Business Creation Research Articles

Entrepreneurial Education as a Covariate Between Entrepreneur Orientation and Entrepreneurial Intention amongst Graduating Students of Private Universities in Abuja, FCT – Nigeria.

Entrepreneurship has become a key driver of economic growth, attracting increasing attention globally. In the African context, including Nigeria, entrepreneurial education is recognized as a crucial intervention to foster entrepreneurial intentions and promote economic progress. This study examines the covariate effect of entrepreneurial education on entrepreneurial intention among graduating students of private universities in Abuja, FCT – Nigeria. The research explores the relationship between independent variables (Need for Achievement, Passion for Business Creation, Risk Propensity, Competitive Aggressiveness, and Self-Efficacy) and combined dependent variables (Entrepreneur Orientation and Entrepreneurial Intention) while controlling for the covariate variable of entrepreneurial education. The findings indicate that the independent variables and entrepreneurial education do not significantly influence Entrepreneurial Orientation and Entrepreneurial Intention. Policymakers and educators should consider broader contextual factors to foster entrepreneurship among graduating students in the Nigerian context.

Factors Influencing Entrepreneurial Intention among Agricultural Engineering Students in Adverse Business Environment

Entrepreneurial intention is an important step toward nascent entrepreneurship. Many studies have been conducted in developed countries, but the key factors enhancing entrepreneurial intention in developing countries still need to be discovered. In many developing countries, adverse business environment hampers entrepreneurial intention, particularly among young people who tend to develop migration intention instead. However, when they are educated, young people have the potentiality to innovate and face risky business environments. In this study, the first to analyze the entrepreneurial intention of students in agricultural schools in Haiti, we collected primary data from a country-representative sample of 281 students studying in 21 Haitian agricultural engineering schools. Following the theories of planned behavior and entrepreneurial intention, we use both statistical and econometric analysis to assess the entrepreneurial intention and its determinants. Despite a turbulent context, the results revealed a high rate (54.1%) of entrepreneurial intention among students in agricultural engineering schools. This intention was significantly associated with factors like knowledge in business plan preparation, identification of successful agribusiness, experience in leadership and a relentless quest for autonomy.In contrast with the fact that when the stakes are high, people tend to be risk averse, results of this study show agricultural engineering students want to bring solutions even in risky contexts with limited resources. This study suggests that, in troubled countries like Haiti, with severe food insecurity, agricultural engineering students represent actors that can help create a promising future if appropriate support is brought to transform entrepreneurial intention into effective business creation.

ВОЗМОЖНОСТИ БОЛЬШИХ ЯЗЫКОВЫХ МОДЕЛЕЙ В КРЕАТИВНЫХ ЗАДАЧАХ БИЗНЕСА (НА ПРИМЕРЕ СОЗДАНИЯ КАТАЛОГА И КАРТОЧЕК ТОВАРОВ ДЛЯ ЭЛЕКТРОННОЙ КОММЕРЦИИ)

This article investigates the potential of large language models in creative business tasks, focusing on the creation of catalogues and product cards for e-commerce. It highlights the necessity for business development and the relevance of entering the e-commerce market, which requires clear planning and optimization, amidst challenges and contradictions. One such contradiction is ensuring the clickability of product cards and attracting the attention of the target audience based on financial, psychological, and other incentives. It emphasizes that creative business tasks are linked to innovative activities and prospects for attracting customer attention through unique offerings, promotion methods, popularization, etc. The article summarizes the possibilities, typical tasks, and prospects of applying large language models in creative business tasks, with particular attention to optimization potential, improving employee performance, and increasing task execution speed and accuracy. Based on the research findings, conceptual issues related to the primary introduction of products to the market, their continuous improvement, and the role of creating catalogues and product cards in business are systematized. The article justifies the feasibility of implementing large language models in e-commerce businesses.

