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.
 
Review
International Journal of Science and Research Archive, 2024, 11(01), 552–569.
Article DOI: 10.30574/ijsra.2024.11.1.0079

 

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