Modeling complex concepts, especially in the field of management science, will help researchers to get a better understanding of the relationship between insensible and multidimensional phenomena. The relationship between entrepreneurship and economic development has been repeatedly discussed by researchers. With reference to various research, the impact of innovative entrepreneurial activities on the growth and development of economies is clear to all.
This study attempts to provide a mathematical model in support of the accuracy of this relationship. Stochastic processes and probabilistic models have widely been used to perform this modeling.
The underlying result of this model is a function by which the exact parameter of entrepreneurial performance can be calculated and also, by applying this model, the relationship between the innovation index and entrepreneurship is justifiable. Also, based on this modeling, the level of entrepreneurship of countries can be ranked based on innovation.