Новітні цифрові фінансові інструменти: сутність і перспективи використання при відбудові постраждалих територіальних громад України

The aim of the article is to reveal the essence and determine the prospects for attracting additional revenues to local budgets in the context of the development of creative industries and the use of the latest digital financial instruments for the reconstruction of the affected territorial communities of Ukraine in the post-war period. The article identifies the main creative forces of digital transformation of the economy, discloses the institutional essence of digital financial instruments, assesses the sources and preferential mechanisms for attracting financial resources for the reconstruction of the affected territorial communities in the post-war period, substantiates the role of local governments in the development of creative economy industries using the latest digital financial instruments. Based on the analysis of the impact of changes in the institutional structure of the space-time of the banking metaverse on the possibilities of financial support for the affected territorial communities, it is proved that the transformation of the metaverse is taking place from the quantitative growth of entertainment and distracting gaming technologies to qualitatively new creative socioeconomic dimensions, which are considered as a virtual integrated system associated with real life. It is proved that due to the combination of the properties of digital and financial instruments, the formation of the latest digital financial instruments takes place, which combine the characteristics of the previous ones, while being more effective in terms of the possibilities of their use, accessibility to the general public and profitability in the long run. Some forecast scenarios for the growth of the metaverse economy for the period up to 2032 have been developed. An estimate of the proportion and volume of the metaverse in the digital economy and global GDP for each of the scenarios is provided. It is emphasized that in modern conditions, the development of creative industries using the latest digital financial instruments is the most investment-attractive segment of investing assets in the medium and long term. Proposals on the need to apply stimulating norms of the current legislation to encourage representatives of local and foreign creative businesses to implement the latest digital solutions at the regional level in order to provide territorial communities with unique instant services for managing online funds of local budgets in hybrid space-time are substantiated. Prospect for further research in this direction is to update the normative framework for AI regulation in order to achieve a synergistic effect of innovation and singularity at the stage of reconstruction of the affected territorial communities of Ukraine in the post-war period.

The impact of Penta-Helix Collaborative Business Incubation Process on the creative business strategic orientation and innovation capability

The impact of Penta-Helix Collaborative Business Incubation Process on the creative business strategic orientation and innovation capability

Economic Growth and Social Equity: An Empirical Analysis of Inclusive Growth in Pakistan

In this thesis, we look at how IG works in Pakistan. Inclusive growth enhances social chances for all segments of society throughout economic development. The study main objective was the measurement of the inclusive growth in Pakistan from 1980 to 2019 in the light of the Asian Development Bank's methodology. Economic growth, job creation, improved transportation, easier access, and a healthier natural environment are all indicators of inclusive growth. Pakistan has accomplished sufficient inclusive growth, according to the statistics. Government health spending, GDP growth, and the share of agriculture and industry in GDP are all positively connected. These variables enhance inclusion, as demonstrated. Employment, income disparity, and poverty all act as roadblocks to inclusive growth. All members of society benefit from economic development, as the growth history found a strong correlation between inclusive growth and GDP growth rate per capita. Therefore, real GDP per capita growth may help achieve equitable development by improving living standards and opening new economic opportunities, especially for the poor. Economic growth can improve people's lives for the better if we put an emphasis on investing in people, social safety nets, and new business creation and entrepreneurship. Poverty reduction measures should be put in place to allow the poor increased access to education, training, and employment opportunities. Equal access to social safety nets and educational and professional development opportunities may help bring income inequality down. Promote initiative, capital expenditure, and the development of high-quality jobs. Prioritizing healthcare infrastructure, accessibility, and quality is essential for equitable growth.

DEVELOPMENT OF MSMEs IN THE CREATIVE ECONOMY SECTOR

The development of UMKM in the creative economy sector faces several challenges, especially the low use of digital technology and the creativity of enterprise for UMKM actors which can hinder the development of enterprises. This research aims to study and understand the role of financial technology, digital marketing, and business creativity on the development of MSMEs in the creative economy sector through a theoretical study approach. Various findings from previous research are used as references and theory development in this research. The qualitative approach method with literature studies was used in the research to obtain a more detailed amount of data and information regarding the factors that influence the development of MSMEs. The main subjects of this research are MSME players located in the DKI Jakarta area. The results of this study indicate that financial technology, digital marketing, and business creativity can help MSME players to develop their businesses so that they can survive and compete in the global market. In addition, this research can also be used as an illustration for MSME actors to know the importance of implementing technology and developing creativity before running a business.

