Entrepreneurship Development | Journals

The IUP Journal of Entrepreneurship Development

Factors Influencing Startups in an Emerging Economy: A Literature Review

Article Details

Pub. Date	: March, 2022
Product Name	: The IUP Journal of Entrepreneurship Development
Product Type	: Article
Product Code	: IJED010322
Author Name	: Kapil Malhotra and Rubi
Availability	: YES
Subject/Domain	: Management Journals
Download Format	: PDF Format
No. of Pages	: 14

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Abstract

Entrepreneurs are important contributors to a country's economic development and are at the core of every startup ecosystem. Startups have played an important role in the growth of many economies worldwide by generating employment, increasing innovation and bringing competitive dynamics into the business environment. In recent years, more startups are gaining pace by catering to new types of market demand. The present study examines the internal and external factors that influence the success of a startup in different stages. Multiple research works from various prominent publications like Elsevier, Emerald, Taylor, and Francis have been reviewed in this paper. The findings of the study indicate that external factors have more influence on successful startups than internal factors.

Introduction

Modern industrialization has been defined by entrepreneurship, invention, and creativity. People are quickly adjusting to the concept of entrepreneurship and innovation, which is boosting global economies. As a result, the government is under less pressure to create jobs. An improved understanding of the factors that contribute to the success of startups is an important aspect of entrepreneurship research (Okrah et al., 2018). The concept of startups may be traced back to the 1970s. The term 'startup' has been researched and defined across various disciplines (Baregheh et al., 2009). According to Robehmed (2013), 'startup' is a business that is still in its early phase of development. A startup is a business that aims to solve a problem for which no obvious solution exists and where success is uncertain. According to other definitions, a startup is a firm that is built on several uncertainties and has innovation at its core in order to build products and services that will transform the market (Moroni et al., 2015). A startup is a small business founded by one or more entrepreneurs to offer unique products or services. Its goal is to promote innovation, creativity, and speedy idea generation. A good idea is not enough to establish a successful business: while most studies