Entrepreneurial Factors and their Importance for Long-term Economic Growth

In modern economic science, entrepreneurship is considered as the main mechanism of economic development and the source of innovative potential of national economic systems. In the global economy, entrepreneurship is transformed from a traditional economic mechanism into the main driver of innovative development of national economic systems. Modern geopolitical and economic transformations make fundamentally new demands for understanding the essence of entrepreneurial activity. In explaining complex economic processes, classical theoretical models are increasingly ineffective, which requires the development of new conceptual approaches to the study of entrepreneurship as a multifactorial system. The object of research is entrepreneurial activity as a systemic element of economic development. The subject of research is the influence of entrepreneurial factors on the long-term dynamics of economic growth. Desk research was chosen as the research methodology. A survey was also conducted with entrepreneurs. Both quantitative and qualitative research methods were used during the research. The results of the research were generalized to the entire area of entrepreneurial activity in Georgia. The purpose of the research is to identify the main entrepreneurial factors, assess their impact on economic growth and develop recommendations for stimulating entrepreneurial activity.