Behavioural Economics Driven Entrepreneurship Nudges Among Individuals
Abstract
This study aimed to develop and implement strategies rooted in the principles of behavioural economics to foster the growth of entrepreneurship within higher education institutions. By focusing on technology transfer offices (TTOs) as critical facilitators of innovation and entrepreneurship, the research assessed the competencies of 40 TTO employees from seven different countries. Utilizing the 180-degree feedback method, which incorporates both self-assessments and peer evaluations, the study identified significant discrepancies between how TTO employees perceived their skills and how their peers evaluated them. Notably, areas such as innovativeness, creativity, and collaboration showed marked differences, indicating a potential misalignment in self-awareness and actual competency levels. The findings emphasized the necessity for a more balanced and holistic approach to competency development, ensuring that TTO employees are equipped not only with technical skills but also with interpersonal and innovative capabilities essential for fostering an entrepreneurial mindset. In addition to the competency assessment, the study included feedback from 203 participants who attended entrepreneurship workshops facilitated by TTO employees involved in an international project. The participants overwhelmingly rated the training as useful and practical, suggesting that such initiatives significantly contribute to entrepreneurial skill development. Ultimately, this research highlights that enhancing the competencies of TTO employees is crucial for providing better support for academic entrepreneurship. As TTO employees become more adept in their roles, this leads to increased readiness among faculty and students to undertake business ventures, thereby contributing to a vibrant entrepreneurial ecosystem within higher education institutions. The study calls for ongoing professional development and training programs for TTO staff to ensure they remain effective in their support roles, ultimately fostering a culture of innovation and entrepreneurship in academia.
References
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[5] Bayanbayeva, A., et al. (2023). The Transformational Role of Entrepreneurial Universities in Fostering Tourism Sector of Kazakhstan: Legal Documentary Analysis. Journal of Environmental Management and Tourism, 14(4): 2046-2055. DOI: 10.14505/jemt.v14.4(68).16
[6] BiliK, M., and R. Kök. (2020). A comparative study on consumption functions: The case of the European Union. Ege Academic Review, 20(3): 167-178. DOI: 10.21121/eab.793411
[7] Burmistrov, A., E. Melikova, T. Kolosova, and L. Melnikova. (2024). Digital transformation of the business model of russian food retailers during the covid-19 pandemic through the lens of frugal innovation. In: Navigating Digital Transformation: Original Research Across Smart Cities, Sustainable Development and Beyond (pp. 83–98). Nova Science Publishers.
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[11] Gentsoudi, V. (2023). The impact of effective leadership on public sector’s financial instruments: Empirical evidence from Greece. Business Ethics and Leadership, 7(2): 47-54. DOI: 10.21272/bel.7(2).47-54.2023
[12] Grishnova, O., et al. (2019). Transition to a new economy: Transformation trends in the field of income and salary functions. SHS Web of Conferences, 67: 06019. DOI: 10.1051/shsconf/20196706019
[13] Ismayil-Zada, M. (2022). The new economic theory is the main branch of the new physics. Astra Salvensis, 2022(1): 13-36.
