THE ENTREPRENEURSHIP OSMOSIS IN RELATION TO ECONOMIC GROWTH'S CONCEPTUAL FRAMEWORK

Abstract

Inducing the variables that drive economic growth and development is one of the most critical task of the modern economy. Entrepreneurship is seen as the catalyst for economic growth and a motivating factor for decentralization, economic restructuring, and advancement toward a market economy in all of these components of any economy. Entrepreneurs leverage the power of economic opportunities, reshaping the basic economy into a resourceful one in the process by laying a stable platform for economic activities with the ability to generate development opportunities, displaying the nexus between entrepreneurship and economic development. The objectives of this paper is to determine that a comprehensive approach to promoting entrepreneurship is based on two main pillars: strengthening entrepreneurial skills and improving the criteria of the entrepreneurial framework, which also are based on two distinct conceptual frameworks connecting individual actions in the field of macroeconomics. The paper's significant conclusion is that the binal distinctive pillars should be regarded as an interconnected set of policies for the following reasons, using a methodology that engages in critical analysis of the main policy priorities that enhance entrepreneurial environments through the spectrum of the entrepreneurial conceptual method designed by Global Entrepreneurship Monitor: First, entrepreneurs do not react, but rather adjust whether and how they use their expertise and motivating factors to turn business ideas into profitable opportunities, as mandated by the existing framework conditions; and second, individuals and their entrepreneurial behaviours, knowledge and experience, and aspirations can always be metrics of entrepreneurial behavior.