Reconceptualization of Entrepreneurship and Value Addition: A Review of Literature and Direction for Future Research

Abstract

Entrepreneurship is essential in today’s economy. It is a world-wide activity that involves creativity and innovation leading to new and innovative business start-ups that are interconnected with employment generation, economic growth and global development. The
intense pressure on the world economy creates an urgent need to intensify research efforts towards entrepreneurship development for continuous value creation, value addition and value offering. Researching on the subject of reconceptualization of entrepreneurship and value addition is a key driver in reengineering of entrepreneurship, promoting and directing the future
of entrepreneurship around the world. This study is premised on these scenarios. The study is a theoretical research with basic components of conceptual framework that provided the structure of narrative and meta-synthesis review of literature in analysis of the phenomenon of the study and theoretical exposition that supported the research. The study deals with the expository review of literature on epistemology and ontology of entrepreneurship, reconceptualization and value addition. It adopted qualitative phenomenological research design that gave in-depth insights of the phenomenon under investigation and offers direction
for further research. The result of the study revealed that reconceptualization of entrepreneurship is a significant impact factor in estimation of entrepreneurial value addition. The study therefore recommends that entrepreneurship stakeholders should lend credence to paradigm shift in theoretical and practical knowledge of entrepreneurship to harness and maximize the benefits and values of entrepreneurial operations and activities. Research and development are also encouraged to direct the future course of entrepreneurship.