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

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  • Petrakis, Panagiotis E.
  • Kostis, Pantelis C.
  • Kafka, Kyriaki I.

Abstract

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.

Suggested Citation

  • Petrakis, Panagiotis E. & Kostis, Pantelis C. & Kafka, Kyriaki I., 2016. "Secular stagnation, faltering innovation, and high uncertainty: New-era entrepreneurship appraisal using knowledge-based thinking," Journal of Business Research, Elsevier, vol. 69(5), pages 1909-1913.
    • Handle: RePEc:eee:jbrese:v:69:y:2016:i:5:p:1909-1913
    DOI: 10.1016/j.jbusres.2015.10.078
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    2. Irwin, Kris & Gilstrap, Collin & McDowell, William & Drnevich, Paul & Gorbett, Abigail, 2022. "How knowledge and uncertainty affect strategic international business investment decisions: Implications for cross-border mergers and acquisitions," Journal of Business Research, Elsevier, vol. 139(C), pages 831-842.
    3. Pantelis C. Kostis, 2021. "Culture, innovation, and economic development," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-16, December.
    4. Kostis, Pantelis C. & Kafka, Kyriaki I. & Petrakis, Panagiotis E., 2018. "Cultural change and innovation performance," Journal of Business Research, Elsevier, vol. 88(C), pages 306-313.
    5. Bouhalleb, Arafet & Tapinos, Efstathios, 2023. "The impact of scenario planning on entrepreneurial orientation," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    6. Merendino, Alessandro & Dibb, Sally & Meadows, Maureen & Quinn, Lee & Wilson, David & Simkin, Lyndon & Canhoto, Ana, 2018. "Big data, big decisions: The impact of big data on board level decision-making," Journal of Business Research, Elsevier, vol. 93(C), pages 67-78.
    7. Kafka, Kyriaki I. & Kostis, Pantelis C., 2024. "Unravelling the innovation puzzle: The interplay between uncertainty, economic institutions, and innovation performance in advanced and developing economies," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    8. Mario Rosique-Blasco & Antonia Madrid-Guijarro & Domingo García-Pérez-de-Lema, 2018. "The effects of personal abilities and self-efficacy on entrepreneurial intentions," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 1025-1052, December.

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