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The Role of Human Capital and Innovative Entrepreneurship in Developing Countries by José Rolando Torrech Jr. a Dissertation Su

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The Role of Human Capital and Innovative Entrepreneurship in Developing Countries by José Rolando Torrech Jr. a Dissertation Su The Role of Human Capital and Innovative Entrepreneurship in Developing Countries by José Rolando Torrech Jr. A dissertation submitted to the Nathan M. Bisk College of Business at the Florida Institute of Technology in partial fulfillment of the requirements for the degree of Doctor of Business Administration Melbourne, Florida December, 2018 We the undersigned committee hereby approve that the attached dissertation be accepted as fulfilling in part the requirements for the degree Doctor of Business Administration 6 “The Role of Human Capital and Innovative Entrepreneurship in Developing Countries,” a dissertation by José Rolando Torrech Jr. _________________________________________________ Denise Siegfeldt, Ph.D. Associate Professor Nathan M. Bisk College of Business Major Advisor ________________________________________________ Emily Martinez-Vogt, Ph.D. Assistant Professor Nathan M. Bisk College of Business _________________________________________________ Edward Haberek Jr. Ph.D. Associate Professor Nathan M. Bisk College of Business _________________________________________________ Adam Brewer, Ph.D. Assistant Professor School of Behavior Analysis _________________________________________________ Theodore Richardson, Ed. D. Professor and Dean Nathan M. Bisk College of Business Abstract Title: The Role of Human Capital and Innovative Entrepreneurship in Developing Countries Author: José Rolando Torrech Jr. Major Advisor: Denise Siegfeldt, Ph.D. Human capital, innovation and entrepreneurship have long been associated with economic development in different contexts. However, in the recent past, several research studies carried out show that the complexity and technical nature of the ever- changing business environment necessitated by technology have superseded the current human capital required to address innovative strategies in developing countries. Several scholars assert that although inadequate skills are a great challenge for entrepreneurs, more research needs to be done to break down the varying units affecting the impact of human capital on entrepreneurial development and economic growth. The purpose of the study was to investigate the role of human capital on entrepreneurial innovation in developing countries. Specifically, the paper addressed several challenges facing start-ups and other smaller firms in developing nations to establish the role of human capital on entrepreneurs. The study also examined the role of an innovator’s human capital variables in attaining financial empowerment in developing nations. In achieving these objectives, the paper utilized the human capital theory. Qualitative research methodology, especially the phenomenological research design, was used to collect, analyze, and present data. Interviews were used iii as the primary instrumentation of data collection. The population of the study included mainly entrepreneurship experts, with the sample selected from an international conference relating to entrepreneurship, human capital, and economic development. The findings of the study were relevant to developing countries in formulating policies that promote an entrepreneurial culture across all industries in the economy, providing a platform for entrepreneurs to identify investment opportunities in developing countries. Keywords: Human capital, developing nations, developed nations, entrepreneurship, entrepreneurial innovation, economic development, innovation. iv Table of Contents Abstract ................................................................................................................. iii Table of Contents .................................................................................................... v List of Tables....................................................................................................... viii CHAPTER 1 ........................................................................................................... 1 INTRODUCTION .................................................................................................. 1 Overview ................................................................................................................ 1 Background and Rationale of the Study ................................................................. 7 Statement of the Problem ..................................................................................... 14 Purpose of the Study ............................................................................................. 15 Research Questions .............................................................................................. 16 Definition of Terms .............................................................................................. 16 Acronyms ......................................................................................................................... 18 Significance of the study ...................................................................................... 18 Organization of the Remainder of the Study ........................................................ 20 CHAPTER 2 ......................................................................................................... 22 LITERATURE REVIEW...................................................................................... 22 Historical Context of Human Capital ................................................................... 22 Human Capital and Economic Growth ............................................................................ 25 Human Capital and Entrepreneurial Innovation ............................................................. 32 Major Concepts .................................................................................................... 40 Human Capital in the Development and Sustenance of Innovative Entrepreneurial Strategies .......................................................................................................................... 40 Human Capital and the Success or Failure of Business Ventures ................................... 42 The Human Capital Theory .................................................................................. 45 Human Capital and Entrepreneurship .............................................................................. 45 Human Capital Constructs ................................................................................................ 49 Significance of the Human Capital Model in the Current Study.......................... 55 Theoretical Framework ........................................................................................ 57 Synthesis ............................................................................................................... 60 CHAPTER 3 ......................................................................................................... 65 v METHODOLOGY ................................................................................................ 65 Overview .............................................................................................................. 65 Worldview ............................................................................................................ 67 Organization of the remainder of the chapter ....................................................... 71 Research Questions .............................................................................................. 72 Research Design ................................................................................................... 74 Overview of Research Approach.......................................................................... 78 Population and Sampling ...................................................................................... 83 Selection of Participants ....................................................................................... 85 Description on how Sampling was done .............................................................. 87 Instrumentation ..................................................................................................... 88 Procedures ............................................................................................................ 89 Data Collection ..................................................................................................... 90 Data Analysis ....................................................................................................... 93 Ethical Considerations .......................................................................................... 96 Research Positionality .......................................................................................... 97 Validity and Trustworthiness ............................................................................. 100 Results and Outcome .......................................................................................... 103 Coding ................................................................................................................ 105 CHAPTER 4 ....................................................................................................... 107 FINDINGS .......................................................................................................... 107 Overview ............................................................................................................ 107 Findings .............................................................................................................
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