{"id":562,"date":"2019-11-30T18:09:00","date_gmt":"2019-11-30T15:09:00","guid":{"rendered":"http:\/\/www.etimm.ase.ro\/?p=562"},"modified":"2021-10-26T18:09:44","modified_gmt":"2021-10-26T15:09:44","slug":"entrepreneurial-challenges-through-innovative-business-models-a-sigma-approach","status":"publish","type":"post","link":"https:\/\/www.etimm.ase.ro\/?p=562","title":{"rendered":"Entrepreneurial Challenges through Innovative Business Models \u2013 A Sigma Approach"},"content":{"rendered":"<h4>\n<span style=\"font-size:12px;\"><span style=\"font-family: georgia,serif;\"><strong>Title<\/strong><\/span><\/span><\/h4>\n<p style=\"text-align: justify;\">\n<span style=\"font-size:12px;\"><span style=\"font-family: georgia,serif;\"><meta name=\"citation_title\" content=\"Entrepreneurial Challenges through Innovative Business Models \u2013 A Sigma Approach\">Entrepreneurial Challenges through Innovative Business Models \u2013 A Sigma Approach<\/span><\/span><\/p>\n<h4>\n<span style=\"font-size:12px;\"><span style=\"font-family: georgia,serif;\"><strong>Author<\/strong><\/span><\/span><\/h4>\n<p style=\"text-align: justify;\">\n<span style=\"font-size:12px;\"><span style=\"font-family: georgia,serif;\"><meta name=\"citation_author\" content=\"Drago\u0219 Toh\u0103nean\">Drago\u0219 Toh\u0103nean, <meta name=\"citation_author\" content=\"Loredana Nicoleta Zainea\">Loredana Nicoleta Zainea<\/span><\/span><\/p>\n<p><span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><meta name=\"citation_publication_date\" content=\"2019\/11\/30\"><meta name=\"citation_journal_title\" content=\"Journal of Emerging Trends in Marketing and Management\"><meta name=\"citation_volume\" content=\"I\"><meta name=\"citation_issue\" content=\"1\"><meta name=\"citation_firstpage\" content=\"172\"><meta name=\"citation_lastpage\" content=\"181\"><meta name=\"citation_place_published\" content=\"Bucharest, Romania\"><meta name=\"citation_publisher\" content=\"The Bucharest University of Economic Studies Publishing House\"><meta name=\"citation_issn\" content=\"2537-5865\"><\/span><\/span><\/p>\n<h4>\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><strong>Classification JEL <\/strong><\/span><\/span><\/h4>\n<p style=\"text-align: justify;\">\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><meta name=\"citation_classification_jel\" content=\"L26, M19, O31, O32.\">L26, M19, O31, O32.<\/span><\/span><\/p>\n<h4>\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><strong>Abstract<\/strong><\/span><\/span><\/h4>\n<p style=\"text-align: justify;\">\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><meta name=\"citation_abstract\" content=\"Technologies, methods and people are the big challenges for companies. Technology trends are driving dynamic change in the digital future. In addition, the dominant IT-driven trends that are currently transforming the world are forcing companies to be agile with new innovative business models and changing business processes. These include, among others, mobility, cloud computing, collaboration, big data, networking of all things or agile business approaches and methodologies. With such big changes, entrepreneurs have always to adapt. Most challenges are in following areas: cash flow management, hiring employees, time management, delegating tasks, marketing strategy, capital or business growth. In order to continuous, innovate the business model all challenges have to be understood and adapted based on the business strategy and market demand. This being said, the paper will answer the following question: What are the best practices for entrepreneurs to innovate their business model, using a sigma approach? To reach the aims of the paper the authors use a descriptive research method, namely a case study and a qualitative research method, namely personal interviews. The case study was used to understand a company's process and actions when it comes to business and entrepreneurial challenges. The authors conducted 14 semi-structured interviews with key employees of companies from various industries. The results are used to understand which business model components are most affected by change, listing the challenges when it comes to innovating your own business model, and what are the 'best practices' for entrepreneurs.\">Technologies, methods and people are the big challenges for companies. Technology trends are driving dynamic change in the digital future. In addition, the dominant IT-driven trends that are currently transforming the world are forcing companies to be agile with new innovative business models and changing business processes. These include, among others, mobility, cloud computing, collaboration, big data, networking of all things or agile business approaches and methodologies. With such big changes, entrepreneurs have always to adapt. Most challenges are in following areas: cash flow management, hiring employees, time management, delegating tasks, marketing strategy, capital or business growth. In order to continuous, innovate the business model all challenges have to be understood and adapted based on the business strategy and market demand. This being said, the paper will answer the following question: What are the best practices for entrepreneurs to innovate their business model, using a sigma approach? To reach the aims of the paper the authors use a descriptive research method, namely a case study and a qualitative research method, namely personal interviews. The case study was used to understand a company&#8217;s process and actions when it comes to business and entrepreneurial challenges. The authors conducted 14 semi-structured interviews with key employees of companies from various industries. The results are used to understand which business model components are most affected by change, listing the challenges when it comes to innovating your own business model, and what are the &#8216;best practices&#8217; for entrepreneurs.<\/span><\/span><\/p>\n<h4>\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><strong>Keywords<\/strong><\/span><\/span><\/h4>\n<p style=\"text-align: justify;\">\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><meta name=\"citation_Keywords\" content=\"Entrepreneurship, Business Model Innovation, Six Sigma.\">Entrepreneurship, Business Model Innovation, Six Sigma.<\/span><\/span><\/p>\n<h4>\n<span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><strong>Full Text: <meta name=\"citation_pdf_url\" content=\"http:\/\/www.etimm.ase.ro\/RePEc\/aes\/jetimm\/2019\/ETIMM_V01_2019_79.pdf\"><a href=\"http:\/\/www.etimm.ase.ro\/RePEc\/aes\/jetimm\/2019\/ETIMM_V01_2019_79.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: rgb(0, 0, 205);\">download pdf<\/span><\/a><\/strong><\/span><\/span><\/h4>\n<p><span style=\"font-family:georgia,serif;\"><span style=\"font-size:12px;\"><strong>Cite: <a href=\"http:\/\/www.etimm.ase.ro\/RePEc\/aes\/jetimm\/2019\/ETIMM_V01_2019_79.ris\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: rgb(255, 0, 0);\">download citation<\/span><\/a> (for EndNote, Reference Manager, ProCite)<\/strong><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Title Entrepreneurial Challenges through Innovative Business Models \u2013 A Sigma Approach Author Drago\u0219 Toh\u0103nean, Loredana Nicoleta Zainea Classification JEL L26, M19, O31, O32. Abstract Technologies, methods and people are the big challenges for companies. Technology trends are driving dynamic change in the digital future. In addition, the dominant IT-driven trends &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_ef_editorial_meta_date_first-draft-date":"","_ef_editorial_meta_paragraph_assignment":"","_ef_editorial_meta_checkbox_needs-photo":"","_ef_editorial_meta_number_word-count":"","footnotes":""},"categories":[23],"tags":[],"coauthors":[18],"class_list":["post-562","post","type-post","status-publish","format-standard","hentry","category-jetimm_2019"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/posts\/562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=562"}],"version-history":[{"count":1,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/posts\/562\/revisions"}],"predecessor-version":[{"id":563,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=\/wp\/v2\/posts\/562\/revisions\/563"}],"wp:attachment":[{"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=562"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.etimm.ase.ro\/index.php?rest_route=%2Fwp%2Fv2%2Fcoauthors&post=562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}