The Significance of Entrepreneurship: Problems, Motivations and Success Factors (Social Science)

Abstract

In general, entrepreneurship is a tough proposition as a good number of the new business fail to take off. Entrepreneurial activities differ based on the type of the business they are involved in. In the knowledge-based economy, innovation and knowledge are the key driver of success. The purpose of this study is to shed light on the role of today’s knowledge-based economy by reviewing a number of entrepreneurs who lived in Philippines. This study seeks to examine the relationship between innovation and knowledge in Entrepreneurship with regard to performance, their dynamism, adaptability and flexibility, constitute a central component of the innovative economy. Specifically to determine the entrepreneur’s skills and characteristics and put them into practice in order to know the ways of an entrepreneur in making business. The population of the study is 10 entrepreneurs were analyzed through hierarchical analysis and innovation was found to be a significant factor in entrepreneur samples. Implications for theory and practice are discussed that may provide possible competitive advantage for the entrepreneurs. The findings of this study help propose a framework for enabling innovation and entrepreneurship in developing countries.