Opportunities and limitations of digital educational tools in shaping entrepreneurial mindset and competences

This paper examines the potential of digital learning environments in preparing future entrepreneurs through higher education. Despite historic doubts regarding the systematic teaching of entrepreneurial skills, in recent decades entrepreneurship education has distinctly evolved. Unlike conventional professions, entrepreneurship encompasses a diverse array of specific challenges in business creation and management. This makes it challenging to adopt a uniform educational approach. Hence, a blend of appropriate educational methods is essential. These range from inspiring learners through entrepreneurial narratives to fostering conceptual and practical skills for recognizing opportunities, validating business ideas, gaining knowledge and skills for managing processes and resources, and cultivating personal attributes crucial for entrepreneurial success. The paper critically evaluates the potential of digital learning environments in nurturing entrepreneurial competencies. This is achieved by juxtaposing the outcomes of existing theoretical and empirical studies on the utilization of digital tools in entrepreneurship education. The research aims to address crucial questions: what, how, and by whom should entrepreneurship be taught; the distinct advantages and limitations of various digital tools in fostering specific entrepreneurial competencies; and to what extent digital learning environments can enhance the overall effectiveness of entrepreneurship education, considering the extent of resources committed. The array of digital tools encompasses virtual learning environments, interactive communication channels, multimedia products, engaging learning content, and specialized software for practical activities. The research adopts an exploratory methodology, applying qualitative methods. An online questionnaire was conducted to explore the perspectives of current entrepreneurship students in two Bulgarian universities. The paper concludes that digital learning environments indeed have the potential to significantly enhance the overall effectiveness of entrepreneurship education. However, a discerning approach is essential when selecting the appropriate digital tools tailored to foster distinct entrepreneurial competencies, considering the specific stage of the entrepreneurial learning process. Different digital facilitators demonstrate varying degrees of efficacy in shaping the mindset and competencies of future entrepreneurs in determining entrepreneurial opportunities, cultivating relationships, conceptualizing, organizing, strategizing, and displaying commitment.

Reinvigorating Entrepreneurship Education for Nation Building: Issues and Challenges

Nation Building implies a wholesome progression towards the model in all aspects of a nation’s socio- political, economic, and educational infrastructure, more so in its spiritual and moral structure. Entrepreneurial education is that aspect of education which is geared towards the collections of formalized teaching that informs trains and educates anyone interested in participating in socio-economic development through a project to promote entrepreneurship awareness, business creation or small business development. It is against this backdrop that this research article dwelled on reinvigorating entrepreneurship education for nation building: issues and challenges. Entrepreneurship is fundamental to socio-economic growth and national development. It encompasses the ability of people to find and create new businesses or revitalize existing ones. Part of the objectives of this research article is to challenge students to develop entrepreneurial spirit that could lead to economic rationality for nation building. We use secondary sources of gathering data for this research article. On the whole, the article discovered so many challenges and issues militating against entrepreneurial education in Nigeria. The research work concludes among other things that, for functional entrepreneurial education to be achieved there should be some forms of genuine school-work based learning incorporated in studies as part of national economy development strategies.

Training Program for Digital Marketing of Creative Business Products of Alu Village Community

The problems faced by the local community are: Lack of knowledge and skills of business actors in marketing their creative business products to a wider community outside the Polewali Mandar district area. The objectives and output targets to be achieved in this activity are that the partner village community can and is able to use social media and E-Commerce applications to market their creative business products or crafts independently and the number of sales of handicraft products and the income of the community of SME players in Alu Village, Alu sub-district increases. The method of implementing this service is the participatory counseling method; demonstration training method and practical activities by participants; and the method of mentoring and assisting community participants (creative business actors).

First (latent) generation and family business: a perspective article

PurposeFamily businesses are characterized by the simultaneous presence of the family and the business system. The literature analyses sporadically the family support during the creation of a new family business. For this reason, the aim of this article is to offer new reflections and theoretical approaches in the field of family business studies. In fact, the study focuses on the first generation and the relationship and support with the previous generation (latent generation).Design/methodology/approachThis perspective paper is based on a concise review of the literature.FindingsThe results of this offer a state of the art, synthesized and integrated, on the first generation to proposal the reader new knowledge on the first generation and relationships with family members.Originality/valueThis perspective paper distinguishes between the first generation formally engaged in the family business and the latent generation. The authors identify latent generation as a generation coeval with the first that supports the entrepreneur without being formally engaged in the family business. This study summarizes existing research on the first generation, highlighting the crucial role of the latent generation. Considering the latent generation determines an implicit and tacit generational transition not yet considered in the literature on the topic This study provides new research directions for scholars and managers to understand the entrepreneurial behaviors of families, family members and family businesses.

