Entrepreneurship and Innovation: Challenges in the Twenty-first Century Classification under Entrepreneurship

Joseph Schumpeter formally regarded the understanding that entrepreneurs are often innovators, bringing new, improved goods and technologies to markets, creating new niche upcoming solutions and delivering them into new markets.

Entrepreneurship focusses on the creativity, moment of inspiration, the why when and how of certain opportunity recognition. According to Schumpeter, ‘the role of entrepreneurship is implicit as an underlying cause of innovation.

However, innovation is not solely the domain of entrepreneurs’ – the idea of entrepreneurship somewhat relies on the effective means of innovation. Small minds discuss people, average minds discuss events and great minds discuss ideas!

These ideas are rare like neurons that we inherit, without these ideas we humans are like carbon-based element; this is the single distinguishing feature which makes us human.

Ideas are the modern-day magic spells, invisible revealed, in the blueprint of thinking makers will talk about the neocortex; it is the newest part of human brain to evolve where rests our entire feat of info-obesity; we are drowning in information, whereas starving for wisdom in the twenty-first century; the world henceforth will belong to synthesisers, people who are able to find the right information at the right time, think critically about it and make important choices wisely.

Entrepreneurs in the purest form identify a need, any need and fill it; it’s a primordial urge independent of industry, service, product or market. To use your head, you have to get out of your mind and not just question the possible but conceive the impossible. The new world belongs to those who dream, those who live only and only in the neocortex, those who can, those who will and those who want to entrap the entrepreneur in them.

Hence, innovation locks within, the survival kit for entrepreneurs; it is the ultimate instrument for entrepreneurs in the twenty-first century to pursue entrepreneurship and infuses new life into a business. The objective of this paper is to describe the various challenges being faced by today’s new start-up and young entrepreneurs; the various difficulties they face in starting and running a successful business. Moreover, the role of innovation in pursuing successful entrepreneurship by the entrepreneurs denotes the relationship between entrepreneurship and innovation. The paper focusses on the major challenges and factors which led to the failure of start-ups and businesses, steps to avoid and how to overcome these challenges of entrepreneurship successfully.