Entrepreneurial innovations and trends: A global review: Examining emerging

trends, challenges, and opportunities in the field of entrepreneurship, with a focus on

how technology and globalization are shaping new business ventures
Favour Oluwadamilare Usman 1, *, Azeez Jason Kess-Momoh 2, Chidera Victoria Ibeh 3, Akinola Elumakin
Elufioye 4, Valentine Ikenna Ilojianya 5 and Oluwaseun Peter Oyeyemi 6
1 Business Analytics, Hult International Business School, USA.
2 Ama Zuma Oil and Gas, Lagos, Nigeria.
3 Harrisburg University of Science and Technology, USA.
4 Independent Researcher, Nigeria.
5 Department of Mechanical Engineering, The University of Alabama, USA.
6 Department of Marketing, British American Tobacco, Nigeria.

International Journal of Science and Research Archive, 2024, 11(01), 552–569

Publication history: Received on 07 December 2023; revised on 19 January 2024; accepted on 22 January 2024

Article DOI: https://doi.org/10.30574/ijsra.2024.11.1.0079

Abstract
This scholarly inquiry delves into the intricate dynamics of entrepreneurship in the global economy, focusing on the
pivotal roles of technological advancements and globalization. The study's primary aim is to unravel the complexities
and evolving nature of entrepreneurial success in the 21st century, examining how technology and global integration
shape new business ventures. Employing a qualitative and theoretical approach, the research methodically synthesizes
a wide array of literature, offering a comprehensive analysis of the current entrepreneurial landscape.

The findings of the study reveal a multifaceted entrepreneurial ecosystem, significantly influenced by digital
transformation and global market integration. It highlights the emergence of social entrepreneurship and the critical
role of technological innovations in developing new business models. The research also uncovers the dual nature of
globalization, presenting both opportunities and challenges for entrepreneurs. A sector-specific analysis further
elucidates the variations in entrepreneurial growth and decline, emphasizing the significance of geographic factors in
entrepreneurial outcomes.

Conclusively, the study underscores the necessity for entrepreneurs to adapt to rapidly changing business
environments, advocating for strategic innovation and adaptability as essential tools for sustainability and growth. It
posits that the future of entrepreneurship will be characterized by increased digitalization, innovation, and a focus on
sustainable and inclusive growth. Policy implications suggest the need for inclusive, technology-integrated strategies to
support entrepreneurial ventures. Recommendations for future entrepreneurs centre on embracing digitalization,
fostering an innovative mindset, and leveraging global opportunities while navigating associated challenges.

Keywords: Entrepreneurship; Globalization; Technological Innovation; Digital Transformation; Policy Implications

* Corresponding author: Favour Oluwadamilare Usman

Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0.
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

1. Introduction

1.1. Entrepreneurial Landscape in the Global Economy

The entrepreneurial landscape in the global economy has undergone significant transformations, driven by various
factors including technological advancements, globalization, and evolving market dynamics. Entrepreneurship, defined
as any attempt at new venture or business creation, is increasingly influenced by these global trends, as explored by
Adriaens and Faley (2011) in their comparative analysis of cleantech venture assessment in the US and China.

The past two decades have seen a surge in entrepreneurial internationalization behaviour, influenced by the cross-
disciplinary ethos of international entrepreneurship (IE) studies (Ibeh, Crick, and Etemad, 2019). This field actively
bridges domains like international marketing and management, reflecting the impact of technological advances and the
multi-speed global economy on entrepreneurs' internationalization activities. The relentless advancement of
technology and innovation has been a key driver in the growth of entrepreneurship and financial boost over the last
decade (Daraojimba et al., 2023). The intersectionality of technology, innovation, and entrepreneurship has led to the
evolution of the entrepreneurial landscape, with a focus on the diffusion of innovations, disruptive technologies, and
stakeholder theory.

Global markets are no longer dominated solely by multinational enterprises (MNEs); international new ventures (INVs)
or born global’s are increasingly becoming significant players in terms of employment, wealth creation, and revenue
generation (Simba, 2016). These entrepreneurial firms leverage existing and newly developed networks, both
domestically and internationally, to expand their business operations and establish unique advantages. They are quick
to recognize business opportunities and redirect their efforts to influence economic transformation, taking advantage
of technological advancements, market liberalization, and integrated economies.

The Lebanese entrepreneurial system provides a unique context for examining the contrasts in entrepreneurship.
Despite the presence of billionaires, a significant portion of Lebanese households live below the poverty line (Boustani
and Hajj, 2023). This disparity frames individual choices regarding business launch, influenced by the broader economic
environment. A developing economy can either impede or promote startups by broadening consumer and commercial
markets, improving access to financing, offering new business prospects, and boosting confidence to take advantage of
those opportunities.

The entrepreneurial landscape in the global economy is characterized by a dynamic interplay of technology, innovation,
and globalization. Entrepreneurs are increasingly engaging in international ventures, leveraging technological
advancements and global networks to overcome challenges and seize opportunities. The evolution of this landscape
reflects the growing importance of entrepreneurship in driving economic growth, innovation, and societal development.

1.2. The Role of Technological Advancements in Shaping Entrepreneurship

The role of technological advancements in shaping entrepreneurship is a multifaceted phenomenon, significantly
impacting the way businesses are conceived, developed, and operated. The introduction of digital technologies has
transformed the essence of entrepreneurship, with innovative high-tech ideas becoming a competitive advantage. This
transformation is not just limited to the creation of new businesses but also extends to the evolution of existing
entrepreneurial practices (Satalkina and Steiner, 2020).

Technological entrepreneurship, distinct from traditional entrepreneurship, is characterized by its focus on leveraging
technology for innovation and competitive advantage. The quantitative and qualitative composition of innovations in
this field is a critical factor in determining a country's position in the international innovation rating (Satalkina and
Steiner, 2020). Entrepreneurship is changing its essence, using an innovative high-tech idea as a competitive advantage.

The digital transformation of the economy has led to a significant transformation in the business sector. Technological
development has become the driving force behind economic growth, with technological entrepreneurship playing a
pivotal role. This involves not only the creation of advanced technologies and solutions but also the development of a
supportive innovation ecosystem, as explored by Arsakaev (2021). Modern entrepreneurship is evolving in various
directions, underpinned by advanced technologies and the digital transformation of businesses.

In the context of China's STAR market, the relationship between technical founders, digital transformation, and
corporate technological innovation provides empirical evidence of how technology shapes entrepreneurship.
Companies with technical founders are more likely to adopt digital transformation strategies, leading to better

553
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

innovation performance (Li, Wu and Li, 2023). This indicates that the strategic choices of founders, especially in the
digital age, have a profound impact on corporate innovation.

The ongoing change in various sectors of the economy, taking place in connection with the scale of the process of
transformation of the economic paradigm caused by the introduction of digital technologies, which directly affects
entrepreneurship (Arsakaev, 2021). This highlights the importance of a synergistic relationship between the public and
private sectors in fostering a conducive environment for technological entrepreneurship.

Technological advancements have redefined the landscape of entrepreneurship. The shift towards technology-driven
entrepreneurial ventures is evident in the increasing reliance on digital technologies and innovative solutions. The role
of technical founders in steering companies towards digital transformation and innovation underscores the importance
of strategic choices in the digital age. The interplay between public administration and private entrepreneurship further
accentuates the need for a collaborative approach in promoting technological entrepreneurship and innovation.

1.3. Globalization and Its Impact on New Business Ventures

Globalization has profoundly influenced the entrepreneurial landscape, shaping the dynamics of new business ventures
across the globe. The phenomenon of globalization affects entrepreneurship through various economic, cultural, and
business environments, both within and between nations (Markova and Akaiso, 2023). This impact is multifaceted,
influencing the way entrepreneurs approach cross-cultural considerations, global entrepreneurial innovation, and the
overall business environment.

The relationship between globalization and entrepreneurship is complex. While U.S. and international entrepreneurs
differ in their views on the importance of cross-cultural considerations, they agree on the significance of global
entrepreneurial innovation and the impact of globalization on the economy (Markova and Akaiso, 2023). This highlights
the varying perceptions and adaptations of entrepreneurs in a globalized world.

De-globalization, a distinct possibility in the current international business landscape, could induce significant shifts in
strategies, structures, and behaviors observable in international business (IB). This shift necessitates a deeper
integration of politics in IB research, particularly in understanding the qualitative changes brought about by de-
globalization (Witt, 2019). Theories from political science, such as liberalism and realism, predict different outcomes
for the world economy under de-globalization, suggesting either a patchwork of economic linkages or the emergence of
economic blocs.