[14] Jemmy. (2024). Leadership styles in public administration: A systematic review of their effectiveness in driving organizational performance. Management Studies and Business Journal (PRODUCTIVITY), 1(5): 817-825. DOI:10.62207/1jd1rg05
[15] Kahneman, D., and A. Tversky. (2021). Prospect theory: An analysis of decision under risk. Econometrica, 47(2): 263-291. DOI: 10.2307/1914185
[16] Kalyuzhna, N., et al. (2024). Toolkit for Multi-vector Adaptation and Development of Corporate Culture of International Companies. Lecture Notes in Networks and Systems, 927 LNNS: 501-514. DOI: 10.1007/978-3-031-54009-7_45
[17] Kemp, S. (2019). Digital in 2019: Global internet use accelerates. Available at: https://wearesocial.com/uk/blog/2019/01/digital-in-2019-global-internet-use-accelerates/
[18] Kerimkhulle, S., et al. (2023a). The input-output analysis for the wholesale and retail trade industry of the Kazakhstan statistics. E3S Web of Conferences, 376: 05023. DOI: 10.1051/e3sconf/202337605023
[19] Kerimkhulle, S., N. Obrosova, A. Shananin, and A. Tokhmetov. (2023b). Young Duality for Variational Inequalities and Nonparametric Method of Demand Analysis in Input–Output Models with Inputs Substitution: Application for Kazakhstan Economy. Mathematics, 11(19): 4216. DOI: 10.3390/math11194216
[20] Klesta, R., W. Korpula, and M. Grębosz-Krawczyk. (2024). Employee motivation factors across generations X, Y, and Z in the IT industry. Scientific Papers of Silesian University of Technology, 202: 199-222. DOI:10.29119/1641-3466.2024.202.13
[21] Kremer, M., G. Rao, and F. Schilbach. (2019). Behavioral development economics. In: Handbook of Behavioral Economics: Applications and Foundations, pp. 345-458. Amsterdam: Elsevier. DOI:10.1016/bs.hesbe.2018.12.002
[22] Kreshpaj, B., et al. (2020). What is precarious employment? A systematic review of definitions and operationalizations from quantitative and qualitative studies. Scandinavian Journal of Work, Environment and Health, 46(3): 235-247. DOI: 10.5271/sjweh.3875
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[24] Libenko, Yu.S., and H.S. Peredalo. (2019). The theory of incentives and obstacles in making rational decisions. In: Collection of Abstracts of Reports of the International Scientific-Practical Conference “Current State and Prospects for the Development of Economics, Accounting, Management, Finance and Law”, pp. 25-26. Poltava: Center for Financial and Economic Scientific Research.
[25] Mamadova, A. M., et al. (2019). Features of education financing in developing countries. Espacios, 40(26).
[26] Mažar, N. (2019). Behavioral economics: Ethics and integrative thinking. In: The Behavioral Economics Guide, pp. 1-16.
[27] Mohammadi, S., A. Mohammed, and H. H. Abdirahman. (2025). Enterprise Resource Planning System Implementation Influence on Firms’ Performance: A Systematic Review. Review of Law and Social Sciences, 3(1): 87-98. DOI: 10.71261/rlss/3.1.87.98
[28] Musayeva, N., N. Atakishiyeva, and U. Mammadova. (2024). Intangible assets of an enterprise: Peculiarities of auditing and display in accounting. Scientific Herald of Uzhhorod University. Series Physics, 55: 2847-2854. DOI: 10.54919/physics/55.2024.284ep7
[29] Novykova, I., et al. (2022). Simulation of Comprehensive Assessments of Personnel Innovation Development Management System. Lecture Notes in Networks and Systems, 486. DOI: 10.1007/978-3-031-08087-6_7
[30] Olko, S. (2023). From networks to action nets: Knowledge management in networks and clusters in creative industries in Poland. Scientific Papers of Silesian University of Technology Organization and Management Series, 177: 447-463. DOI: 10.29119/1641-3466.2023.177.26
[31] Peredalo, Kh.S., Yu.V. Oherchuk, and Yu.S. Libenko. (2019). Behavioral economy and possibilities of its influence techniques application in modern organizations. Efficient Economy, 12. DOI: 10.32702/2307-2105-2019.12.94
[32] Pereguda, Y., H. A. Al-Ababneh, and O. Symonenko. (2025). The impact of globalisation on economic systems and social structures. Dialogues in Humanities and Social Sciences, 3(1): 63-72. DOI:10.71261/dhss/3.1.63.72
[33] Piiroinen, P.T., and S. Raghavendra. (2019). A nonsmooth extension of Samuelsson’s multiplier-accelerator model. International Journal of Bifurcation and Chaos, 29(10): 1930027. DOI: 10.1142/S0218127419300271
[34] Shahini, E. (2024). Economic evolution of Durres University: A historical perspective from 1803 to 2030. Salud, Ciencia y Tecnologia - Serie de Conferencias, 3: 1011. DOI: 10.56294/sctconf20241011
[35] Simon, H. A. (2022). Behavioral model of rational choice. Quarterly Journal of Economic, 69(1): 99-118. DOI:10.2307/1884852
[36] Storm, S. (2021). Cordon of conformity: Why DSGE models are not the future of macroeconomics. International Journal of Political Economy, 50(2): 77-98. DOI: 10.1080/08911916.2021.1929582
[37] Studzieniecki, T, T. Palmowski, and R. Joeck. (2022). Territorial cooperation – A factor stimulating Baltic Sea region energy transition. Energies, 15(2): 436. DOI: 10.3390/en15020436
[38] Suh, B. (2019). Can AI nudge us to make better choices? Available at: https://hbr.org/2019/05/can-ai-nudge-us-to-make-better-choices
[39] Tepavicharova, M., L. Aleksejeva, and R. Vazov. (2020). Interaction of Subordinate Staff Management and Factors of Economic Performance of Companies in the Bulgarian Mining and Quarrying Sector. E3S Web of Conferences, 174: 04031. DOI: 10.1051/e3sconf/202017404031
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[41] Thaler, R. (2016). Misbehaving: The making of behavioral economics. New York: W.W. Norton & Company.
