Document Type : ORIGINAL RESEARCH ARTICLE
Authors
1
Department of Business Administration, Kalasalingam Academy of Research and Education, Krishhankoil 626126, Tamil Nadu, India.
2
Presidency Business School, Presidency College (Autonomous), Bangalore-560024, Karnataka, India.
3
Department of Agricultural Engineering, Kalasalingam Academy of Research and Education, Krishhankoil 626126, Tamil Nadu, India.
Abstract
BACKGROUND AND OBJECTIVES: Urban entrepreneurship is recognized as a significant driver of economic growth and innovation, particularly in urban areas. Entrepreneurs in urban environments face various challenges that can impede their success and hinder urban economic development. This research aims to identify and analyze these key barriers urban entrepreneurs face to provide insights into areas requiring intervention and support for sustainable urban economic growth.
METHODS: A literature review identified a comprehensive list of 30 challenges covering various aspects such as access to capital, regulatory complexity, market saturation, and competition from big corporations. These challenges were then analyzed using fuzzy Decision-Making Trial and Evaluation Laboratory analysis to assess their interrelationships and their relative importance in influencing urban entrepreneurship and economic development.
FINDINGS: The study identifies several critical barriers to urban entrepreneurship and economic development, including high operating costs, regulatory complexity, market saturation, and infrastructure deficiencies. Social inequality, economic instability, lack of government support, technological disruption, and competition from big corporations also emerged as significant challenges. These findings underscore the need for tailored interventions in urban management to foster entrepreneurial growth and support sustainable economic development. The results from the study, with values ranging from 5.7 to 12.8, highlight key factors impacting entrepreneurial growth in urban environments. Access to capital (6.0-12.5), regulatory complexity (5.8-11.5), market saturation (6.1-12.8), and infrastructure deficiencies (5.7-12.5) were identified as crucial obstacles. Understanding these challenges and their interconnections provides valuable insights for policymakers, urban planners, and stakeholders to develop targeted strategies and interventions to support urban entrepreneurship and foster sustainable economic growth. These findings provide insights for urban management and policy interventions to support entrepreneurship and foster sustainable economic growth in cities.
CONCLUSION: This study's findings underscore the importance of addressing key challenges faced by urban entrepreneurs to create a conducive environment for their success and promote sustainable urban economic development. By implementing targeted policies and interventions to mitigate these barriers, policymakers and stakeholders can foster innovation, create job opportunities, and enhance the vibrancy and resilience of urban economies. This research contributes to the body of knowledge on urban entrepreneurship and provides practical implications for promoting economic growth and prosperity in urban areas.
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