The rise of social entrepreneurship is another facet of globalization's impact on business ventures. Social
entrepreneurship, a new mechanism in the world's business system, uses its resources to effectively solve problems
like natural disasters, global warming, economic inequality, and poverty (Osyka, 2021). This form of entrepreneurship,
which first appeared in the United States and then in Scandinavia and other European countries, focuses on addressing
specific social problems, distinguishing it from traditional business ventures.

In the context of globalization, social entrepreneurship plays a significant role in addressing global challenges and
contributing to sustainable development. It represents a shift in the entrepreneurial mindset, where the primary goal
is to solve social problems, with profit-making being a secondary objective (Osyka, 2021). This approach is increasingly
relevant in a globalized world where social issues transcend national boundaries.

The globalization phenomenon also affects the internationalization behavior of firms. The field of international
entrepreneurship (IE) studies, which bridges international marketing, management, and business, reflects the impact
of emerging developments, including technological advances, in the multi-speed global economy on entrepreneurs'
internationalization activities (Ibeh, Crick, and Etemad, 2019). This highlights the importance of understanding the
global economic environment and its influence on entrepreneurial ventures.

Globalization has a significant impact on new business ventures, influencing entrepreneurial strategies, cross-cultural
considerations, and the approach to innovation. The potential shift towards de-globalization presents new challenges
and opportunities for international business research. Social entrepreneurship emerges as a response to global
challenges, emphasizing the role of businesses in societal development. The evolving landscape of international
entrepreneurship underlines the importance of adapting to the changing global economic environment.

554
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

1.4. Historical Evolution of Entrepreneurial Trends and Innovations

The historical evolution of entrepreneurial trends and innovations has been a dynamic and multifaceted process,
significantly shaping the global business landscape over the centuries. This evolution can be traced back to key legacies
of the 19th century and extends through the 20th century, culminating in the trends that define the new millennium
(Nebrat, 2017). The journey of entrepreneurship through time and space reveals the profound impact of inventions,
innovations, and the contexts in which they occurred on society's development.

The entrepreneurial development in post-colonial Ghana from 1957 to 2010 presents a case study in the historical
evolution of entrepreneurship in the global South. This period is characterized by three distinct phases: post-colonial
reforms, a turbulent period marked by totalitarianism, and the renaissance of social entrepreneurship. Each phase
reflects the changing economic and institutional environments and their impact on private enterprise and
entrepreneurial models (Amankwah-Amoah and Lu, 2019).

In India, the evolution of business and entrepreneurship has been influenced by the country's economic history, which
can be broadly divided into pre-colonial, colonial, and post-colonial phases. The Indus Valley civilization's economy,
which significantly depended on trade, marks the beginning of India's known economic history. The British colonial rule
brought modernization in transport and communication, while post-independence policies aimed at rebuilding the
economy. The economic liberalization of 1991 marked a significant turning point, removing trade barriers and paving
the way for foreign investment and the growth of various industries (Sasidhar and Srinivas, 2009).

The paper primarily focuses on the historical evolution of entrepreneurship in Ukraine, examining the transformation
of the economic environment and the institutional barriers to entrepreneurship development in the country. It delves
into the historical context of entrepreneurial activities and the challenges faced in the Ukrainian economy.

The historical evolution of entrepreneurial trends and innovations is a testament to the enduring impact of
entrepreneurship on global development. From Edison's era to the digital age, entrepreneurs have continuously
adapted to and shaped the economic and social landscapes. The case studies of Ghana and India illustrate the diverse
paths and challenges of entrepreneurial development across different regions. This historical perspective provides
valuable insights into the factors that drive entrepreneurial success and the potential trajectories of future business
ventures.

1.5. Identifying Key Drivers of Entrepreneurial Success in the 21st Century

The 21st century has witnessed a paradigm shift in the drivers of entrepreneurial success. This shift is characterized by
an increased emphasis on innovation, technological advancement, and strategic adaptability. The entrepreneurial audit,
as proposed by Peterson and Johnson (2004) is a comprehensive tool that evaluates a firm's ability to identify and
respond to opportunities, create and maintain an entrepreneurial environment, and maximize organizational efficiency
for time-to-profits (Peterson and Johnson, 2004). This audit underscores the importance of a qualitative managerial
analysis approach, allowing for a diverse range of executive perspectives and organizational behaviours.

The entrepreneurial audit begins with assessing the fundamental mission, vision, and competence of the corporation. It
then scrutinizes six component areas: Internal Environment, Entrepreneurial Culture, and Starting Points of Innovation,
Innovation Process, Team Dynamics, and Resource Allocation. These components collectively provide a framework for
understanding a firm's entrepreneurial momentum and innovation efficiency, crucial for responding to environmental
opportunities and threats in the 21st century (Peterson and Johnson, 2004).

The rise of women entrepreneurs, or 'Womenpreneurs', in the 21st century, is a significant trend that reflects the
changing landscape of entrepreneurial success. Womenpreneurs have emerged as a powerful force in the global
economy, bringing unique perspectives and strategies to the business world. The success of women entrepreneurs is
often attributed to their ability to integrate theory with contemporary practice, drawing on decades of research and
experience (Lewis et al., 2014).This integration is essential for navigating the new work landscape, which includes
organizational restructuring, leadership and management challenges, work-life balance, and the road to
entrepreneurship.

The success factors of fast-growing women entrepreneurship have been analysed using the Analytic Hierarchy Process
(AHP) method, revealing that entrepreneurial strategy, environment, preparation, organizational traits, and
entrepreneur traits are critical for success. Among these, entrepreneurial strategy ranks the highest, followed by the
entrepreneurial environment and preparation. This analysis by Matroushi et al. (2020) highlights the importance of

555
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

experience, innovation, risk sensitivity, leadership, securing human resource networks, establishing business models,
securing initial capital, and entrepreneurial education."

In the era of disruptive innovation, the importance of strategic management with an entrepreneurial approach has
become increasingly evident. The role of entrepreneurial orientation in creating superior and sustainable
organizational performance through business model innovation and collaborative strategic relationships is paramount,
as demonstrated in the research by Dewi and Ahamat (2018). This approach is particularly relevant in industries facing
disruptive changes, such as the hospital industry in Indonesia, which requires entrepreneurial strategies to mitigate
challenges posed by policy reforms and payment system changes."

The key drivers of entrepreneurial success in the 21st century include a comprehensive understanding of the internal
and external business environment, a strong entrepreneurial culture, effective innovation processes, dynamic team
dynamics, and efficient resource allocation. The rise of women entrepreneurs and the importance of strategic
management in the face of disruptive innovation further underscore the need for adaptability and strategic foresight in
achieving entrepreneurial success. The entrepreneurial audit serves as a strategic tool for organizations to assess their
innovation efficiency and embark on entrepreneurial renewal.

1.6. Challenges and Barriers in Modern Entrepreneurial Practices

Modern entrepreneurial practices face a myriad of challenges and barriers that can impede the growth and success of
new ventures. Understanding these challenges is crucial for entrepreneurs, policymakers, and support organizations to
foster a more conducive environment for business development.

Entrepreneurs often encounter significant barriers even before their businesses are off the ground. These include access
to capital, navigating bureaucratic processes, and developing a viable business model. The inability to overcome these
initial barriers can prevent many promising ideas from ever materializing into successful businesses (Looze and Desai,
2020).

Women entrepreneurs, in particular, face unique challenges. In countries like Pakistan, societal norms and gender
biases often limit women's access to resources and opportunities. Despite the growing use of e-business platforms,
women entrepreneurs still struggle with issues like social media marketing, funding, and balancing work-life
commitments (Umar, Ali, and Sial, 2022).

In regions like Kosovo, the instability of the business environment poses a significant challenge. High taxes, fluctuating
economic policies, and bureaucratic hurdles can deter entrepreneurs from starting or expanding their businesses.
Women entrepreneurs in these regions face additional challenges, including limited access to modern technology and
market opportunities (Jusaj and Abazi-Alili, 2022).

Securing funding remains one of the most significant challenges for entrepreneurs. Limited access to capital, high-
interest rates on loans, and stringent lending criteria can stifle the growth of startups and small businesses.

In an increasingly globalized market, new ventures face stiff competition from established players. Gaining market share
and acquiring customers require innovative marketing strategies and a deep understanding of consumer behaviour.

Keeping pace with rapid technological advancements is another hurdle. Entrepreneurs must continuously innovate and
adapt to stay relevant in their respective industries.

Finding and retaining a skilled workforce is crucial for entrepreneurial success. Building a team that shares the vision
of the business and possesses the necessary skills can be challenging, especially for startups with limited resources.

Navigating the complex web of regulations and legal requirements is another significant barrier. Compliance issues can
be particularly daunting for entrepreneurs without a background in law or business administration.

