Entrepreneurial Challenges through Innovative Business Models – A Sigma Approach

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.