Secular stagnation, faltering innovation, and high uncertainty: New-era entrepreneurship appraisal using knowledge-based thinking

In the new era—mainly after the recent global financial crisis—conditions skyrocket uncertainty episodes, while innovation falters and low average nominal returns on entrepreneurial investments occur. Under those circumstances, the traditional instruments of entrepreneurial appraisal and entrepreneurial decisions, limit the utility and endanger the development of entrepreneurship. A need exists for new approaches—such as the creative strategic scenario thinking analysis—that take into account the personal characteristics of the managers and the entrepreneurs, and the new-era conditions, through a combination of strategic thinking and scenario planning, and taking into account the essential role of creativity. This analytical approach can serve as an entrepreneurship appraisal and as a tool to manage future challenges and develop a future competitive advantage. This framework could serve as a mainstream guideline for managers and entrepreneurs who scope to gain and sustain a competitive advantage under the conditions prevailing in the future.