EXPLORE THE IMPORTANCE OF CREATIVITY AND INNOVATION IN MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs)

Indonesia is a country with a large number of micro, small and medium enterprises (MSMEs) sectors. MSMEs must apply creativity and innovation in order to face increasingly competitive levels of business competition. Understanding and awareness of the importance of creativity and innovation among MSMEs is still low. Understanding the differences between creativity and innovation is still felt to be ambiguous and wrong. The application of the concepts of creativity and innovation is still considered unimportant, considering that many business people want to succeed in their business instantly, without thinking too much, which can drain their mind and energy. The research explores the differences between creativity and innovation, the concept of the importance of creativity and innovation in MSMEs, and the results of research on the importance of creativity and innovation in MSMEs comprehensively examine these things as has never been done before. The aim of the research is to explore the importance of creativity and innovation in MSMEs. The method used is library research, using critical analysis techniques. The results of research exploring the importance of creativity and innovation in MSMEs show that there are 14 differences between creativity and innovation. The importance of creativity and innovation is: (1) creativity and innovation have been accepted in the fields of business/business and management, and can only be achieved through creative and innovative solutions; (2) creativity and innovation in business are two things that business people need to have and develop for success; and (3) creativity and innovation are so important in the business world, that it is necessary to optimize creative and innovative abilities and ideas. Research studies on the importance of creativity and innovation in MSMEs include: the importance of creativity and innovation, the role of creativity and innovation, the impact of creativity and innovation, and the influence of creativity and innovation. The research on the importance of creativity and innovation examines the following 12 things: (1) entrepreneurship (ability, competence, intention, spirit and entrepreneurial mindset); (2) business success/success; (3) continuity/sustainability of business; (4) business development/progress; (5) increasing competitiveness/competitive advantage; (6) buying interest; (7) purchasing decisions; (8) increasing consumer purchasing power; (9) consumer satisfaction; (10) increasing the value of products/services; (11) increase in sales volume/income turnover; and (12) business/marketing performance.

Key Teaching Competencies for Success in Family Businesses: a Strategic Approach in Higher Education

Purpose: The main objective of the study is to develop essential teaching skills for the successful management of family businesses, proposing a strategic teaching plan that covers everything from student training to the creation and effective management of these companies, contributing to economic growth and meeting social demands. Theoretical Framework: The theoretical framework highlights the importance of preparing students to manage family businesses, focusing on specialized instructors. It underlines the crucial role of family businesses in economic growth and argues that proper training can reduce failure rates in this type of business. Design/Methodology/Approach: A quantitative and qualitative methodology was used, with a descriptive-correlational approach and a non-experimental cross-sectional design. The research was carried out in Mexican universities with a sample of 180 professors. Data collection included surveys and interviews, assessing key competencies such as communication, leadership, problem-solving, and financial management. Findings: The results indicate that, according to the teachers surveyed, the most relevant competencies for successful family business management include communication skills, leadership, problem-solving, teamwork, financial management, human resources, marketing, sales, innovation, and entrepreneurship. The research highlights the importance of specialized training and the need to align family and business interests. Research, Practical & Social Implications: It is suggested the implementation of a strategic educational program in higher education that covers from training to the management of family businesses, adapting to the changing demands of society and the business environment. Originality/Value: The study addresses a relevant issue and proposes concrete measures to improve training in entrepreneurship and family business management in the academic field. It proposes a comprehensive strategic teaching plan, establishing the necessary competencies for teachers and providing specific guidance towards the creation and management of family businesses.

Individual Corporations in Indonesia: Fostering Economic Growth and Fairness through Simplified Business Formation

In the pursuit of an organized and conducive business environment, the Indonesian government has ratified the Job Creation Law, introducing a legal concept of Individual Corporations for small and medium-sized entrepreneurs (UMK). This normative study employs a conceptual approach through Economic Analysis of Law, using primary, secondary, and non-legal materials to analyze the implications and orientation of this policy. The research findings suggest that the implementation of Individual Corporations, requiring only one founder or shareholder for establishment, leads to ease in creation and expansion of micro-small businesses, potentially impacting the ease of doing business index positively. This policy also fosters a proportionately growing, fair national economic structure, and is expected to enhance employment opportunities. The introduction of Individual Corporations represents a significant change in Indonesia's corporate law, aligning with national goals to improve investment conditions.Highlights:
 
 Introduction of Individual Corporations requiring only one founder simplifies business formation.
 Positive impact on the ease of doing business index and alignment with national investment goals.
 Fosterment of a proportionate, growing, and fair economic structure, enhancing employment opportunities.
 