[42] Thunström, L. (2019). Good for some, bad for others: The welfare effects of nudges. Available at: https://www.behavioraleconomics.com/good-for-some-bad-for-others-the-welfare-effects-of-nudges/
[43] Tramontana, F., and L. Gardini. (2021). Revisiting Samuelson’s models, linear and nonlinear, stability conditions and oscillating dynamics. Journal of Economic Structures, 10(1): 9. DOI: 10.21203/rs.3.rs-36721/v1
[44] Trusova, N., et al. (2021). Digitalization of investment-innovative activities of the trade business entities in network IT-System. Estudios de Economia Aplicada, 39(5). DOI: 10.25115/eea.v39i5.4912
[45] Trusova, N., et al. (2020). Financial provision of investment activities of the subjects of the world industry of tourist services. Journal of Environmental Management and Tourism, 11(4): 890-902. DOI:10.14505/jemt.v11.4(44).13
[46] Vasilios, V., and P. I. Xanthopoulou.(2024). Types of leadership and their impact on the effectiveness and efficiency of the public organizations: A literature review. In: Corporate Governance: Research and Advanced Practices Conference Proceedings, pp. 28-31. Sumy: Virtus Interpress. DOI: 10.22495/cgrapp4
[47] Veliev, F., et al. (2018). Influence of storage duration and density of raw cotton on the mechanics of the interaction process between feeding rollers in the cleaners of large impurities. Eastern-European Journal of Enterprise Technologies, 3(1-93): 78-83. DOI: 10.15587/1729-4061.2018.132493
[48] Vines, D., and S.Wills. (2020). The rebuilding macroeconomic theory project part II: Multiple equilibria, toy models, and policy models in a new macroeconomic paradigm. Oxford Review of Economic Policy, 36(3): 427-497. DOI: 10.1093/oxrep/graa066
[49] Weber, E. U. (2020). Giving the future a chance: Behavioral economic responses to the dual challenges of COVID-19 and the climate crisis. The Behavioral Economics Guide, 119(46): e2120653119. DOI:10.1073/pnas.2120653119
[50] Weijers, R. J., B. B. De Koning, and F. Paas. (2020). Nudging in education: From theory towards guidelines for successful implementation. European Journal of Psychology of Education, 36: 883-902. DOI:10.1007/s10212-020-00495-0
[51] Behavioural Insights Team. (2018). Reducing rent arrears in social housing. https://www.publicsectorblogs.org.uk/2018/10/reducing-rent-arrears-in-social-housing-behavioural-insights-team/
Published
2025-03-31
How to Cite
GARUS, Maria et al.
Behavioural Economics Driven Entrepreneurship Nudges Among Individuals.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 16, n. 1, p. 29 - 47, mar. 2025.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8775>. Date accessed: 11 apr. 2025.
doi: https://doi.org/10.14505/tpref.v16.1(33).03.
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