Does cultural economics affect country’s competitiveness?

Abstract

This research investigates the ways in which entrepreneurs of businesses located in the development and incubation centres of Tamil Nadu transform ownership into value for both money and people. Within the framework of a qualitative and descriptive survey technique, a structured questionnaire was distributed to 392 entrepreneurs who had been incubated, both online and offline. According to the findings of the research, the majority of enterprises are relatively young, have formal organisational structures, and are primarily focused on expansion. When it comes to the growth of the company, the founders typically own significant ownership stakes and consider this to be a positive development. Based on the findings, individuals who possess a robust entrepreneurial mindset are characterised by their ability to think about the long term, their willingness to take calculated risks, their perseverance, and their commitment to learning. This way of thinking manifests itself in strategic initiatives such as the introduction of new products, the growth of existing markets, the adoption of digital technology, and the formalisation of processes. In terms of the economics, these companies have reported increased levels of formal compliance, as well as higher levels of reinvestment, employment, and sales. As far as society is concerned, they contribute by generating employment opportunities in the region, ensuring that workers are treated fairly, and demonstrating to others how to be an entrepreneur. The challenges that entrepreneurs encounter include those pertaining to money, competitiveness, hiring the appropriate individuals, and expanding their enterprises. However, individuals can receive a great deal of assistance from incubation programs, support from their families, mentoring, and networks. All things considered, the findings of the study indicate that entrepreneurial ownership is a potent method for the creation of value in Tamil Nadu, provided that it is supported by ecosystem drivers.

Keyword : Entrepreneurial ownership, Value creation, Incubation centres, Entrepreneurial mindset, Economic value, Social value, Tamil Nadu.