Socio-Economic Development Via Managing Entrepreneurship Education: Critical Review

Abstract

The level of entrepreneurship and innovation determines the forward movement in various economic activities. Thus, it is the key driver of the generation of new employment possibilities that helps to bring the economy's unemployment rate down and boost economic development by increasing GDP and income levels. The expansion of a nation's capacity for entrepreneurial endeavours has the potential to impact economic expansion overall. The activities of an entrepreneur are influenced by environmental factors, which might include social, economic, legal, political, and technological aspects. Ultimately, these environmental factors lead to successful entrepreneurship. These external influences will determine whether or not the entrepreneur is successful in their venture. Education in entrepreneurship is to benefit the individual and their skills. One of the findings of this study reveals that education about entrepreneurship is the component that effectively influences the individual's confidence to start a firm, which boosts employment levels in the country. The socio-economic aspects are essential factors that influence a firm's entrepreneurial behaviour and operation. As a result, there is a need for research into these factors and an obligation to consider them.