Multidimensional analysis of entrepreneurial leadership and spatial innovation for sustainable startup success in emerging markets

Abstract

Understanding the key factors that drive entrepreneurial success is vital in our quest to achieve sustainable development goals and cultivate inclusive business models in emerging markets. This study employs a mixed-methods approach, combining qualitative expert interviews (n = 25) with content analysis of secondary data sources (76 journal articles, 17 reports, 20 newspaper articles, 15 blogs, 24 video clips, and 7 book chapters). Data were investigated utilizing grounded theory techniques, including open, axial, and selective coding. The study focuses on successful startups in Bangladesh, selected based on criteria, such as financial performance, growth potential, and innovation. The findings reveal that 92% of successful startup leaders possess resilience, 88% demonstrate effective communication skills, 84% exhibit a growth mindset, and 80% employ a strategic mindset. Furthermore, 76% of these leaders foster a culture of innovation by embracing failure, 72% adopt a vision-oriented approach, and 68% decentralize authority. The study highlights that 64% of successful startups leverage market analysis techniques, 60% optimize their supply chains, 56% employ effective risk management strategies, 52% focus on customer segmentation, and 48% utilize crowdsourcing methods to enhance their strategic decision-making and operational efficiency. Conversely, 40% of unsuccessful startups lack salesmanship skills, 36% lack humility, and 32% have limited coachability. This research contributes to the understanding of entrepreneurial strategies and the private sector's role in achieving sustainable business development in emerging markets, providing valuable insights for entrepreneurs, policymakers, and stakeholders in the entrepreneurial ecosystem.