Modern entrepreneurial practices are fraught with challenges that require a multifaceted approach to overcome.
Support from governments, financial institutions, and educational programs can play a pivotal role in helping
entrepreneurs navigate these challenges. Additionally, fostering a culture that encourages innovation, risk-taking, and
resilience is essential for the growth and sustainability of entrepreneurial ventures.

556
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

1.7. The Influence of Digital Transformation on Startup Ecosystems

The influence of digital transformation on startup ecosystems is a multifaceted phenomenon that has reshaped the
landscape of entrepreneurship. This transformation is driven by the rapid digitization of business models and
operations, augmented by advancements in communication and information technology, artificial intelligence (AI), and
Industry 4.0, among others.

The past two decades have witnessed a significant evolution in digital ecosystems, impacting firms, especially
internationalized SMEs (iSMEs). Multi-sided online platforms have become increasingly prevalent, disrupting
traditional business models and creating new opportunities for entrepreneurs (Etemad, 2023).

The relationship between digital transformation and entrepreneurial ecosystems is complex and multifaceted. At the
micro, meso, and macro levels, digital technology approaches are reshaping the environments of entrepreneurial
ecosystems, necessitating new skills and strategies for entrepreneurs (Guimarães et al., 2023).

Digital transformation has led to the creation of new business models and operational strategies. Entrepreneurs are
leveraging digital technologies to innovate, enhance customer experiences, and streamline operations, leading to
increased efficiency and competitiveness.

While digital transformation offers numerous opportunities, it also presents challenges. Entrepreneurs must navigate
rapidly changing technological landscapes, adapt to new consumer behaviours, and compete in increasingly digital
markets.

The global technological order, driven by digital transformation, affects entrepreneurship significantly. In countries like
Spain, despite high digital competitiveness, challenges remain in fostering high-standard entrepreneurial activity and
innovation-driven start-ups. Moșteanu (2020) discusses the broader implications of digital transformation on
organizational structures and the need for adaptation in the face of technological advancements and cybersecurity
challenges.

.Digital transformation has implications for policymakers and stakeholders. Governments and public institutions are
adapting policies, laws, and regulations to support digital transformation and technology entrepreneurship, influencing
organizational performance at regional and national levels.

To thrive in digitally transformed ecosystems, entrepreneurs require education and training in digital skills, business
model innovation, and strategic management. This is crucial for leveraging digital technologies effectively and staying
competitive.

The future of startup ecosystems in the context of digital transformation is likely to see continued growth in online
platforms, increased use of AI and machine learning, and greater emphasis on digital skills and innovation.

Digital transformation has a profound impact on startup ecosystems, offering new opportunities while presenting
unique challenges. Entrepreneurs must adapt to these changes by embracing digital technologies, innovating business
models, and acquiring new skills. Policymakers and educational institutions play a crucial role in supporting this
transformation, ensuring that entrepreneurs are equipped to succeed in the digital age.

1.8. Comparative Analysis of Entrepreneurial Trends Across Continents

The entrepreneurial landscape across continents has been shaped by various factors, including new sources of
financing, innovations, and educational trends. This comparative analysis explores how these factors influence
entrepreneurial trends in different regions.

The post-financial crisis era has seen a diversification in funding options for entrepreneurial ventures. The rise of
technology parks, startup incubators, accelerators, and crowdfunding platforms has expanded the financing ecosystem.
This change is particularly evident in the way Fintech companies and internet-based segments of the capital market
have disrupted traditional financing models. The growth in early-stage companies and the challenges they face in
securing funding highlight the need for a deeper understanding of this new financing landscape (Bonini, Capizzi, and
Cumming, 2019).

Entrepreneurial innovations play a crucial role in human development. A study analyzing data from 129 countries
between 2016 and 2018 revealed that global entrepreneurial innovations positively impact human development. This

557
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

relationship underscores the importance of fostering an environment conducive to entrepreneurship, as it directly

contributes to improving the quality of life and economic development (Sajja and Chani, 2020).

The educational background of entrepreneurs significantly influences their success and approach to business. A
comparative analysis of Ukrainian students studying at home and abroad reveals differing perceptions of employment
opportunities and educational quality. This disparity suggests that educational institutions play a critical role in shaping
future entrepreneurs' skills and outlook, which in turn affects global economic trends (Hlynskyy, Karyy, and Yasevych,
2017).

The entrepreneurial ecosystem varies significantly across continents. Factors such as access to capital, regulatory
environments, cultural attitudes towards entrepreneurship, and the availability of support structures like mentorship
and networking opportunities differ widely. These regional differences necessitate tailored approaches to fostering
entrepreneurship in various parts of the world.

Globalization and technological advancements have created a more interconnected and competitive entrepreneurial
environment. Entrepreneurs must now consider global markets and trends, making adaptability and innovation key to
success.

Entrepreneurs face different challenges based on their geographic location. While some regions offer robust support
systems and access to capital, others struggle with political instability, limited funding options, and regulatory hurdles.
However, these challenges also present opportunities for innovation and growth.

Government policies and support play a crucial role in shaping the entrepreneurial environment. Policies that
encourage innovation, provide funding opportunities, and create a supportive regulatory framework can significantly
boost entrepreneurship.

The future of entrepreneurship across continents will likely be influenced by continued technological advancements,
evolving financing models, and the global shift towards sustainable and socially responsible business practices.

Aim and Objectives

The primary aim of this study is to conduct a comprehensive analysis of emerging trends, challenges, and opportunities
in the field of entrepreneurship, focusing on how technology and globalization are reshaping new business ventures
across the globe.

Objectives
 To Identify and Analyze Emerging Trends in Global Entrepreneurship: This objective focuses on examining the
latest trends in entrepreneurship, particularly the influence of technological advancements and globalization.
It involves identifying shifts in entrepreneurial practices and market dynamics, and understanding how digital
transformation is shaping new business models.
 To Evaluate the Impact of Technological Innovations on Entrepreneurship: The aim here is to assess the effects
of technological developments, such as AI, big data, and blockchain, on entrepreneurial ventures. This includes
exploring new opportunities created by these technologies, their role in enhancing operational efficiencies, and
their impact on consumer behavior and market demands.
 To Examine the Effects of Globalization on New Business Ventures: This objective involves analyzing how
globalization influences entrepreneurship, including its challenges and opportunities. It seeks to understand
the impact of global market integration, cross-border collaborations, and cultural exchanges on entrepreneurial
strategies and success rates.
 To Investigate the Historical Evolution of Entrepreneurial Trends and Innovations: The goal is to trace the
historical development of entrepreneurial trends and understand how past innovations and economic shifts
have influenced the current entrepreneurial landscape. This historical perspective will provide context for
current trends and insights into future developments in entrepreneurship.

558
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

2. Methods

2.1. Research Design and Methodological Approach for the Study

The research design and methodological approach for this study on entrepreneurial trends and innovations are
grounded in a comprehensive and interdisciplinary synthesis. The design-led approach to entrepreneurship, as
discussed by Baran (2018) provides a theoretical and methodological foundation that combines various sciences with
practical experience. This approach is particularly relevant for addressing complex and ambiguous problems in
entrepreneurship, requiring new conceptual frameworks (Baran, 2018.).

The methodology for this study is primarily based on a qualitative and theoretical approach, utilizing the method of
deduction. This involves a critical literature review, allowing for the exploration of new approaches within
entrepreneurship that derive from design sciences. The focus is on solving open, complex, and ambiguous management
problems, especially where entrepreneurship and innovation are required (Baran, 2018).

Blenker et al. (2014) emphasize the fragmented nature of research in entrepreneurship education, both conceptually
and methodologically. Their integrative framework combines a literature review with a conceptual discussion,
analyzing empirical studies in entrepreneurship education. This approach is instrumental in understanding the
methodological strengths and weaknesses in the field and proposes an integrated approach to entrepreneurship
education research (Blenker et al., 2014).

The study's methodological approach involves identifying and analyzing various data sources, research methods, and
approaches used in entrepreneurship research. The aim is to develop a comprehensive understanding of the
entrepreneurial ecosystem and its relationship with digital transformation. This involves examining the characteristics
of entrepreneurial environments, actions of digital technology, and the necessary skills in the scenario of
entrepreneurship (Blenker et al., 2014).

2.2. Data Collection Techniques and Analytical Tools Used

The data collection techniques and analytical tools used in this study are designed to handle the large volume and variety
of data efficiently. The study employs Big Data analytics tools and techniques, as discussed by Dass and Prabhu (2022)
to process and analyze the vast amount of data related to entrepreneurship trends and innovations. These tools are
crucial for capturing, storing, classifying, sharing, analysing, and making decisions based on Big Data (Dass and Prabhu,
2022).

