Strategies for Developing Entrepreneurial Start-Up Scalability and Sustainability

Introduction

Entrepreneurial activity is a critical source of employment and economic development. The initial years of a startup or business firm are important to raise investment and gain customers. This is also important to achieve scalability, sustainability and optimal resource utilization. However, one of the greatest challenges of startups is mobilizing finance from various sources. Entrepreneurship is a social, economic, culture and scientific process, which help to create jobs and extensive business opportunities (Kim et al., 2022). Entrepreneurship is a system of economic players, government and other mediators who take initiatives to start new business, venture and start-up to produce goods and services to meet the need of society in several ways. While, entrepreneurship ecosystem (EE) is a system that nurture a proper path for businessmen to start new business and promote entrepreneurial activities (Sharma et al., 2023).

EE has a muti-interacting association with technical and entrepreneurial skills of people, entrepreneurial training, entrepreneurial culture, entrepreneurial education, bank rate, financial availability, government policies, foreign direct investment, inflation, science & technological development, technology transfer and commercialization, innovation, R&D expenditure, intellectual property rights regime, infrastructural development, population growth, demand of goods and services and geographical location (Singh et al., 2023).

Digitalization and information and communication technologies (ICTs) infrastructure have positive implication on economic development, entrepreneurship ecosystem (EE) and entrepreneurial activities. Digitalization is a process in which a country has greater dependency on digital technologies and ICTs to be digitalized economy (Singh & Jyoti, 2023). Past evidence infer that per capita income, business opportunities, e-commerce, e-business, online trading of goods and services, level of employment, transparency in government policies, dissemination of information, innovation in market, money flow and need of consumers and producers, labour productivity, and quality of education also increase due to adoption of digitalization and ICTs infrastructure (Kondratenko et al., 2022). Digitalization helps to meet the requirement of entrepreneurs and consumers as creating an online platform of business. Digital development is supportive to satisfy entrepreneur's information and their acquisition needs. Digitalization is also operative to increase competition, resource efficiency and quality of life and movement of country to be globally competitive. Economic development and its enhancing factors (i.e., foreign direct investment, foreign trade, inflation, interest rate, money supply, employment rate, exports of goods and services, capital formation, infrastructural development, human resource, energy intensity, business density rate, population growth, urbanization, industrialization, foreign trade, science and technological development, innovation, intellectual property rights, institutional support, natural resource, financial resources and access to electricity, etc.) also help to create a favorable entrepreneurship and business ecosystem (Sharma et al., 2023). Economic development and entrepreneurship ecosystem (EE) cannot be improved without digitalization, ICTs, science and technological development. Digitalization helps to develop a platform for social, economic, environmental and technological development (Jyoti & Singh, 2023). Further, digitalization works as a driver to increase sustainable social-economic development. Digitalization may be positive to increase inclusive economic growth and social equity