Implementation of entrepreneurship management principles in addressing challenges of startup businesses
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Published:
Nov 22, 2023
Keywords:
Adaptability, Challenges, Competitiveness, Entrepreneurship, Management, Innovation
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Economy
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Abstract
The main objective of this study is to investigate how Entrepreneurship Management Principles can assist startups in overcoming their challenges. It focuses on how these principles enhance startup competitiveness, innovation, and adaptability in dynamic markets. The research employs a systematic literature review approach, conducting a comprehensive search in databases like Scopus, Google Scholar, and Web of Science using relevant keywords. Inclusion criteria involve articles published between 2015 and 2023, written in English, and categorized as research articles in international publications. Quality assessment tools like the Critical Appraisal Skills Programme (CASP) were utilized to ensure article credibility. The findings from the literature review highlight the vital role of Entrepreneurship Management Principles in startup success and growth. Startups that apply these principles demonstrate increased innovation, efficient resource management, and effective adaptation to market changes, enhancing their competitiveness and sustainability. A supportive work environment promoting creativity and innovation is also crucial for startup success. This study contributes to our understanding of the significance of Entrepreneurship Management Principles in addressing startup challenges, offering practical insights for entrepreneurs, policymakers, and business leaders to create a conducive ecosystem for startup growth. Embracing these principles can empower startups to seize opportunities, stand out from competitors, and achieve long-term success in a competitive business landscape
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How to Cite
Fahmi, I. ., Jalaluddin, J. and Zulfadli, Z. (2023) “Implementation of entrepreneurship management principles in addressing challenges of startup businesses”, Jurnal Mantik, 7(3), pp. 2335-2346. doi: 10.35335/mantik.v7i3.4355.
References
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Rosemaro, M. E. (2022b). Understanding the Concept of Entrepreneurship Management and Its Contribution in Organization. International Journal of New Practices in Management and Engineering, 11(01), 24–30. https://doi.org/10.17762/IJNPME.V11I01.159
Skala, A. (2019). The Startup as a Result of Innovative Entrepreneurship. Digital Startups in Transition Economies, 1–40. https://doi.org/10.1007/978-3-030-01500-8_1
Suchek, N., Ferreira, J. J., & Fernandes, P. O. (2022a). A review of entrepreneurship and circular economy research: State of the art and future directions. Business Strategy and the Environment, 31(5), 2256–2283. https://doi.org/10.1002/BSE.3020
Suchek, N., Ferreira, J. J., & Fernandes, P. O. (2022b). A review of entrepreneurship and circular economy research: State of the art and future directions. Business Strategy and the Environment, 31(5), 2256–2283. https://doi.org/10.1002/BSE.3020
Surya WANASIDA, A., Bernarto, I., Sudibjo, N., & Pramono, R. (2021). Millennial Transformational Leadership on Organizational Performance in Indonesia Fishery Startup. Journal of Asian Finance, 8(2), 555–0562. https://doi.org/10.13106/jafeb.2021.vol8.no2.0555
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Ziakis, C., Vlachopoulou, M., & Petridis, K. (2022). Start-Up Ecosystem (StUpEco): A Conceptual Framework and Empirical Research. Journal of Open Innovation: Technology, Market, and Complexity 2022, Vol. 8, Page 35, 8(1), 35. https://doi.org/10.3390/JOITMC8010035
Alexy, O. T., Block, J. H., Sandner, P., & Ter Wal, A. L. J. (2012). Social capital of venture capitalists and start-up funding. Small Business Economics, 39(4), 835–851. https://doi.org/10.1007/S11187-011-9337-4
Badzi?ska, E. (2021). Providing a nurturing environment for start-up incubation?: an explorative study of a university-based entrepreneurial ecosystem. EUROPEAN RESEARCH STUDIES JOURNAL, XXIV(Special Issue 5), 15–29. https://doi.org/10.35808/ERSJ/2701
Bist, A. S. (2023). The Importance of Building a Digital Business Startup in College. Startupreneur Business Digital (SABDA Journal), 2(1), 31–42. https://doi.org/10.33050/SABDA.V2I1.265
Dinesh, K. K., & Sushil. (2019). Strategic innovation factors in startups: Results of a cross-case analysis of Indian startups. Journal for Global Business Advancement, 12(3), 449–470. https://doi.org/10.1504/JGBA.2019.101387
Frare, A. B., Cruz, A. P. C. da, Lavarda, C. E. F., & Akroyd, C. (2022). Packages of management control systems, entrepreneurial orientation and performance in Brazilian startups. Journal of Accounting and Organizational Change, 18(5), 643–665. https://doi.org/10.1108/JAOC-04-2021-0052/FULL/XML
Guckenbiehl, P., Corral de Zubielqui, G., & Lindsay, N. (2021). Knowledge and innovation in start-up ventures: A systematic literature review and research agenda. Technological Forecasting and Social Change, 172, 121026. https://doi.org/10.1016/J.TECHFORE.2021.121026