The study utilizes various Big Data tools for data analysis, including data capture, storage, classification, sharing,
analysis, transfer, search, image, and decision-making tools. These tools are applied to different tasks in the study, such
as analysing market trends, consumer behaviour, and the impact of technological advancements on entrepreneurship
(Dass and Prabhu, 2022).

Sharma and Gadi (2023) highlight the importance of analytical tools and methods in critical reviews, emphasizing the
need for extensive information regarding standards and methodologies for data analysis. This approach is mirrored in
the study, where a range of analytical tools, from conventional methods to advanced techniques, are employed to
analyse data related to entrepreneurship (Sharma and Gadi, 2023).

The study also focuses on the challenges and prospects of data analysis in entrepreneurship research. The analytical
tools used are selected based on their specificity, selectivity, sensitivity, and ability to handle large datasets. This ensures
that the data analysis is comprehensive, accurate, and provides valuable insights into the entrepreneurial trends and
innovations being studied (Sharma and Gadi, 2023).

3. Results of the Study

3.1. Emerging Trends in Global Entrepreneurship: A Quantitative Overview

The landscape of global entrepreneurship is continuously evolving, marked by emerging trends that are reshaping the
way businesses are conceived, developed, and scaled. Social entrepreneurship has gained significant traction globally,
recognized for its innovative solutions to societal problems (Ilahi et al., 2022). Social entrepreneurs are increasingly
seen as change agents, transforming the business landscape while serving the community. This trend reflects a shift in
entrepreneurial focus towards creating and sustaining social value. This trend reflects a shift in entrepreneurial focus

559
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

towards creating and sustaining social value. The concept of entrepreneurship has expanded beyond traditional
business start-ups to include social, political, and knowledge entrepreneurship, as discussed by Bogdanovic (2023).

India's startup ecosystem, ranking third globally, exemplifies the impact of emerging trends like big data, crowdfunding,
and the shared economy (Chaudhari and Sinha, 2021). These trends are driving growth in the Indian startup scene,
attracting global investments and fostering innovation. A study of the top 200 startups in India reveals how these trends
are being leveraged for business success. The integration of innovative technologies such as AI, IoT, and blockchain is
becoming increasingly prevalent in startups worldwide. These technologies are enabling entrepreneurs to develop new
business models, enhance customer experiences, and improve operational efficiencies.

Globalization has facilitated the rise of cross-border entrepreneurial ventures. Entrepreneurs are now able to tap into
international markets, collaborate with foreign partners, and access global resources, further expanding their business
horizons. There is a growing trend towards sustainability in entrepreneurship. Startups are increasingly focusing on
environmental impact, sustainable practices, and social responsibility, aligning their business models with global
sustainability goals. While these trends offer numerous opportunities, they also present challenges such as market
saturation, regulatory complexities, and the need for continuous innovation. Entrepreneurs must navigate these
challenges to capitalize on the opportunities presented by the evolving global landscape.

The future of global entrepreneurship is likely to see continued emphasis on social impact, technological integration,
and sustainability. As the entrepreneurial ecosystem evolves, it will offer new avenues for growth, innovation, and
societal contribution. In summary, the global entrepreneurial landscape is characterized by diverse and dynamic trends.
Social entrepreneurship, technological advancements, globalization, and sustainability are some of the key drivers
shaping the future of entrepreneurship. Understanding these trends is crucial for entrepreneurs, policymakers, and
investors to navigate the ever-changing business environment effectively.

3.2. Technological Innovations: A Catalyst for New Business Models

Technological innovations have become a driving force in shaping new business models, significantly impacting the way
companies operate and compete in the modern economy. The concept of 'Entrepreneurship 3.0', as discussed by De
Maeyer and Bonne (2015), highlights the transition of the economy towards a model that is increasingly service-
oriented, knowledge-based, and focused on sustainability and ecology. This shift has led to the emergence of new
initiatives such as crowdsourcing, open innovation, and open business models, which are essential for entrepreneurs to
create and capture value from their innovations. The importance of business model innovations is emphasized, as new
technology alone cannot guarantee market success without a robust business model.

Micheli et al. (2012) explore the role of new business models in facilitating public-sector innovation, particularly
through technological advancements. They introduce the concept of a commercialization partnership model, which has
shown success in public-sector technological innovations in the UK. This model underscores the importance of
collaboration between public and private sectors, suggesting that the success of technological innovation often depends
more on collaborative models than on the technology itself.

Scuotto, Cicellin, and Consiglio (2023) provide a comparative analysis between business and social entrepreneurship,
highlighting the shift in goals, motivation, and responsibility in social enterprises. Social innovations, which are
increasingly becoming a part of entrepreneurial ventures, focus on transforming social relations and improving access
to resources for specific target groups. The study identifies the opportunities and threats of social innovation and
emphasizes the need for adapted business models that consider various elements like value proposition, influence,
partners and stakeholders, and distribution of benefits.

The integration of technological innovations into business models has led to the development of new market
opportunities and operational efficiencies. Companies are now leveraging technologies like AI, IoT, and big data to
enhance customer experiences, streamline operations, and create new value propositions. This integration is not limited
to the private sector but extends to public-sector organizations, where technological innovations are being used to
improve service delivery and efficiency.

The emergence of social entrepreneurship and social innovations has introduced new dimensions to business models.
These models are now designed to not only generate profit but also create social and environmental value. This shift is
particularly evident in the growing emphasis on sustainability, where businesses are aligning their operations with
global sustainability goals.

560
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

The challenges associated with integrating technological innovations into business models include navigating rapidly
changing technological landscapes, adapting to new consumer behaviours, and maintaining a competitive edge in
increasingly digital markets. Entrepreneurs must continuously innovate and adapt their business models to stay
relevant and successful.

Technological innovations are catalysing the development of new business models across various sectors. These
innovations are enabling entrepreneurs to create value in novel ways, address societal challenges, and compete
effectively in the global market. The future of entrepreneurship is likely to see continued emphasis on technological
integration, sustainability, and social impact, shaping the way businesses operate and contribute to society.

3.3. Globalization Effects: Opportunities and Challenges for Entrepreneurs

Globalization has significantly influenced the entrepreneurial landscape, presenting both opportunities and challenges
for entrepreneurs, especially in the context of developing countries. Samara and Terzian (2021) explore the unique
challenges and opportunities faced by digital entrepreneurs in developing countries. They highlight that entrepreneurs
often grapple with weak institutional infrastructures and environments characterized by corruption, which obstruct
their operations. These challenges include inaccessibility to necessary start-up funds, lack of supportive policies and
regulations for e-commerce, weak digital infrastructure, and a deficiency in digitally competent labor. However,
opportunities arise from these unique institutional settings, such as using family wealth as start-up capital and personal
connections as sources of social and human capital.

The relationship between economic globalization, entrepreneurship, and inclusive growth, particularly in Africa, has
been a subject of increasing interest. Adeosun et al. (2022) investigate this dynamic relationship, revealing that
economic globalization and entrepreneurship positively and significantly impact inclusive growth. Their study finds
that economic globalization enhances entrepreneurial development, with a unidirectional causality from
entrepreneurship to inclusive growth. This suggests that globalization drives inclusive growth and entrepreneurship,
offering opportunities for entrepreneurs to tap into global markets and resources.

Entrepreneurial challenges in specific regions, such as Jordan, provide insight into the broader effects of globalization
on entrepreneurship. Alawamleh, Francis, and Alawamleh (2023) identify various obstacles facing entrepreneurs,
including financial and logistical support, distribution of work, obtaining information, commercial relations, and
networking. Their study shows that women entrepreneurs face greater challenges in financing and investment
opportunities. The study proposes solutions to improve the business environment, such as activating pilot projects and
stimulating investment in them, and facilitating the development and deployment of technical knowledge in private
sector development.

The impact of the COVID-19 pandemic has further complicated the global entrepreneurial landscape. Entrepreneurs
have had to navigate new challenges brought about by the pandemic, including disruptions in supply chains, shifts in
consumer behaviour, and the rapid adoption of digital technologies. The pandemic has accelerated the need for
businesses to innovate and adapt to changing market conditions, highlighting the importance of resilience and agility in
entrepreneurship.

Globalization presents a complex array of opportunities and challenges for entrepreneurs. While it offers access to
global markets and resources, it also introduces new challenges such as navigating weak institutional infrastructures
and adapting to rapid changes in the global economy. Entrepreneurs must leverage the opportunities presented by
globalization while developing strategies to overcome its challenges. The future of entrepreneurship in a globalized
world will likely be characterized by increased digitalization, innovation, and a focus on inclusive and sustainable
growth.

