Interrelationship between Institutional Potential and Social Entrepreneurship: An Approach Towards Business Opportunity and Competitiveness | Chapter 5 | Contemporary Research in Business, Management and Economics Vol. 8

 

This study aimed to explain the importance of the tie-in between institutional potential and social entrepreneurship in encouraging the creation of job ventures and MSME competitiveness in Indonesia. The new institutional theory advises economic and social systems to reform institutional barriers to improve productivity and efficiency. Business prospects are mostly created by institutional potential. The consistency and interaction between institutional and entrepreneurial potential-shaping factors, however, was not emphasized in earlier research. Mixed methods were used, with basic concepts focusing on new institutional economic theory. The results showed that standardization, commercialization, technology, productivity, invention, social capital, and human capital strengthened institutional potential and social entrepreneurship. This created more ventures and encouraged competition. However, there is a need to eliminate institutional barriers to improve the efficiency and productivity of the socio-cultural-economic systems. The correlation between institutional potential and social entrepreneurship resources provides business opportunities and improves competitiveness. Moreover, it regulates efforts, speeding up the achievement of socio-economic equity. Policy implications should regulate and reform institutional barriers to improve the functionality of the socio-cultural-economic system.

 

Author(s)details:-

 

P. Eko Prasetyo
Department of Development Economics, Faculty of Economics, Universitas Negeri Semarang, Indonesia.

 

Andryan Setyadharma
Department of Development Economics, Faculty of Economics, Universitas Negeri Semarang, Indonesia.

 

Nurjannah Rahayu Kistanti
Department of Development Economics, Faculty of Economics, Universitas Negeri Semarang, Indonesia.

 

Please See the book here :- https://doi.org/10.9734/bpi/crbme/v8/469

Recommendations to Entrepreneurs and Small Businesses a Context for Small and Medium Enterprises in the New Normal | Chapter 12 | Managing Higher Education and Enterprises in Developing Countries Beyond COVID-19: Proceedings of the 9th International Conference on Business and Management Dynamics

The aim of this paper is to provide recommendations to entrepreneurs and small businesses emanating from the coronavirus disease – 19 (COVID-19) pandemic experience. The motive of this paper was based on how, during the COVID-19 pandemic entrepreneurs were confronted with the need to adjust to a changing economic climate. On the one hand, entrepreneurs were tasked with directing their businesses away from bankruptcy, while, on the other hand, had to deal with a pressing need to keep their businesses afloat in an environment marked by low discretionary income and customer uncertainty. These challenges were exacerbated by the lack of pragmatic business recommendations crafted to assist small business entrepreneurs in surviving business challenges which then prompted this inquiry. A conceptual approach was employed to review extant literature in the domain of entrepreneurship, while a philosophical inquiry was made with entrepreneurship scholars in business, to gain perspective into the lessons experienced during the COVID-19 pandemic. The procedure of inquiry was guided by the dictates of an exploratory research design. The derived insights show that in the new normal, entrepreneurs must be elastic to change and unexpected shocks, embrace the possibilities offered by digitalization, prioritize inclusiveness, and focus on creating sustainable growth through diversification.

Author(s) Details:

D. S. Nheta,
Tshwane University of Technology, South Africa.

E. A. Nesamvuni,
Tshwane University of Technology, South Africa.

W. Chakuzira,
University of South Africa, South Africa.

Please see the link here: https://stm.bookpi.org/MHEEDCBCPICBMD/article/view/13203