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ENTREPRENEURSHIP, ECONOMIC DEVELOPMENT AND INCLUSIVE GROWTH


Abosede, Adebiyi Julius

Faculty of Social and Management Sciences, Olabisi Onabanjo University, Ago-Iwoye


Onakoya, Adegbemi Babatunde

College of Social and Management Sciences, Tai Solarin University of Education , Ijebu Ode


ABSTRACT

Entrepreneurship and economic development in the opinion of Schumpeter are intimately related notwithstanding the form of economic and political set-up of a country. In essence, entrepreneurship is indispensable for economic development. The growing interest in the area of entrepreneurship has extended to a balanced and broad-based economic growth and development as requirements in the structural transformation of the economy. The crux of the paper is to examine the role of entrepreneurship in encompassing economic development especially inclusive growth. The research finds that entrepreneurship promotes economic growth. However, where credit subsidies for start-ups dilute the quality of the entrepreneurial pool, this will adversely affect economic growth.  The study recommends that government puts in place entrepreneurship - promoting policies with positive externalities thereby enhancing high economic growth and development. Entrepreneurial programmes should also incorporate participatory monitoring mechanisms in order to ensure that industrial and commercial policies continually reflect the priorities of the vulnerable and poor people.


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