EMBRACING DISRUPTIVE INNOVATION: A GUIDE TO INFUSING IT INTO YOUR ENTREPRENEURIAL VISION
Abstract
The COVID-19 pandemic has underscored the critical importance of innovation for the survival and growth of entrepreneurial firms in an increasingly volatile external environment. However, the pandemic has also revealed a grim reality, as approximately 400,000 businesses, mainly small firms, disappeared from the market within a year, leading to widespread unemployment. The demise of many small entrepreneurial firms is often attributed to their lack of a disruptive innovation vision. Analyzing business data from the United States for the years 2010 and 2019, some notable observations emerge. First, the annual creation of new businesses in the United States is substantial, with an average of 908,000 establishments. Second, despite the country's robust and stable economy, the survival rate of businesses, particularly entrepreneurial firms, is disheartening, standing at approximately 9 percent. This calls attention to the critical factors contributing to the exit of small entrepreneurial firms, which include a dearth of well-defined visionbased strategic initiatives, a limited understanding of disruptive innovation, and deficiencies in managerial and marketing skills. These factors are closely interconnected and mutually reinforcing. This study explores the complex relationship between disruptive innovation, strategic vision, and entrepreneurial firm survival in the context of the COVID-19 pandemic.
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COVID-19 Pandemic, Entrepreneurial Firms, Disruptive Innovation, Business SurvivalStrategic VisionDownloads
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https://doi.org/10.5281/zenodo.10568413%20Issue
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Copyright (c) 2024 Emma Thompson, Daniel Evans , Olivia Morgan
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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Vision: the relationship between a firm’s strategy and business model Boniface C. Madu Grand Canyon University