3.4. Sector-Specific Analysis of Entrepreneurial Growth and Decline

The entrepreneurial landscape varies significantly across different sectors, with each sector presenting unique
challenges and opportunities for growth. O'Farrell and Pickles (1989) conducted a sector-specific analysis of
entrepreneurial behaviour, focusing on male work histories in Ireland. Their study employed complementary log-log
models to investigate factors influencing the first business startup by an individual. The research revealed that religious
denomination did not significantly associate with self-employment in any sector, but Anglicans were more likely to set
up employer businesses outside the construction industry. The study also highlighted spatial differences in
entrepreneurial expression, with the highest levels of employer business formation occurring in Northern Ireland and
the Dublin region.

561
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

Rastić, Stevanović, and Antic (2021) analysed the challenges and constraints to the stability and growth of the
entrepreneurial sector in Serbia, focusing on the impact of intangible assets on the sustainable growth rate of
enterprises. Their study, based on data from the Serbian Business Registers Agency, revealed the significant influence
of intangible assets on the growth rate of companies, emphasizing the importance of these assets in the Serbian
economy. The research highlights the need for a strategic focus on intangible assets to foster entrepreneurship growth
and economic development in Serbia.

Dillen and Vandekerkhof (2021) examined the effect of industry growth rates on the characteristics of high-growth
firms (HGFs) in different sectors. Their study classified HGFs within declining, stable, growing, and high-growth
industries and analysed how these classifications affected firm performance dimensions such as productivity,
profitability, innovativeness, and financial health. The findings showed that HGFs in stable industries were not
significantly more profitable or innovative than those in growth industries. However, significant differences were
observed in productivity and financial health, with HGFs in declining and stable industries being more productive and
financially healthier than those in growth and high-growth industries.

The sector-specific analysis of entrepreneurial growth and decline provides valuable insights into the diverse
entrepreneurial ecosystems. It highlights the importance of understanding sector-specific dynamics, including the
influence of external factors like economic conditions, policy environments, and market demands. Entrepreneurs and
policymakers must consider these sector-specific factors when developing strategies for business growth and
sustainability.

The entrepreneurial growth and decline across different sectors are influenced by a complex interplay of factors.
Understanding these sector-specific dynamics is crucial for entrepreneurs to navigate challenges, leverage
opportunities, and achieve sustainable growth. Policymakers and support organizations also need to tailor their
strategies and interventions to the specific needs and characteristics of each sector to effectively foster
entrepreneurship development.

3.5. Impact of Digitalization on Small and Medium Enterprises (SMEs)

The impact of digitalization on Small and Medium Enterprises (SMEs) has been profound, reshaping business models
and operational strategies. The study by Anjum (2019) indicates that among various factors influencing ICT adoption
in SMEs, complexity emerges as a significant variable. This finding suggests that the adoption of innovative processes
can be particularly challenging for small enterprises, often due to these processes being beyond their scope.
Additionally, the research identifies other significant independent variables impacting ICT adoption, with the exception
of factors such as Trialability, Observability, Owner IS, Employee IS, Management Support, and Image.

Kyurova (2022) examines the essence of digital transformation in SMEs, providing an overview of the existing digital
tools and technologies such as social media, mobile technology, big data, analytics, and cloud computing. The study
explores the building blocks of a digital transformation journey, including planning and implementation stages. The
paper underscores the importance of digital transformation for SMEs in enhancing business operations and
competitiveness (Kyurova, 2022).

The COVID-19 pandemic has accelerated the digitization process in SMEs, as highlighted by Ghimire et al. (2023). The
study examines the role of digitization in helping SMEs in Nepal survive during the pandemic and assesses its
sustainability for the future. The findings indicate that digitization levels in SMEs remained relatively unchanged post-
COVID-19. However, for long-term viability, SMEs need to undergo digital transformation. The study emphasizes the
importance of digital technologies for SMEs in emerging markets, suggesting that social media advertising and
influencer marketing can significantly impact brand loyalty and consumer decision-making processes (Ghimire et al.,
2023).

Digitalization presents both opportunities and challenges for SMEs. Opportunities include access to new markets,
improved customer engagement, and enhanced operational efficiency. Challenges include the need for significant
investment in technology, changes in internal practices and processes, and the mobilization of business resources. SMEs
must develop strategies to effectively incorporate digital media and artificial intelligence to remain competitive in the
evolving business landscape.

Digitalization has become a critical factor in the growth and sustainability of SMEs. The transition to digital business
models requires a strategic approach, focusing on leveraging technology to enhance business operations and customer

562
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

experiences. As the global business environment continues to evolve, SMEs must embrace digital transformation to stay
competitive and ensure long-term success.

3.6. Geographic Variations in Entrepreneurial Success and Failure

Geographic variations play a significant role in determining the success and failure of entrepreneurial ventures. Deneva
(2019) explores the critical moments in an entrepreneur's life that lead to the decision to start a business, emphasizing
the importance of a clear purpose, assessment of opportunities and capabilities, and determination to succeed. The
study suggests that societal perception often equates entrepreneurial success with financial gain, overlooking the efforts
and responsibilities entrepreneurs bear. Success and failure are intertwined in entrepreneurship, with failure being a
part of the daily life of an entrepreneur. The study highlights that successful entrepreneurs learn from their failures,
accept them with dignity, and have the resilience to continue.

Choubey, Sinha, and Pattanayak (2013) also contribute to this understanding by identifying skill-related factors such as
leadership and communication skills that affect entrepreneurial success in India.

Shafique et al. (2011) investigate the factors leading to the failures of SMEs, stemming from both external and internal
sources. The study recommends proper training, knowledge, and information facilitation to enable firms to reduce high
failure rates. Key factors identified include financial and accounts management, marketing management, production
and operation management, and human resource management. The study emphasizes that addressing these factors can
significantly increase the success rate of SMEs.

The geographic variations in entrepreneurial success and failure are influenced by a multitude of factors, including
economic conditions, cultural norms, government policies, and access to resources. Entrepreneurs in different regions
face unique challenges and opportunities based on their geographic location. For instance, entrepreneurs in developing
countries may struggle with weak institutional infrastructures and corruption, while those in developed countries might
face high competition and market saturation.

Understanding geographic variations is crucial for entrepreneurs, policymakers, and support organizations. Tailoring
strategies and interventions to the specific needs and characteristics of each region can effectively foster
entrepreneurship development. Entrepreneurs must adapt to their local contexts, leveraging regional strengths and
overcoming challenges to achieve success. The future of entrepreneurship will likely see increased emphasis on regional
specificities, with a focus on creating supportive ecosystems that cater to the unique needs of entrepreneurs in different
geographic locations.

4. Discussion of the Results

4.1. Interpreting the Impact of Technology on Entrepreneurial Dynamics

The impact of technology on entrepreneurial dynamics is a multifaceted phenomenon that has reshaped the landscape
of business innovation, particularly in emerging markets. Dana et al. (2022) explore the influence of international
markets and digital technologies on business innovation, highlighting the positive association between these factors
and innovation. Their study reveals that companies with an entrepreneurial orientation strengthen their innovation
capabilities when they engage with digital technologies and international markets. This relationship underscores the
importance of an entrepreneurial mindset in leveraging technology for business growth.

Binnui and Cowling (2016) also contribute to this understanding by providing a conceptual framework for measuring
entrepreneurship and innovation in young high-technology firms, highlighting the importance of developing critical
capabilities and implementing appropriate strategies for competitiveness, especially in developing countries.

Riza and Luhur (2023) examine the impact of technology orientation on entrepreneurial orientation and its effect on
innovation performance in Indonesian startups. Their findings demonstrate a significant positive relationship between
innovation performance and both entrepreneurial and technology orientation. The study highlights that technology
orientation positively affects entrepreneurial orientation, which in turn influences innovation performance. This
integrated framework concept is unprecedented in enhancing the innovation performance of startups in emerging
economies.

563
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

The rapid pace of technological advancements has necessitated businesses to adopt proactive, inventive, and risk-taking
practices. Entrepreneurs must navigate the innovation landscape by aligning their business models with technological
trends. This alignment is crucial for startups to remain competitive and responsive to market needs.

In conclusion, the impact of technology on entrepreneurial dynamics is profound, offering both challenges and
opportunities. Entrepreneurs must embrace technological advancements to foster innovation and growth. The future
of entrepreneurship is likely to be characterized by increased digitalization, where the integration of technology and
entrepreneurial orientation will play a pivotal role in shaping business success. This evolution calls for a strategic
approach where businesses not only adopt new technologies but also cultivate an entrepreneurial mindset to exploit
these technologies effectively.

