1.1 Navigating the Start-Up Landscape: A Global and Indian Perspective
Entrepreneurial pursuits are often fueled by a desire to address existing gaps in business or consumer needs and streamline processes (Henry, 2020). Driven by innovation and creativity, entrepreneurs are typically young, highly educated, socially connected, and bring extensive experience to their ventures (Picken, 2017). The success of these endeavors, defined by the achievement of set objectives, hinges on factors such as the scale of the start-up and the leadership style employed (Zaech & Baldegger, 2017).
Start-ups face myriad internal and external constraints, including market dynamics, institutional factors, and broader ecosystem challenges. These constraints become particularly pronounced as start-ups venture into solving novel problems in ambiguous circumstances, often in unnamed markets with unknown demand and funding sources (Tehseen & Ramayah, 2015).
Distinguishing between two uses of the term “start-up” is crucial. It can denote an innovative micro-enterprise from its inception to market maturity, covering the entire entrepreneurial growth process. Alternatively, it can refer to a specific phase between other developmental stages (Autio, 2016). Start-ups evolve through various stages, broadly categorized as Standup, Startup, and Scaleup, with a unique category of unicorns or scalers boasting valuations exceeding 1 billion USD.
Economically, start-ups contribute significantly to innovation and societal advancement, fostering increased income levels and improved quality of life over the long term (Cockayne, 2019; Barbulescu et al., 2021; Skawinska & Zalewski, 2020).