Strategic Entrepreneurship in The Tech Era: Innovation, Growth and Risk Management

Abstract

The increasing relevance of strategic entrepreneurship relates to the rise in the competitive environment, particularly in obtaining growth in innovation and new products or services. This paper delineates the scope of strategic entrepreneurship which merges the concepts of entrepreneurship and strategic management help in the management of the interwoven world of technology and entrepreneurial world. It means, therefore, that such entrepreneurship necessitates awareness of the way such an innovation might be used strategically. This research focuses on the new developments in the fourth industrial revolution global trends namely: artificial intelligence, Internet of Things, and blockchain. It examines how these latest technological innovations may open fresh business opportunities for new entrepreneurship or expand market opportunities. On the other hand, it touches upon the challenges entrepreneurs face by engaging in this rapidly transforming digital world, an increasingly competitive industry with respect to cyber security challenges, as well as legal restraint issues. Therein, the paper recommends operation within the ecosystem of technology based on an analysis and comparison of the experiences of both failed and successful entrepreneurs within the tech industry. Some of the emerging trends now placed with their possible implications for strategic entrepreneurship include artificial intelligence, quantum computing, sustainability, work-from-home, and data intelligence vis-vis decision making.