4.2. Globalization as a Double-Edged Sword for Entrepreneurs

Globalization presents a complex array of opportunities and challenges for entrepreneurs, often described as a double-
edged sword. Urban, Murimbika, and Mhangami's (2022) research explores how immigrant entrepreneurs in South
Africa, influenced by global changes, utilize their social capital in developing nations to both positively and negatively
affect their resource mobilization efforts and exploitation of entrepreneurial opportunities. The study reveals that
structural and resource-related dimensions of social capital are crucial for achieving entrepreneurial success, indicating
that more resources but lower costs facilitate entrepreneurial opportunity exploitation. This insight is particularly
relevant in the context of immigrant entrepreneurship, where entrepreneurs should strategically leverage their social
capital to navigate the complexities of globalization (Urban, Murimbika, and Mhangami, 2022).

Jooss, Conroy, and McDonnell (2022) discuss the complexities faced by international business travellers, a group that
has become omnipresent in multinational enterprises. Their study reveals a job demands-resources mismatch faced by
these individuals, where substantial discretion in carrying out global work leads to intensified demands rather than
easing them. This research advances job crafting theory by highlighting the potentially dysfunctional nature of job
crafting in a global work context, challenging the overwhelmingly positive benefits commonly outlined (Jooss et al.,
2022).

D’Aguanno et al. (2021) examine the relationship between global value chains (GVCs) integration and macroeconomic
volatility. Their study shows that the relationship between GVC integration and volatility is ambiguous in theory and
insignificant in the data, supporting the conclusion that there is no compelling reason to fear the double-edged sword
of GVCs. The study also discusses the concentration of today’s GVCs around a few central ‘hubs’ and the implications of
alternative industrial policies, such as re-shoring and diversification, on GVCs (D’Aguanno et al., 2021).

The impact of globalization on entrepreneurship is multifaceted. On one hand, it offers access to international markets,
resources, and opportunities for collaboration. On the other hand, it introduces challenges such as navigating different
cultural, legal, and economic environments, and adapting to rapid changes in the global economy. Entrepreneurs must
leverage the opportunities presented by globalization while developing strategies to overcome its challenges.

Globalization presents a complex scenario for entrepreneurs, characterized by both opportunities and challenges.
Understanding these dynamics is crucial for entrepreneurs to navigate the global landscape effectively. The future of
entrepreneurship in a globalized world will likely be characterized by increased digitalization, innovation, and a focus
on sustainable and inclusive growth. Entrepreneurs must adapt to these changes by embracing global opportunities,
innovating business models, and acquiring new skills to succeed in the global market.

4.3. The Role of Innovation in Sustaining Entrepreneurial Ventures

Innovation plays a crucial role in the sustainability and growth of entrepreneurial ventures. Kraus et al. (2021)
emphasize the importance of innovation and knowledge in entrepreneurship and regional development. Their study
highlights that entrepreneurial ventures bring necessary change and positive growth when conditions are aligned for
their success. Public administration and government policies that support entrepreneurship and innovation are
necessary for organizations as they design programs and develop policies for growth and sustainability. New ventures
need talent, good ideas, and a knowledge-based economy around them to positively impact regional development.

Al Rawaf and Alfalih (2023) investigate the impact of governance on family business sustainability, focusing on the role
of responsible innovation and entrepreneurial culture. Their study finds that organizational governance and
responsible innovation positively and significantly impact business sustainability among family-owned businesses in
Saudi Arabia. Furthermore, entrepreneurial culture significantly and positively moderates the relationship between
organizational governance, responsible innovation, and business sustainability. This research guides regulators in

564
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

formulating regulations related to achieving business sustainability through good governance and effective
entrepreneurial culture.

Wanda and Diman (2023) discuss the conceptual framework of innovation performance within SMEs in Aceh Province,
Indonesia, highlighting the mediating role of entrepreneurial bricolage. Their study establishes a framework that
includes innovation performance, entrepreneurial bricolage, and constraints in finance, human resources, and
technology. The research aims to gather data from SME entrepreneurs’ enterprises in Aceh, Indonesia, contributing to
the body of knowledge and understanding of entrepreneurial bricolage and factors impacting innovation performance
among SMEs.

Innovation in entrepreneurial ventures is not just about technological advancements but also involves developing social
networks, collective actions, and a conducive environment for creativity and growth. The ability to innovate is
increasingly becoming a key determinant of success and sustainability for new ventures. Entrepreneurs must navigate
the complexities of innovation, balancing the need for new ideas and technologies with the realities of their business
environment and resources.

Innovation is essential for the sustainability and growth of entrepreneurial ventures. It involves a combination of
technological advancements, knowledge acquisition, responsible governance, and an entrepreneurial culture that
fosters creativity and adaptability. Entrepreneurs must focus on building an environment conducive to innovation,
leveraging their unique strengths and resources to drive growth and sustainability. The future of entrepreneurship will
likely see an increased emphasis on innovation as a key driver of success in an increasingly competitive and dynamic
global business environment.

4.4. Challenges in Adapting to Rapidly Changing Business Environments

The future competitiveness of manufacturing operations under dynamic and complex business environments relies on
forward-thinking strategies. Liu (2013) identifies and develops operational competitiveness in a sustainable manner by
implementing a unique sustainable competitive advantage (SCA) for managing dynamic business situations. This paper
develops a theoretical approach to integrating core factors affecting operational competitiveness performance, such as
manufacturing strategy and transformational leadership with technology level, into conceptual analytical models to
evaluate overall competitiveness. It utilizes sense and respond (S&R) for dynamic decision-making to optimize resource
allocations and adjust strategies, thereby developing competitiveness potential in a sustainable manner.

Afanasyeva, Voronkova, and Shipilova (2019) examine the current situation of global development and its impact on
national and entrepreneurial levels. They highlight how global challenges lead to significant changes in the world
economy's internal structure and the relationships between its elements. The study underscores the need for new
schemes of business adaptation to the conditions of the new economic reality, emphasizing the importance of innovative
strategies to increase profit and adapt to transformational changes.

Karneli (2023) analyses the role of adhocratic leadership in dealing with the changing business environment. The
research shows that adhocratic leadership, which emphasizes flexibility, innovation, rapid adaptation, and
collaboration, plays an important role in responding to changing market and customer needs. This leadership approach
is critical for organizations to ensure business success and continuity in the face of complex and unpredictable changes.

Adapting to rapidly changing business environments requires a multifaceted approach, involving strategic
repositioning, innovative adaptation strategies, and effective leadership. Organizations must be proactive in identifying
changes and agile in their response to ensure sustainability and growth in a dynamic global market. The future of
business will likely see an increased emphasis on adaptability and strategic innovation as key drivers of success in an
ever-evolving business landscape.

4.5. Policy Implications and Recommendations for Future Entrepreneurs

The evolving landscape of entrepreneurial finance, particularly in the context of blockchain and other technological
innovations, presents significant implications for future policy. Owen et al. (2019) discuss the enormous changes in
entrepreneurial finance post the Global Financial Crisis, notably the rise of alternative nonbank financing. This shift has
been experienced acutely in the provision and delivery of early-stage and innovative business finance. The study
reviews the implications of these innovations for future research, practice, and policy, emphasizing the need for
policymakers to adapt to these changes to support entrepreneurial growth effectively.

565
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

Corrêa et al. (2022) focus on female entrepreneurship in emerging and developing countries, highlighting the challenges
faced by women entrepreneurs and the policy implications. Their systematic review categorizes the policy, managerial,
and practical implications of research conducted in these regions. The study emphasizes the need for governments,
policymakers, and practitioners to be aware of preferred strategies to overcome the challenges of female
entrepreneurship. It also provides suggestions for new studies, helping academics fill gaps in the literature and build a
research agenda to guide future research in this area.

The policy implications for future entrepreneurs are multifaceted, involving adapting to technological advancements in
finance, addressing gender-specific challenges, and fostering an environment conducive to entrepreneurial growth.
Policymakers must consider these evolving dynamics and develop strategies that support entrepreneurs in navigating
these challenges. The future of entrepreneurship policy will likely see an increased emphasis on inclusivity,
technological integration, and support for innovative financing models to ensure the growth and sustainability of
entrepreneurial ventures.

5. Conclusion
The exploration of entrepreneurial innovations and trends in a global context, as undertaken in this study, has
meticulously achieved its aim and objectives, offering a panoramic yet detailed view of the entrepreneurial landscape
shaped by technology and globalization. This comprehensive analysis has successfully identified and dissected
emerging trends in global entrepreneurship, evaluated the transformative impact of technological innovations,
examined the multifaceted effects of globalization, and traced the historical evolution of entrepreneurial trends and
innovations.

