The Facilities and Incentives for Entrepreneurship in a Resource-Based Economy: A Review on Industrial Sector

Abstract

Entrepreneurship is critical for economic development. In economies where entrepreneurs can be flexible, promote their ideas, and reap the advantages, society benefits the most. When exposed to severe regulatory challenges, entrepreneurs either relocate to more creative nations or shift their focus from productive to wealth-generating activities. The goal of this intellectual study is to look at the origins of entrepreneurship. The importance of the socioeconomic environment in determining "resource capacity" (knowledge, relationships, and financial resources gathered by entrepreneurs) is examined in this research. The 'Organic Square' of entrepreneurs (resource capacity, market, economic structure, and public policy) defines the human traits of entrepreneurs as well as environmental influences. It's a tool for researching entrepreneurs in a variety of social, economic, and political situations. By examining the assets and limits of the business environment, we may demonstrate this function. We stress the need of considering the production system's structural characteristics while developing future company policies. This research explores assumptions between the resource integration process and the enterprise's performance, while resource integration capacity plays an essential role as a contingency factor, using a theoretical contingency viewpoint and a resource-based perspective. Finally, based on the research findings, recommendations for future research and management implications are addressed.