[Abstract]
Polarization of the world economy has deepened, thus the conflict structure has been intensified. Previous management exacerbated conflicting costs because it focused on conflicting viewpoints rather than a circulation one. Companies have been seeking to maximize profits, rather than social development. Thus, the lack of virtuous socio-economic circulation has deepened the social polarization. Lack of balanced distribution between company and workers has exacerbated labor disputes. More and more individuals are suffering from lack of meaningful motivation. Excessive focus on capitalism has signaled a red light on the sustainability and balance of business and the society. Therefore, an alternative for sustainable development, such as CSR, CSV, TBL, SPICE model, and Capitalism 4.0 has emerged. These new alternatives of sustainable entrepreneurship will be a reflection of the demands of the times.
Due to the social network, media development and smart revolution, the society in general is getting more transparent. Increased transparency would lead to build up of confidence in corporate by stakeholders and strengthen management based on mutual cooperation. Such changes can be a positive influence to winning-management strategies. There is a need for a transition to a new paradigm, one that includes novel value creation and a cycle of fair distribution. A new type of company is one that creates innovative value through the cooperation of stakeholders, and sustains development and growth through proper and fair distribution.
As a result, the entrepreneurship should be defined not as a static form of value creation or profit seeking, but rather as a dynamic circulation of value creation and distribution. In this study, a new integrated sustainable and virtuous circulation of entrepreneurship is proposed. Cooperation of society, companies, and individuals, to balance growth and distribution will resolve existing conflict and create a new paradigm of management. A more specific example is the ¡®value added statement¡¯ as an alternative solution for the new virtuous management.
The purpose of a company should not only focus seeking profits, but should also attempt to create a virtuous circulation of value creation and distribution. Innovation created by creativity of individuals should be achieved, well maintained and managed. This will strengthen enterprise innovation capabilities, which will be learned and maintained in a company. The company creates value for society and some of the value-addition is distributed back to the company. Through a series of such steps businesses and the society are able to sustainably expand. The new type of entrepreneurship is to be defined as ¡®value creating and distribution circulating leadership.¡¯ In short ¡®leadership of innovation¡¯ will be the new definition that aligns with the future entrepreneurship.