Role of Creativity and Technological Innovation in Achieving Entrepreneurial Success

Dr. Ifeanyi Mbukanma and Dr. Tulsee Giri Goswami
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Dr. Ifeanyi Mbukanma: Department of Economic and Business Sciences, Faculty of Commerce and Administration, Walter Sisulu University, ZMK, Mthatha, South Africa
Dr. Tulsee Giri Goswami: Assistant Professor, Department of Management, Central University of Rajasthan, India

Indian Journal of Commerce and Management Studies, 2023, vol. 14, issue 2, 22-28

Abstract: Purpose. 'Necessity is the mother of invention' which acts as the baseline for any businesses to start, flourish, survive and reinvent itself to cater to the needs of the customers. Creativity, innovation, and entrepreneurship are crucial for the business owners to sustain their business. In the aftermath of COVID-19, technological innovations disrupted the way how businesses were functioning so far. So, there is a need exists to review the role played by creativity and technological innovation in achieving success. Methodology. The current review work follows an exploratory research framework and a multi-pronged approach was followed to study about the topics relevant to creativity, business innovation, technological innovation, entrepreneurial success, change management and the policy recommendations. Findings. With the advent of technologies and its obvious evolution in the upcoming decade, it is crucial for the business owners to be creative, dynamic enough and adapt to the growing market conditions. The current review detailed about the impact of artificial intelligence, machine learning and other disruptive technologies upon entrepreneurial success. The role played by artificial intelligence in upgrading the industrial ecosystem and the automation of processes has been investigated in detail. Further, the issues pertaining to change management and the implementation of AI have been discussed in detail. Implications. The review article provides an overview on how entrepreneurs should be tech-savvy, ready to migrate to new technologies, adapt to digital transformation so as to achieve success and sustain in a highly competitive market. Novelty. The current review is a first-of-its-kind that dealt with technological innovation and creativity to achieve entrepreneurial success in India. The study provided recommendations from substantial reports for the implementation of AI for an affordable social upbringing.

Keywords: Artificial intelligence; business model; chat generative pre-trained transformer; creativity; disruptive technology; innovation; machine learning; technology (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aii:ijcmss:v:14:y:2023:i:2:p:22-28

DOI: 10.18843/ijcms/v14i2/03

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