Entrepreneurship for Economic Growth

Dear Colleagues,

Entrepreneurs are crucial to market economies because they may drive the nation's economic expansion. They encourage new employment by developing new goods and services, which eventually accelerates economic growth. Therefore, public policy that promotes entrepreneurship should be seen as crucial for economic progress. Entrepreneurship generates lots of new chances and jobs. A significant number of entry-level positions, which are crucial for transforming unskilled workers into competent ones, are created by entrepreneurship. Additionally, it trains and sends skilled personnel to big enterprises. The expansion of entrepreneurship is largely responsible for the rise in a nation's overall employment rate. Thus, entrepreneurship plays a major role in the creation of new employment prospects. Entrepreneurial endeavors increase productivity by introducing innovation to every facet of business, utilizing the available resources in the most efficient methods. By providing fresh and improved goods, services, and technology, entrepreneurs create new markets. As a result, they contribute to increasing national income and creating new wealth, so that more national benefits can be provided to the people by the government. Entrepreneurs lessen reliance on outdated practices, processes, and technology and alter or break social norms and cultures. In essence, entrepreneurs are the forerunners in introducing new technology and methods, which ultimately result in societal transformations and economic development. These adjustments are linked to a better way of living, charitable thinking, stronger morale, and better economic decision-making. In conclusion, encouraging and supporting entrepreneurship can have a favorable effect on the economy of the nation and even on already established enterprises, and this enhances the possibility of discovering innovative solutions to social difficulties faced by communities all over the world.

Therefore, the primary purpose of this Special Issue is to explore measures with which to further the link between entrepreneurship and economic growth for emerging economies. In other words, how should emerging and transitioning economies be empowered to sustain growth of entrepreneurial mindset and high levels of productivity? This Special Issue aims to broadcast recent empirical and theoretical research regarding the dynamics in entrepreneurship and economic growth that can guide policymakers in making appropriate policies. These might include (but is not limited to) the following topics:

• Economic policies and SMEs regulation;
• Economic growth via SME growth;
• Entrepreneurial and managerial approaches;
• Entrepreneurial finance;
• Entrepreneurial/co-founder teams;
• Internal and external drivers for entrepreneurial innovation;
• Inhibitors and risks of entrepreneurial mindset;
• Economics of entrepreneurship;
• Social entrepreneurship

Dr. Kanayo Kingsley Ogujiuba
Guest Editor

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Title: EFFECT OF CRUDE OIL PRICES FLUCTUATIONS ON UNEMPLOYMENT IN AN EMERGING ECONOMY: A CONTEXT OF SOUTH AFRICA

Abstract: The unending fluctuation of petrol prices has been one of the major issues negatively affecting the South African economy as a crude oil importing country. The primary objective of this paper is to analyse the relationship between petrol prices and the wellbeing of the South African economy as crude oil non-producer country. The paper uses quarterly time series data spanning from the first quarter of 2000 to the second quarter of 2023 which make a sample size of 94 observations. The results from econometric estimation techniques show that there is a positive relationship between petrol prices and the unemployment rate which is used as a proxy of the wellbeing of the South African economy, indicating that an increase in the petrol prices increases the unemployment rate suggesting a negative impact on the wellbeing of the South African economy. To keep petrol prices stable, the South African government could consider adjusting different levies on petrol charged to motorists. In addition, South Africa could start without delay with both onshore and offshore extraction of gas discovered recently as one of the additional sources of energy.