Unmasking Invisible Challenges in Entrepreneurship by Rajagopal & Ananya Rajagopal

Author:Rajagopal & Ananya Rajagopal
Language: eng
Format: epub
ISBN: 9783031636530
Publisher: Springer Nature Switzerland

Entrepreneurial transformation is largely governed by the existing ecosystem and the dynamic attributes therein act as game changers for most micro, small, and medium enterprises as exhibited in Fig. 3.1. Entrepreneurial ecosystem comprising major elements includes public policies on micro, small, and medium enterprises to provide financial support and develop human capital by imparting knowledge on market trends, technology, and skills. Entrepreneurship-oriented public policies help these enterprises to evolve innovation and design thinking out of existing culture and ethnicity using community infrastructure besides individual firm amenities. The entrepreneurial ecosystems also constitute their different layers of market taxonomy, which can be explained as pyramidal transition from the grassroots (bottom-of-the-pyramid) to the big middle (upper, average, and lower mass consumer segment) and to the premium consumer segment. Largely, these enterprises are founded at the bottom-of-the-pyramid, which struggles continuously to explore business passage to penetrate higher layers of market. The transformational factors are embedded in the entrepreneurial ecosystem, which need to be categorically explored to successfully transform these enterprises. The emerging challenges in transforming micro, small, and medium enterprises are to develop compatibility with rapidly changing technology driven by artificial intelligence and machine learning. In this process, enterprises need to acquire knowledge and skills to develop new business models integrating business-to-business (B-to-B), business-to-consumer (B-to-C), consumer-to-consumer (C-to-C), and online-to-offline (O-to-O). In transforming enterprises, one of the most sensitive perspectives is to guide entrepreneurial mindset within existing organizational culture and the attributes of human elements. These are intangible factors influenced by personality, cognition, emotions, and self-actualization to determine the need for transformation and accepting the challenges in the change management process. However, economic push (competitive returns) and pull (knowledge and desire) factors subjectively support the entrepreneurs in transforming conventional firms to contemporary standards and stay competitive in the marketplace as explained in Fig. 3.1. Entrepreneurial ecosystem in driving transformational factors needs a systematic functional integration, which is often an uphill task. Synchronizing functional integration is a linear process, which requires to be streamlined with the personality of entrepreneurs, available resources, technology, and public policy support while asynchronization process embeds applied perspectives by analyzing cause and effect, trial and error, and cost and risk matrices. Nonetheless, transformational factors are also affected by the disruptive design thinking, disruptive business models, and disruptive value creation.

Technology and market behavior are the dynamic factors in transforming entrepreneurial business. The advancements in information and communication technology have significantly influenced entrepreneurs to explore PNS factors and designing of low-cost and value-based innovation through digital networking. In addition, the increasing role of artificial intelligence and machine learning in designing and manufacturing market-driven products has given new impetus to entrepreneurs to stay competitive in the marketplace by providing customer-centric products of contemporary fashion. Also, there is an increasing trend of large language models (LLM), which support deep learning models for artificial intelligence based on large datasets. These models are known as underlying transformers, which support AI and ML neural networks to uplift the entrepreneurial performance within the changing technology ecosystem. Such technology-led transformation motivates

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