Central to the findings is the recognition that technological advancements have revolutionized entrepreneurial
practices, fostering new business models and operational strategies. The study has illuminated the critical role of digital
transformation in redefining startup ecosystems, highlighting the opportunities and challenges it presents.
Globalization, on the other hand, has emerged as a double-edged sword, offering access to wider markets and resources
while simultaneously introducing complexities such as cultural adaptation and regulatory compliance. The sector-
specific analysis has revealed that entrepreneurial growth and decline are significantly influenced by regional economic
conditions, cultural norms, and government policies, underscoring the importance of geographic considerations in
entrepreneurial success.

The study concludes that the future of entrepreneurship is inextricably linked to an organization's ability to innovate
and adapt in a rapidly evolving global business environment. Entrepreneurs must navigate these changes by leveraging
technological advancements, embracing globalization's opportunities, and mitigating its challenges. Policy implications
are profound, suggesting the need for inclusive, technology-integrated strategies that support entrepreneurial ventures.
Recommendations for future entrepreneurs focus on embracing digitalization, fostering an innovative mindset, and
leveraging global opportunities while navigating associated challenges.

In essence, this study has provided a rich tapestry of insights into the dynamic world of entrepreneurship, offering
valuable guidance for future entrepreneurs, policymakers, and scholars. It underscores the need for agility, innovation,
and strategic foresight in navigating the complex and ever-evolving landscape of global entrepreneurship.

Compliance with ethical standards

Disclosure of conflict of interest

No conflict of interest to be disclosed.

References
[1] Afanasyeva, I., Voronkova, O. and Shipilova, T., 2019, August. Action lines of business’s adaptation to the
conditions of the new economic reality. In International Scientific-Practical Conference Business Cooperation as
a Resource of Sustainable Economic Development and Investment Attraction (ISPCBC 2019) (pp. 537-539).
Atlantis Press. DOI: 10.2991/ISPCBC-19.2019.27
[2] Adeosun, O.A., Olomola, P.A., Tabash, M.I. and Anagreh, S., 2022. Investment and inclusive growth in sub-Saharan
Africa. African Journal of Economic and Management Studies, 13(4), pp.525-550. DOI: 10.1108/ajems-11-2021-
0504

566
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

[3] Adriaens, P. and Faley, T., 2011. Teaching entrepreneurial business strategies in global markets: a comparison of
cleantech venture assessment in the US and China. Entrepreneurship Education in Asia, pp.211-225.
[4] Markova, M.V. and Akaiso, D., 2023. Does Globalization Impact Entrepreneurship?. IJEBD (International Journal
of Entrepreneurship and Business Development), 6(1), pp.1-14. DOI: 10.29138/ijebd.v6i1.2077
[5] Al Rawaf, R.A. and Alfalih, A.A., 2023. The role of governance in achieving sustainability in family-owned business:
do responsible innovation and entrepreneurial culture matter?. Sustainability, 15(7), p.5647. DOI:
10.3390/su15075647
[6] Alawamleh, M., Francis, Y.H. and Alawamleh, K.J., 2023. Entrepreneurship challenges: the case of Jordanian start-
ups. Journal of Innovation and Entrepreneurship, 12(1), pp.1-14. DOI: 10.1186/s13731-023-00286-z
[7] Amankwah-Amoah, J. and Lu, Y., 2019. Historical evolution of entrepreneurial development in the global South:
The case of Ghana, 1957–2010. Science and Public Policy, 46(2), pp.161-172. DOI: 10.1093/SCIPOL/SCY045
[8] Lewis, K.V., Henry, C., Gatewood, E.J. and Watson, J. eds., 2014. Women s Entrepreneurship in the 21st Century:
An International Multi-Level Research Analysis. Edward Elgar Publishing.
[9] Choubey, B., Sinha, T. and Pattanayak, J.K., 2013. A Study of Skill-Related Factors Affecting Entrepreneurial
Success in India. IUP Journal of Entrepreneurship Development, 10(3).
[10] Satalkina, L. and Steiner, G., 2020. Digital entrepreneurship and its role in innovation systems: A systematic
literature review as a basis for future research avenues for sustainable transitions. Sustainability, 12(7), p.2764.
DOI: 10.3390/su12072764
[11] Baran, G., 2018. Design-led approach to entrepreneurship. International Journal of Contemporary
Management, 17(4). DOI: 10.4467/24498939IJCM.18.034.10020
[12] Binnui, A. and Cowling, M., 2016. A conceptual framework for measuring entrepreneurship and innovation of
young hi-technology firms. GSTF Journal on Business Review (GBR), 4(3).
[13] Blenker, P., Trolle Elmholdt, S., Hedeboe Frederiksen, S., Korsgaard, S. and Wagner, K., 2014. Methods in
entrepreneurship education research: a review and integrative framework. Education+ Training, 56(8/9),
pp.697-715. DOI: 10.1108/ET-06-2014-0066
[14] Bonini, S., Capizzi, V. and Cumming, D., 2019. Emerging trends in entrepreneurial finance. Venture Capital, 21(2-
3), pp.133-136. DOI: 10.1080/13691066.2019.1607167
[15] Boustani, N.M. and Hajj, S., 2023, June. The Lebanese Entrepreneurial Resilience in Times of Crisis. In ARPHA
Conference Abstracts (Vol. 6, p. e107045). Pensoft Publishers. DOI: 10.3897/aca.6.e107045
[16] Chaudhari, S.L. and Sinha, M., 2021. A study on emerging trends in Indian startup ecosystem: big data, crowd
funding, shared economy. International Journal of Innovation Science, 13(1), pp.1-16. DOI: 10.1108/IJIS-09-
2020-0156
[17] Corrêa, V.S., Lima, R.M.D., Brito, F.R.D.S., Machado, M.C. and Nassif, V.M.J., 2022. Female entrepreneurship in
emerging and developing countries: A systematic review of practical and policy implications and suggestions for
new studies. Journal of Entrepreneurship in Emerging Economies. DOI: 10.1108/jeee-04-2022-0115
[18] D’Aguanno, L., Davies, O., Dogan, A., Freeman, R., Lloyd, S., Reinhardt, D., Sajedi, R. and Zymek, R., 2021. Global
value chains, volatility and safe openness: is trade a double-edged sword?. Bank of england financial stability
paper, (46). DOI: 10.2139/ssrn.3766910
[19] Dana, L.P., Salamzadeh, A., Mortazavi, S. and Hadizadeh, M., 2022. Investigating the impact of international
markets and new digital technologies on business innovation in emerging markets. Sustainability, 14(2), p.983.
DOI: 10.3390/su14020983
[20] Liu, Y., 2013. Sustainable competitive advantage in turbulent business environments. International Journal of
Production Research, 51(10), pp.2821-2841.
[21] Daraojimba, C., Abioye, K.M., Bakare, A.D., Mhlongo, N.Z., Onunka, O. and Daraojimba, D.O., 2023. Technology and
Innovation to Growth of Entrepreneurship and Financial Boost: A Decade in Review (2013-2023). International
Journal of Management & Entrepreneurship Research, 5(10), pp.769-792. DOI: 10.51594/ijmer.v5i10.593
[22] Dass, S. and Prabhu, J., 2022. Amelioration of Big Data Analytics by Employing Big Data Tools and Techniques.
In Research Anthology on Big Data Analytics, Architectures, and Applications (pp. 1527-1548). IGI Global.
[23] De Maeyer, C. and Bonne, K., 2015. Entrepreneurship 3.0: tools to support new and young companies with their
business models. Journal of Positive Management, 6(3), pp.3-15. DOI: 10.12775/JPM.2015.13

