Entrepreneurship and Entrepreneurial Ecosystem

Abstract

Businesses that cannot sustain innovation are likely to fail. The success of small businesses depends on their ability to adapt to the rapidly changing environments. Nowadays, the COVID-19 pandemic brings new challenges in adopting to the changing environment and lifestyle. In addition to the limitations that came with COVID-19, the entrepreneurship ecosystem includes a wide variety of factors that affect the entrepreneurship process and have an impact on the success or failure of entrepreneurs. In this chapter, a review of the concept of entrepreneurship, definition of an entrepreneur and its key features, motivation factors of entrepreneurship, role of ICTs in entrepreneurship, and basic entrepreneurship terms are summarized. Entrepreneurship has a significant role in increasing the welfare of societies and developing new technologies. Thus, fundamentals of entrepreneurship and the ecosystem are important for professional and candidate entrepreneurs who seek guidance in transforming their business ideas into results.