TITLE:
Knowledge-Based Entrepreneurship and Globalization: Correlates for the Wealth of Nations and Perspectives from Nigeria
AUTHORS:
Paul T. Akuhwa, Cephas A. Gbande, Benedict S. Akorga, Zachariah S. Adye
KEYWORDS:
Entrepreneurship Process, Knowledge Management, Globalization, Innovation and Creativity, Education and Learning
JOURNAL NAME:
Open Journal of Applied Sciences,
Vol.5 No.8,
August
21,
2015
ABSTRACT: Though Knowledge based entrepreneurship (KBE) is yet an evolving concept and globalization is without an acceptable concept globally, their tenets represent sound methods and strategies for socioeconomic development. Inextricably, KBE and globalization phenomena could be seen as mutually exclusive and collectively exhaustive in exploiting socioeconomic development capital. In this paper, the authors investigated and found out that the defining role of both KBE and globalization was to relate as correlates for the wealth of nations, and also was in an invaluable relationship. KBE is defined as variables that engender innovation, creativity, entrepreneurial culture and orientation with science and technology to underpin optima value creation. These include measurable inputs such as micro, small and medium enterprises (MSME) performance and literacy rates at a given time period in the economy. Globalization on the other hand is a multifaceted, multidisciplinary and complex phenomenon that is proxy on economic, political and social globalization indexes, and internet penetration at a given time period in the same economy. This paper tested two hypotheses to prove the construct that KBE and globalization were correlates for wealth of nations with very significant results using secondary data. Research triangulation was also performed to pragmatically prove the results using primary data. Both meta-analyses were conducted using IBM SPSS 21 software on the main model, the multiple regression, a confirmatory model and the chi-square. Finally, the paper called for policy for improving training and education of science and technology content to the entrepreneurs, while taking a 360 degrees approach to promote and intensify globalization practices in Nigeria, and by extension, to other global economies.