International Journal of Engineering Science and Applied Mathematics (IJESAM)

UNRAVELING THE RELATIONSHIP: STATISTICAL RESEARCH ON THE INTERSECTION OF TECHNOLOGY AND ENTREPRENEURSHIP FOR MODERN PRACTICES, POLICIES, AND PROMISES

Authors

  • S. Nicholas Department of Production Engineering, University of Benin Benin City, Nigeria

Abstract

The intersection of technology and entrepreneurship has been a catalyst for advancements and prosperity in individuals, firms, regions, and nations. However, a comprehensive statistical study and understanding of the interface of variables concerning this intersection is still lacking. This paper aims to shed light on the pivotal point of intersection between entrepreneurship and technology, exploring emerging policies, promises, and practices. Through the use of questionnaires, 32 variables were identified and administered to knowledgeable respondents in this field. While previous research has explored the relationship between technology and entrepreneurship, a comprehensive analysis of the nexus between these key elements of national growth and development is necessary. Entrepreneurship, defined as the discovery, evaluation, and exploitation of opportunities to produce future goods and services, relies on technology as a crucial component. Scholars view entrepreneurship as particularly important in later stages of economic development, were knowledge and competition drive growth. However, at earlier stages, entrepreneurship may play a less pronounced role due to the predominance of factor accumulation. Not all entrepreneurs drive development, and not all entrepreneurs are innovative, highlighting the need for a deeper understanding of the relationship between entrepreneurship and economic outcomes. In order to uncover the intercorrelation among the identified factors related to technology and entrepreneurship, this study employs Principal Component Analysis (PCA). PCA is a mathematical procedure that reduces a larger number of variables to a smaller number of uncorrelated principal components, allowing for dimensionality reduction and data compression. By identifying the key factors and examining their interrelationships, this research aims to provide insights into the intersection between technology and entrepreneurship

Keywords:

technology, entrepreneurship, intersection, statistical study, national growth, development, principal component analysis, intercorrelation

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Published

2022-05-20

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Section

Articles

How to Cite

S, N. (2022). UNRAVELING THE RELATIONSHIP: STATISTICAL RESEARCH ON THE INTERSECTION OF TECHNOLOGY AND ENTREPRENEURSHIP FOR MODERN PRACTICES, POLICIES, AND PROMISES. International Journal of Engineering Science and Applied Mathematics (IJESAM), 13(5), 14–22. Retrieved from https://zapjournals.com/Journals/index.php/ijesam/article/view/686

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