OPTIMIZING ENTREPRENEURIAL SUCCESS: STRATEGIC APPROACHES, CHALLENGES, AND INNOVATIONS IN TODAY'S BUSINESS ENVIRONMENT
Abstract
The review's goal is to help readers comprehend how creativity fuels innovation in the corporate world, focusing on enhancing management and business strategies to achieve profitability and sustainability. The authors argue that businesses must transform management into a profitable venture through entrepreneurial innovation. To address the study's objectives, a comprehensive review of hundreds of national and international scientific publications was conducted. These publications discuss creativity, innovation, and business strategies beneficial for the sake of now and future prosperity. Employing a phenomenological approach under a descriptive qualitative study, data were collected through electronic searches, followed by coding and critical evaluation of the relevant conclusions. The findings indicate that continuous creativity is essential for entrepreneurs to achieve the latest innovations necessary to compete in the era of economic competition. Effective management governance, encompassing both production and sales, is crucial for this transformation. Various research has shown that neuroticism significantly affects job outcomes due to its detrimental impact on performance (Mhlanga, 2019; Franco & Prata, 2019; Zhou et al., 2019). At the same time, the integration of IoT into business operations has resulted in a shift in pricing and operational efficiency. Better decision-making, quicker real-time data collection and analysis, and stronger organizational performance are all possible thanks to the Internet of Things (IoT) (Taylor, Wesselink & Teulon, 2022). These technological developments are causing process changes in several industries, most notably manufacturing and retail, which are good for consumers (Murthy & Madhok, 2021). Businesses must embrace the Internet of Things if they want to build models that can keep up with the ever-changing market (Nambisan, 2017). As a result of the proliferation of online resources, such as communities and tools, traditional business models are giving way to digital ones. Both Hull et al. (2007) and Ahsan & Musteen (2021) state that these platforms provide new ways to manage and create projects by making use of computing power and global connectivity. They help entrepreneurs succeed in the modern digital world by connecting them with others, revealing new opportunities, and allowing them to grow their businesses (Nambisan, 2017). Finally, maximising modern-day business success calls for an in-depth understanding of both traditional factors, such as personality idiosyncrasies, and emerging technologies, such as the Internet of Things. An entrepreneurial strategy is essential in today's fast-paced corporate environment for overcoming challenges, reevaluating models, and capitalizing on opportunities. Businesses can't succeed without integrating their plans with the opportunities presented by digital convergence and the Internet of Things. In addition to streamlining internal processes, these technologies can pave the way for new forms of income and business models.
Keyword : Creativity, Business Innovation, Management Strategies, Profitability, Sustainability, Entrepreneurial Orientation (EO), Small and Medium-sized Enterprises (SMEs), Digital Transformation, Internet of Things (IoT), ENTRE-U Scale, Business Models, Market Demands, Firm Performance, Economic Competition, Resilience, Sustainability.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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