Islam, M. A., & Alghobiri, M. A. (2018). E-Entrepreneurship for E-Startups: Potentials, Common Challenges and Way Forward. IOSR Journal of Humanities and Social Science, 8(4), 56–61. https://doi.org/10.9790/0837-0845661
Kamuhuza, W., Wu, J., Lodorfos, G., McClelland, Z., & Rodgers, H. (2022). The tripartite partnership between female entrepreneurs, banks and governments in female entrepreneurship-development: a case study of Zambia. International Journal of Organizational Analysis, 30(2), 606–626. https://doi.org/10.1108/IJOA-08-2020-2387/FULL/HTML
Kim, B., Kim, H., & Jeon, Y. (2018). Critical Success Factors of a Design Startup Business. Sustainability 2018, Vol. 10, Page 2981, 10(9), 2981. https://doi.org/10.3390/SU10092981
Korper, A. K., Patrício, L., Holmlid, S., & Witell, L. (2020). Service design as an innovation approach in technology startups: a longitudinal multiple case study. Creativity and Innovation Management, 29(2), 303–323. https://doi.org/10.1111/CAIM.12383
Kraus, K., Kraus, N., & Osetskyi, V. (2020). New quality of financial institutions and business management. http://www.baltijapublishing.lv/index.php/issue/article/view/766
Kuschel, K., Lepeley, M. T., Espinosa, F., & Gutiérrez, S. (2017). Funding challenges of Latin American women start-up founders in the technology industry. Cross Cultural and Strategic Management, 24(2), 310–331. https://doi.org/10.1108/CCSM-03-2016-0072/FULL/XML
Laužikas1, M., Tindale2, H., Bilota3, A., & Bielousovait?, D. (2015). Contributions of sustainable start-up ecosystem to dynamics of start-up companies: the case of Lithuania. Entrepreneurship and Sustainability Issues, 3(1), 8–24. https://doi.org/10.9770/JESI.2015.3.1(1)
Lee, M. H., Lee, M., & Kim, J. (2017). A dynamic approach to the start-up business ecosystem: A cross-comparison of Korea, China, and Japan. Asian Academy of Management Journal, 22(2), 157–184. https://doi.org/10.21315/aamj2017.22.2.6
Mitra, S., Kumar, H., Gupta, M. P., & Bhattacharya, J. (2023). Entrepreneurship in smart cities: elements of start-up ecosystem. Journal of Science and Technology Policy Management, 14(3), 592–611. https://doi.org/10.1108/JSTPM-06-2021-0078/FULL/XML
Parameswar, N., Hasan, Z., Dhir, S., & Ongsakul, V. (2019). Factors that drive development of technological entrepreneurship in South Asia. Journal for Global Business Advancement, 12(3), 429–448. https://doi.org/10.1504/JGBA.2019.101390
Pilloni, M., Kádár, J., & Hamed, T. A. (2022). The Impact of COVID-19 on Energy Start-Up Companies: The Use of Global Financial Crisis (GFC) as a Lesson for Future Recovery. Energies 2022, Vol. 15, Page 3530, 15(10), 3530. https://doi.org/10.3390/EN15103530
Prabhakar, S., Nimesh, A., & Prabhakar, P. (1 C.E.). Assessment of Start-Up Ecosystems for Tribal Women Entrepreneurs in India. Https://Services.Igi-Global.Com/Resolvedoi/Resolve.Aspx?Doi=10.4018/978-1-6684-6878-4.Ch001, 1–22. https://doi.org/10.4018/978-1-6684-6878-4.CH001
Raza, S. A. (2020). A systematic literature review of closed-loop supply chains. Benchmarking, 27(6), 1765–1798. https://doi.org/10.1108/BIJ-10-2019-0464/FULL/XML
Rosemaro, M. E. (2022a). Understanding the Concept of Entrepreneurship Management and Its Contribution in Organization. International Journal of New Practices in Management and Engineering, 11(01), 24–30. https://doi.org/10.17762/IJNPME.V11I01.159
Rosemaro, M. E. (2022b). Understanding the Concept of Entrepreneurship Management and Its Contribution in Organization. International Journal of New Practices in Management and Engineering, 11(01), 24–30. https://doi.org/10.17762/IJNPME.V11I01.159
Skala, A. (2019). The Startup as a Result of Innovative Entrepreneurship. Digital Startups in Transition Economies, 1–40. https://doi.org/10.1007/978-3-030-01500-8_1
Suchek, N., Ferreira, J. J., & Fernandes, P. O. (2022a). A review of entrepreneurship and circular economy research: State of the art and future directions. Business Strategy and the Environment, 31(5), 2256–2283. https://doi.org/10.1002/BSE.3020
Suchek, N., Ferreira, J. J., & Fernandes, P. O. (2022b). A review of entrepreneurship and circular economy research: State of the art and future directions. Business Strategy and the Environment, 31(5), 2256–2283. https://doi.org/10.1002/BSE.3020
Surya WANASIDA, A., Bernarto, I., Sudibjo, N., & Pramono, R. (2021). Millennial Transformational Leadership on Organizational Performance in Indonesia Fishery Startup. Journal of Asian Finance, 8(2), 555–0562. https://doi.org/10.13106/jafeb.2021.vol8.no2.0555
Zhang, Y., Zubair, A., Liu, Z., Anugerah, D. P., & Indriani, M. (2018). Data Protection in Financial Technology Services: Indonesian Legal Perspective. IOP Conference Series: Earth and Environmental Science, 175(1), 012188. https://doi.org/10.1088/1755-1315/175/1/012188
Ziakis, C., Vlachopoulou, M., & Petridis, K. (2022). Start-Up Ecosystem (StUpEco): A Conceptual Framework and Empirical Research. Journal of Open Innovation: Technology, Market, and Complexity 2022, Vol. 8, Page 35, 8(1), 35. https://doi.org/10.3390/JOITMC8010035
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