Entrepreneurship Ecosystems and the Factors Contributing to Startup Success-A Study

Abstract

Entrepreneurship has emerged as a key factor in a country economic and social progress in the last several decades. An effective entrepreneurial ecosystem is one approach to regional economic development that aims to foster the kind of conditions that can lead to long-term success for new businesses. In addition, company owners see the development of policies to promote economic growth as integral to the success of their enterprises and the significance of an entrepreneurial ecosystem. The key driver of a thriving entrepreneurial segment is that national goals can be better aligned with entrepreneurs activities if lawmakers have a better grasp of what startups deem essential. An increasing number of national leaders are placing a premium on creating an entrepreneurial ecosystem that is both vibrant and productive. Startups encounter numerous obstacles when trying to find commercial partners and when trying to solicit assistance from personal connections within their communities and cultures. Therefore, in order to achieve success and sustainability, many emerging ecosystems around the world require a theoretical framework to guide the development of their communities. It is the responsibility of the government to foster an environment conducive to startups by enacting policies that encourage them and thereby draw in venture investors. Moreover, in order to make the most of its resources, entrepreneurs must have a positive impression of the ecosystem and its companies. For entrepreneurs to have the right view of the entrepreneurial environment and have successful businesses, thorough study is required.