Unleashing Innovation: Exploring the Drivers and Barriers of Entrepreneurship in the Modern Economy
Year: 2024
Type: article
Abstract: Although many forces impact the success of entrepreneurship, it is a big driver for innovation and economic growth. This study examines the factors that both encourage and hinder entrepreneurial activity in the current economy: the availability of technology, access to finance, the legal environment, the cultural mind-set and the tenacity of the individual; while also highlighting the need to analyse the factors that make or break entrepreneurship. We explore how global connection, digital innovation, and entrepreneurial ecosystems provide the platform for people to bring new products into the world. Alternatively, we identify barriers that can hinder entrepreneurial dreams, like lack of funds, policy restrictions, and volatile markets. With an innovative mixed-method approach that merges qualitative interviews with entrepreneurs across fields and quantitative data analysis, this study reveals how these traits affect entrepreneurial achievement. This research suggests that modern entrepreneurs face many barriers while new technology and greater access to knowledge have opened new, previously-unimaginable opportunities. The long-game economic growth agenda by the paper is not more of the firm but more so the codification of policy swallowed off by workers and opportunity as the ultimate positive solutions to make the flow not only of entrepreneurship puddling up but the genitals of innovation itself, advising the legislators and investors and girls folk on how to round table beauty shots with an entrepreneurial ecosystem.
Author: Gangadhar Goudar
Institution: Lovely Professional University
Language: English
Subfield: Management of Technology and Innovation
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4406110382