An entrepreneur is generally defined as "a person who organizes and manages an enterprise or venture and assumes significant accountability for the inherent risks and the outcome." The name is most frequently applied to a person who is willing to take on a new venture, project or enterprise, creating value by offering a product or service, and accepting full responsibility for the outcome. In essence, entrepreneurship is about taking personal, professional or financial responsibility and risk in order to pursue opportunity. In this sense, entrepreneurship is not only for individuals or small companies; it is an essential factor for success in today's rapidly evolving business world. Principles of entrepreneurship are necessary for all types of growth, innovation and change.
In recent years, a new generation of entrepreneurs has begun to emerge who are interested in more than just financial gain; they are also committed to living their dreams and making a better world through their projects or ventures. Many are people who have made a conscious decision to become more passionate, purposeful and creative. This translates into increased motivation, innovation and focus.
Next generation entrepreneurs want to create both a successful and purposeful business, or career; combining ambition with contribution and mission, and the desire for personal growth and fulfillment. They also desire to attract and collaborate with others who share the same vision, mission and ambition. In other words, Next Generation Entrepreneurship involves creating a world to which people want to belong. This new generation of entrepreneurship is driving and changing the way business is done and paving the way to both our social and economic future.
The purpose of the study was to identify the latest trends adopted by this new generation of entrepreneurship in order to address challenges and take advantage of opportunities in the current economic environment.