Contextualizing Entrepreneurship with Society and Business

This chapter presents discussions on the attributes and consequences of systems thinking on enhancing the efficiency of entrepreneurship within the social and economic challenges. The market consciousness, innovation perspective, and consumer value creation as the tools for social proximity and crowd-based business modeling have also been discussed in this chapter. Contextualizing entrepreneurship with society and business discussions in this chapter focuses on enhancing social proximity of micro, small, and medium enterprises to develop interaction with internal and external stakeholders. The discussions argue that social proximity will help in developing crowd-based business model and carrying out open innovations. In addition, the MIC factors comprising market consciousness, innovation perspectives, and creating consumer value have been discussed in this chapter. Discussion on advances in digital technologies, which have increased the possibilities of open innovation and outsourcing entrepreneurial activities to explore new opportunities, has also added value to this chapter.