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

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


Introduction 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 crossdisciplinary 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.

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 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.

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 deglobalization (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.

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.

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 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.

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, highinterest 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.

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.

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 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.

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).

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).

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 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.

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 serviceoriented, 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.
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.

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.

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.
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.

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

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.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.

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.
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.

Globalization as a Double-Edged Sword for Entrepreneurs
Globalization presents a complex array of opportunities and challenges for entrepreneurs, often described as a doubleedged sword.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.

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 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.

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.

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.
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.

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 sectorspecific 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.

Disclosure of conflict of interest
No conflict of interest to be disclosed.
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.
(Jooss et al., 2022)d 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).