DEVELOPMENT OF THE STRATEGIC POTENTIAL OF ENTREPRENEURSHIP IN THE CONTEXT OF INNOVATIVE COMPETITION
Abstract
Effective management of strategic potential includes both human capital management and understanding and consideration of the socio-cultural context in which the business operates. Businesses need to be flexible and adaptive, ready to fail, able to learn from their mistakes, and constantly improve to remain competitive in the innovation economy. The purpose of the research is to deepen the understanding of the process of managing the strategic potential of entrepreneurship in the context of innovative competition and to present directions for the formation and development of socio-cultural potential and human capital at an enterprise. The article highlights the guidelines for the development of the strategic potential of entrepreneurship in the context of innovative competition, which involves the development and implementation of effective strategies aimed at creating competitive advantages and ensuring sustainable development of enterprises: formation and development of innovative potential, human capital, socio-cultural potential, methods of strategic management, formation of partnerships and strengthening of interaction, focus on sustainable development of entrepreneurship. The author suggests ways of forming socio-cultural potential that contribute to the strategic development of an enterprise in the context of innovative competition: understanding the cultural characteristics of the market, increasing creativity and innovation, adapting products and services, establishing trust and relationships, adaptive management, creating a competitive advantage, increasing the sense of community and belonging, job satisfaction and loyalty and retention of employees, and reducing staff turnover. Human capital development at an enterprise plays a key role in strategic development in the context of innovative competition through the implementation of the following areas: training and skills development, stimulation of creativity and innovation, leadership development programs, culture of cooperation and teamwork, and support for the working climate. The successful development of an enterprise is usually based on the competent use of strategic potential, and strategic potential, in turn, helps to stimulate the development of entrepreneurship by creating favorable conditions for its implementation. Human capital and socio-cultural potential interact with each other, influencing the ability of business and society to adapt to changes, implement innovations and achieve success in the long run.
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