567
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

[24] Deneva, A., 2019. Success and Failure in Entrepreneurship or the Hard Path to Successful Business
Solutions. Knowledge-International Journal, 31(1), pp.219-224.
[25] Dewi, S. and Ahamat, A., 2018. The role of entrepreneurial orientation in achieving organization performance
through business model innovation and asset relational collaboration. Humanities & Social Sciences
Reviews, 6(2), pp.100-105.
[26] Dillen, Y. and Vandekerkhof, P., 2021. Does the sector matter? An analysis of high-growth firms and industry
growth rates. Journal of Small Business and Enterprise Development, 28(6), pp.927-945. DOI: 10.1108/JSBED-
02-2020-0053
[27] Etemad, H., 2023. The increasing prevalence of multi-sided online platforms and their influence on international
entrepreneurship: The rapid transformation of entrepreneurial digital ecosystems. Journal of International
Entrepreneurship, pp.1-30. DOI: 10.1007/s10843-023-00331-8
[28] Ghimire, A., Jaiswal, B., Shrestha, J., Shrestha, K. and Shrestha, S., 2023. COVID-19 and Digitization of SMEs: The
Impact and Way Forward. New Perspective: Journal of Business and Economics, 6(1), pp.83-90. DOI:
10.3126/npjbe.v6i1.58918
[29] Moşteanu, N.R., 2020. Challenges for organizational structure and design as a result of digitalization and
cybersecurity. The Business & Management Review, 11(1), pp.278-286.
[30] Guimarães, J.D.S., Fernandes, C., Veiga, P.M. and Ramadani, V., 2023. The Relationship between Entrepreneurial
Ecosystems and Digital Transformation. FIIB Business Review, p.23197145231173850. DOI:
10.1177/23197145231173850
[31] Hlynskyy, N., Karyy, O. and Yasevych, A., 2017. New managers for changing global economy: Comparative analysis
of business education by Ukrainian students in home universities and abroad. Prace Naukowe Uniwersytetu
Ekonomicznego we Wrocławiu, (463), pp.285-296. DOI: 10.15611/PN.2017.463.24
[32] Nebrat, V., 2017. Development of entrepreneurship in Ukraine: historical determinants and prospects. Economy
and forecasting, (3), pp.140-156.
[33] Ibeh, K., Crick, D. and Etemad, H., 2019. International marketing knowledge and international entrepreneurship
in the contemporary multi speed global economy. International Marketing Review, 36(1), pp.2-5. DOI:
10.1108/IMR-02-2019-377
[34] Ilahi, S., Mohammed, R., Souissi, A. and Juriby, M.H., 2022. Social Entrepreneurship: Global Emerging Trend. Saudi
J Econ Fin, 6(10), pp.333-338. DOI: 10.36348/sjef.2022.v06i10.001
[35] Jooss, S., Conroy, K.M. and McDonnell, A., 2022. Discretion as a double‐edged sword in global work: The perils of
international business travel. Human Resource Management Journal, 32(3), pp.664-682.
[36] Jusaj, Y. and Abazi-Alili, H., 2022. Women Entrepreneurship Development in Kosovo: Challenges and
Opportunities. ENTRENOVA-ENTerprise REsearch InNOVAtion, 8(1), pp.212-224. DOI: 10.54820/entrenova-
2022-0020
[37] Karneli, O., 2023. The Role of Adhocratic Leadership in Facing the Changing Business Environment. Journal of
Contemporary Administration and Management (ADMAN), 1(2), pp.77-83. DOI: 10.61100/adman.v1i2.26
[38] Urban, B., Murimbika, M. and Mhangami, D., 2022. Immigrant entrepreneurship with a focus on human and social
capital as determinants of success: evidence from South Africa. Journal of Entrepreneurship in Emerging
Economies. DOI: 10.1108/jeee-08-2021-0306
[39] Scuotto, A., Cicellin, M. and Consiglio, S., 2023. Social bricolage and business model innovation: a framework for
social entrepreneurship organizations. Journal of Small Business and Enterprise Development, 30(2), pp.234-
267.
[40] Kraus, S., McDowell, W., Ribeiro-Soriano, D.E. and Rodríguez-García, M., 2021. The role of innovation and
knowledge for entrepreneurship and regional development. Entrepreneurship & Regional Development, 33(3-
4), pp.175-184. DOI: 10.1080/22797254.2021.1872929
[41] Kyurova, A., 2022. The digital transformation and its impact on small and medium-sized
enterprises. Предприемачество, 10(1), pp.7-18. DOI: 10.37708/ep.swu.v10i1.1
[42] Li, Z.G., Wu, Y. and Li, Y.K., 2023. Technical founders, digital transformation and corporate technological
innovation: empirical evidence from listed companies in China’s STAR market. International Entrepreneurship
and Management Journal, pp.1-26. DOI: 10.1007/s11365-023-00852-7

568
 International Journal of Science and Research Archive, 2024, 11(01), 552–569

[43] Looze, J. and Desai, S., 2020. Challenges along the entrepreneurial journey: considerations for entrepreneurship
supporters. Available at SSRN 3637048.
[44] Micheli, P., Schoeman, M., Baxter, D. and Goffin, K., 2012. New business models for public-sector innovation:
Successful technological innovation for government. Research Technology Management, 55(5), pp.51-57. DOI:
10.5437/08956308X5505067
[45] Arsakaev, I., 2021, November. Actual Problems of the Development of Technological Entrepreneurship in the
Context of the Digital Transformation of the Economy. In Second Conference on Sustainable Development:
Industrial Future of Territories (IFT 2021) (pp. 121-124). Atlantis Press.
[46] O'Farrell, P.N. and Pickles, A.R., 1989. Entrepreneurial behaviour within male work histories: a sector-specific
analysis. Environment and Planning A, 21(3), pp.311-331.
[47] Osyka, A., 2021. Social Entrepreneurship and Social Services in the Context of Globalization. Збірник Наукових
Праць Λόгoσ. DOI: 10.36074/LOGOS-09.04.2021.V1.04
[48] Owen, R., Mac an Bhaird, C., Hussain, J. and Botelho, T., 2019. Blockchain and other innovations in entrepreneurial
finance: Implications for future policy. Strategic Change, 28(1), pp.5-8. DOI: 10.1002/JSC.2250
[49] Bogdanovic, M., 2023. Alleviating Poverty through Entrepreneurship: Homo Entrepreneur, Entrepreneurial
Culture, and State. Mest Journal, 11(2). DOI: 10.12709/mest.11.11.02.10
[50] Peterson, R.M. and Johnson, K.D., 2004. The Entrepreneurial Audit: Innovation Efficiency in the 21st Century. The
Entrepreneurial Executive, 9, p.51.
[51] Sasidhar, K.V. and Srinivas, G., 2009. Growth of Indian foreign trade in the post liberalization period. Osmania
Journal of International Business Studies, 4(1).
[52] Riza, F. And Luhur, N.A., 2023. Navigating the Innovation Landscape: The Crucial Role of Technology and
Entrepreneurial Orientation. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 12(2), Pp.148-167. Doi:
10.26418/Jebik.V12i2.61447
[53] Sajjad, M. and Chani, M.I., 2020. Business innovations for unfolding stratums of human development indicators:
a worldwide empirical analysis. DOI: 10.21272/mmi.2020.3-01
[54] Samara, G. and Terzian, J., 2021. Challenges and opportunities for digital entrepreneurship in developing
countries. Digital Entrepreneurship, 283. DOI: 10.1007/978-3-030-53914-6_14
[55] Shafique, M.R., Rizwan, M., Jahangir, M.M., Mansoor, A., Akram, S. and Hussain, A., 2011. Determinants of
entrepreneurial success/failure from SMEs perspective. IOSR Journal of Business and Management, 1, pp.83-92
[56] Sharma, B. and Gadi, R., 2023. Analytical Tools and Methods for Explosive Analysis in Forensics: A Critical
Review. Critical Reviews in Analytical Chemistry, pp.1-27. DOI: 10.1080/10408347.2023.2274927
[57] Simba, A., 2016. Generating social capital in globalised networks for growth and development in nascent
entrepreneurial ventures.
[58] Anjum, A., 2019. Information and communication technology adoption and its influencing factors: A study of
indian SMEs. Humanities & Social Sciences Reviews, 7(5), pp.1238-1253.
[59] Al Matroushi, H., Jabeen, F., Matloub, A. and Tehsin, M., 2020. Push and pull model of women entrepreneurship:
empirical evidence from the UAE. Journal of Islamic accounting and business research, 11(3), pp.588-609.
DOI:10.1108/jiabr-02-2017-0020
[60] Rastić, A., Stevanović, T. and Antić, L., 2021. Intangible Assets Impact on Sustainable Growth Rate of Enterprises
in the Republic of Serbia. Facta Universitatis, Series: Economics and Organization, (1), pp.383-396.
DOI:10.22190/fueo210617027r
[61] Umar, M., Ali, S.A. and Sial, M.H., 2022. Exploring women entrepreneurship prospects, challenges, and barriers in
Pakistan. International Journal of E-Entrepreneurship and Innovation (IJEEI), 12(1), pp.1-17. DOI:
10.4018/ijeei.290823
[62] Wanda, E. and Diman, B., 2023. The Conceptual Framework of Innovation Performance within SMEs in Aceh
Province, Indonesia: The Mediating Role of Entrepreneurial Bricolage. Journal of Digitainability, Realism &
Mastery (DREAM), 2(08), pp.50-62. DOI: 10.56982/dream.v2i08.150
[63] Witt, M.A., 2019. De-globalization: Theories, predictions, and opportunities for international business
research. Journal of International Business Studies, 50(7), pp.1053-1077.

569