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Entrepreneurial Challenges through Innovative Business Models – A Sigma Approach

Author

Listed:
  • DragoÈ™ Tohănean

    (The Bucharest University of Economic Studies)

  • Loredana Nicoleta Zainea

    (The Bucharest University of Economic Studies)

Abstract

Technologies, methods and people are the big challenges for companies. Technology trends are driving dynamic change in the digital future. In addition, the dominant IT-driven trends that are currently transforming the world are forcing companies to be agile with new innovative business models and changing business processes. These include, among others, mobility, cloud computing, collaboration, big data, networking of all things or agile business approaches and methodologies. With such big changes, entrepreneurs have always to adapt. Most challenges are in following areas: cash flow management, hiring employees, time management, delegating tasks, marketing strategy, capital or business growth. In order to continuous, innovate the business model all challenges have to be understood and adapted based on the business strategy and market demand. This being said, the paper will answer the following question: What are the best practices for entrepreneurs to innovate their business model, using a sigma approach? To reach the aims of the paper the authors use a descriptive research method, namely a case study and a qualitative research method, namely personal interviews. The case study was used to understand a company's process and actions when it comes to business and entrepreneurial challenges. The authors conducted 14 semi-structured interviews with key employees of companies from various industries. The results are used to understand which business model components are most affected by change, listing the challenges when it comes to innovating your own business model, and what are the 'best practices' for entrepreneurs.

Suggested Citation

  • DragoÈ™ Tohănean & Loredana Nicoleta Zainea, 2019. "Entrepreneurial Challenges through Innovative Business Models – A Sigma Approach," Journal of Emerging Trends in Marketing and Management, The Bucharest University of Economic Studies, vol. 1(1), pages 172-181, November.
  • Handle: RePEc:aes:jetimm:v:1:y:2019:i:1:p:172-181
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    Citations

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    Cited by:

    1. Drago? Tohãnean, , and & Alexandru Ilie Buzatu & Cristina-Andrada Baba & Bogdan Georgescu, 2020. "Business Model Innovation Through the Use of Digital Technologies: Managing Risks and Creating Sustainability," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(55), pages 758-758, August.
    2. Tohanean Dragos & Sangeorzan Livia, 2023. "From Tradition To Transformation: The Role Of Digitalization In Advancing Business Model Innovation," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 242-250, December.

    More about this item

    Keywords

    Entrepreneurship; Business Model Innovation; Six Sigma.;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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