Entropy characteristics and structural model in the process of entrepreneurship

Abstract

The current national economy needs to foster a culture of entrepreneurship, encourage entrepreneurial initiatives, and create an entrepreneurial ecosystem. In the field of business studies, many scholars have applied various entropy theories to enrich and advance business knowledge. However, the current literature on entrepreneurship and entropy is sparse and disjointed. The previous research does not offer a coherent framework for integrating these two concepts. This research aims to propose a new concept of entrepreneurial entropy. The study uses the literature review, structural equation modelling, and case analysis to construct a preliminary model of entrepreneurial entropy. The study investigated the entrepreneurial performance of four different teams using entropy analysis. The researchers applied six key indicators of entrepreneurship that were developed by four groups of entrepreneurs. They used the structured equation of entropy to calculate the total entropy value for each group. By comparing the entropy values, they were able to draw quantitative conclusions about the effectiveness of the entrepreneurship process. The study will introduce entropy theory to the domain of entrepreneurship and establish a new direction and area of entrepreneurship research. Overall, the proposed concept of entrepreneurial entropy represents a significant step forward in the quest to enrich and advance our knowledge of business and entrepreneurship.