Entrepreneurial Initiatives, Education and Culture: Hubs for Enterprise Innovations and Economic Development

Abstract

The purpose of this research was to investigate the effects of entrepreneurial initiatives, entrepreneurial education, and entrepreneurial culture on enterprise innovation and economic development. The research was driven by the fact that entrepreneurship is a remarkable force which drives the enterprise growth, societal development, and economic development of a nation. The research adopted the social exchange theory and the economic theory as the basis of the literature. Primary data were used, collected from people engaged in entrepreneurship in Russia. The study used quantitative research method, where empirical data were analyzed using Structural equation modelling (SEM). The findings of the study indicated that entrepreneurship initiatives, entrepreneurship education, and entrepreneurship culture have a significant effect on enterprise innovation. However, only entrepreneurship culture was found to have a direct effect on economic development, but entrepreneurial education and initiatives have indirect effects through enterprise innovation. Enterprise innovation was found to have significant effect on economic development. The research recommended that stakeholder should emphasize creating an entrepreneurial culture to encourage enterprise innovation and economic development. The search also advocates for providing entrepreneurs with the resources, support, and incentives to start businesses in addition to adopting policies that enable and facilitate enterprise innovation, both domestically and internationally, to boost their economic development.