudah and others. (2022) examined the impact of social entrepreneurship on sustainable economic development and proposed to examine how social entrepreneurship and innovation impact sustainable economic development. Also, authors
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