The IUP Journal of Entrepreneurship Development
The Future Scenario of Entrepreneurship Responsible for Significant GDP Growth

Article Details
Pub. Date : March, 2020
Product Name : The IUP Journal of Entrepreneurship Development
Product Type : Article
Product Code : IJED20320
Author Name : Afua Rita Buanyomi, Brian Barnard
Availability : YES
Subject/Domain : Management Journals
Download Format : PDF Format
No. of Pages : 48

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Abstract

The study comprises future studies and scenario analysis and aims to investigate the future scenario of entrepreneurship responsible for significant GDP growth (greater than 10%) in South Africa. Focusing on aspects such as social and cultural factors, leadership, management, organization, labor and skills, economics, trade, politics, markets, technology, infrastructure and environment, it investigates and reflects on whether Successful Entrepreneurship (SE) is indeed possible; what needs to change to attain SE, what is overlooked when it comes to business development, and what is obstructing SE. The research was conducted using qualitative research methods focusing on professionals close to entrepreneurship. Rather than focus groups or Delphi studies, the insights of entrepreneurship professionals were gathered using semi-structured interviews. The study found that a majority of respondents believe that SE is indeed possible, but it would require a concerted and collaborative effort from all stakeholders, primarily the public and private sectors and entrepreneurial experts to ensure that the right focus is provided, critical issues and challenges are realistically elevated to everyone's attention, and practical, simple solutions are created and aligned with the backing of the right technology, policies and regulations.


Introduction

Given the empirical data, it can be argued that entrepreneurship generally has less than desired performance in several countries (Herrington et al., 2017). This occurs in the backdrop of established business development literature and policy. One is left with the fundamental question: Why is radical (very successful) entrepreneurship generally not witnessed more frequently, and why is it seemingly not that simple to achieve?


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