Designing of the Entrepreneurial Phase Cycle Simulation Model: Justification and Prospects

Despite the active expansion of simulation modeling as an approach to research in social science, the practical application of this approach in entrepreneurship is still not widespread. Meanwhile, the system dynamics approach fits some areas of entrepreneurship development research. In the paper, we examine the possibilities and provide justification for designing a simulation model which is based on the systemic dynamics approach. The basis of the model's logic is entrepreneur's phase cycle, admitted at the GEM survey and supplemented with data of statistical agencies. In particular, the paper discusses the prospects of entrepreneurial statistics further development with the aim to enhance and expand the understanding of the whole entrepreneurial process. The conceptual model proposed by the authors can be used in quantitative studies of the entrepreneurs' life cycle, in dynamic displaying of entrepreneur's data at phases of their life cycle, and also for the government agencies policy improvement in the field of entrepreneurship.