Modern Approaches to Entrepreneurship Development and Prospective Challenges
Authors: Shavadze Genad 
Published: August 2024

Entrepreneurship is one of the essential and priority directions in today's world, especially in market economy conditions. The agricultural industry is the most essential element in the development of the economy; it also has a special mission and role of providing food for society. The agricultural sector, especially small and medium enterprises, has a special role and importance in the country's economy. It creates new opportunities, resources, and wealth, increases jobs, improves the economy, develops the capital market, and makes a special contribution to the economic well-being of society and the sustainable development of the economy. Therefore, entrepreneurship development can be considered a stimulating lever of the economy. Modern approaches to entrepreneurship and practical challenges are classified in many directions. However, I would single out technological, automated, and artificial intelligence, which in modern conditions can be compared to a new revolution, which has already had its economic and business effect on the development of the entrepreneurship sector. With its potential, entrepreneurship greatly contributes to the development of the country's inclusive economy, which can be considered the cornerstone of any country's success. The development of the entrepreneurship sector particularly contributes to the volume of production growth, export, creation of international industry culture, innovation, integration with globalization and plays an important role in the growth of the social and economic level of the country. Business entities operating in the conditions of modern development and beginning small- and medium-level entrepreneurs talk about the issues of maintaining a business that has never been as difficult as they are today. Disruptions caused by technology, a saturated market, and companies of multinational origin always trying to swallow any expected sign of new competition, giving new entrepreneurs no opportunity to start and develop. There are many modern challenges of entrepreneurship, but I will highlight the most important ones. These are insufficient capital, attracting financial resources for development, effective time management, market research, ineffective marketing, lack of qualified staff, team, customer loyalty, defensive mechanisms, lack of financial management, and impact of globalization. Today, the agrarian sector is relevant, and many economists, scientists, and publicists investigate the modern practical challenges of this issue. Therefore, we think it will be very interesting to have a theoretical-methodological and synthetic discussion in the face of the modern challenges of entrepreneurship. Statistics from many countries show an alarming rate of SME enterprise failure. For example, about two-thirds of new businesses in the United States do not survive five to ten years. In Australia, 96.8 percent of small businesses either go out of business or grow very little within the first five years of starting. Entrepreneurship development is increasingly becoming a major concern globally. The paper will discuss the essence and importance of entrepreneurship, its forms and types, modern approaches to its development, challenges, and overcoming perspectives. We will also discuss the current state of the Georgian entrepreneurship sector and offer recommendations that can be adapted to the best-developed countries in the world, which will help the entrepreneurship sector define conceptual aspects.