Abstract
PURPOSE: Explore what entrepreneurship and success factors can help drive business to resilience and stability and achieve competitive advantage through innovation in different countries and business realities in the era of digital transformation and turbulent times. METHODOLOGY: Based on the narrative literature review, we present research findings concerning new strategies and outlooks for business innovation in times of many unknowns. Each organization wants to find its way to gain success and create its unique business model, which can capture value creation and innovativeness and be more adaptive, resilient, and stable in critical moments and sustainable over time. FINDINGS: The articles presented in this issue explore the essential factors of business innovation and success in different organizations and the environments in which these businesses function. IMPLICATIONS FOR THEORY AND PRACTICE: This article synthesizes the presented research field’s importance and relevance, connecting its theoretical background with practical research. Recommendations and implications for future trends of this research stream might also be helpful for professionals and academicians. ORIGINALITY AND VALUE: The novel studies presented in this issue were done in five different (developing and developed) countries and business sectors that present human-based and non-human-based factors as crucial factors needed to empower business transformation in a complex world. Each group of elements is essential in business success, and their components are interdependent. We need to look at the interactions and interdependencies of their components in a dynamic and network form and cannot simplify the reality, focusing only on one group of business components and ignoring the other. These unique studies provide a valuable outlook to establish dynamic, adaptive business pathways towards a sustainable and resilient organizational future and propose future research paths needed to execute structural changes in businesses.
Highlights
Donald Rumsfeld said in 2001 “we are living in a world which combines known knowns, known unknowns, and unknown unknowns” (Syrett & Devine, 2012, p. 1)
Based on the narrative literature review, we present research findings concerning new strategies and outlooks for business innovation in times of many unknowns
The research was related to various aspects of a business functioning to be more resilient and stable and achieve competitive advantage through innovation: (a) interactive effects of the factors affecting the success of a startup enterprise, (b) value chain benchmarking to identify innovative digital technologies and the benefits of their application, (c) entrepreneurial self-efficacy and entrepreneurial intentions impact to start a business venture among young graduates, (d) analysis of knowledge management initiatives, policies and tools application in small, medium, and large enterprises, (e) analyze the importance of internal capabilities and external information sources in implementing the product, process, marketing, and organizational innovations to maximize the firm’s competitive advantage and create value for stakeholders
Summary
Donald Rumsfeld (a former US Defense Secretary) said in 2001 “we are living in a world which combines known knowns, known unknowns, and unknown unknowns” (Syrett & Devine, 2012, p. 1). Agility is an attribute that helped organizations survive and pass through the obstacles, especially those during COVID-19 Those who can adapt to those challenges, apply their lessons learned, and add new practices to react to the crisis might be called resilient. The negative impact on many businesses during the pandemic was because of the lack of technological and systemic preparation to conduct business remotely and the rigid organizational culture and lack of the proper mindset of the managerial staff to manage change in the VUCA (volatile, uncertain, complex, and ambiguous) world Those organizations with a leadership culture based on trust, effective communication, and empathy (competent leaders with well-developed “soft skills” to manage human resources) could succeed in these challenging times of digitalization and continuous change. The research question (RQ) that guides this issue is: RQ: What kind of entrepreneurship and success factors can help drive business to resilience and stability, and achieve competitive advantage through innovation in different countries and business realities in the era of digital transformation and turbulent times?
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