 Keywords: Individual Corporations, Economic Growth, Small Entrepreneurs, Business Formation

THE ROLE OF THE YOUNGER GENERATION IN DEVELOPMENT CREATIVE ECONOMY IN BEKASI CITY

The development of the creative economy has become the main focus for various cities seeking to achieve sustainable economic growth. The city of Bekasi, as one of the growth centers in Indonesia, is experiencing significant dynamics in the creative economy sector. This research aims to investigate the important role of the younger generation in encouraging the development of the creative economy in Bekasi City. The research results show that the young generation of Bekasi City has made a very significant contribution in a number of creative economic sectors, especially in the formation and development of start-up businesses. They create innovation and creativity that colors products and services, creating a unique identity that differentiates Bekasi City as a center for the creative economy. However, several significant challenges were identified, such as limited access to capital and funding, as well as shortages of certain knowledge and skills. This highlights the need for government and private sector support to create an environment that supports the growth of creative businesses and meets the needs of the younger generation. A number of strategic opportunities were also identified, including opportunities for cross-sector collaboration and the development of creative business networks. Government and private support can be optimized through policy incentives and regulatory facilitation that supports the growth of the creative economy sector. In conclusion, the younger generation plays an integral role in the development of the creative economy in Bekasi City. An action plan that focuses on solving challenges and exploiting opportunities can help create an environment that supports sustainable growth, have a positive impact on the local economy, and make Bekasi City a highly competitive center of innovation and creativity.

Proposed Business Strategy and Optimization in the Creative Business Industry (Case Study: CV. Natural House)

Creative business industry and along with the digital transformation in Indonesia needs to be explored and expanded further to enable Small Medium Entreprises (SMEs) for it to grow exponentially and effectively since currently, Indonesia is going onto the digital era. Especially after the pandemic, many SMEs in Indonesia have been affected. CV. Natural House is no exception, as transformation and changes are currently taking place in their business system. Natural House is a company that was first established in Yogyakarta operating in the creative business sector and specializing in creative furniture and home decor using recycled materials and upcycle concepts. The drastic changes in the industry have caused the company to have difficulty in several management areas. This research aims to identify those difficulties in the areas that Natural House is currently facing using several analyses for the internal and external ones, such as Root Cause Analysis, Internal Resources Analysis, Value Chain Analysis, Porter’s Five Analysis, McKinsey 7S Model, and 7P Marketing Mix. The purpose of conducting the analysis using the models or framework that were mentioned and finding the problems is to find solutions and business strategies that could be implemented in the company. The findings suggest that Natural House is lacking, not only in its human resources and capital areas but also in its marketing management. Furthermore, Natural House is not considered an ideal company’s structure as of right now. Because of that, five solutions were proposed by the author to Natural House, namely hiring new employees and talent acquisition, skill training and mentoring employees, marketing optimization through the global marketplace, improving their offline platforms such as joining creative exhibitions/fairs and revamping their showroom or office area, the last is apply scheduled evaluation meeting. By this means, this research offered to achieve business solutions and objectives that Natural House might be considered and found useful for further research and business development.

The Role of Business Incubators in Local Economic Development

This paper aims to (i) understand the functioning and importance of incubators in supporting the creation of new business and local economic development, as they help locally engage young entrepreneurs and thus retain expertise, for example in regions farthest from large urban centers; (ii) realize the importance of incubators and science parks in the development of start-ups; (iii) understand the role of education in promoting entrepreneurship; and (iv) understand the competitive environment as it becomes more complex and dynamic, as there are opportunities to serve customers who are dissatisfied, thus the threats that large companies experience offer small business opportunities.

PENDIDIKAN WIRAUSAHA BERLANDASKAN TRI HITA KARANA MENUJU KEBERKELANJUTAN USAHA

This article discusses the importance of entrepreneurship education based on the Tri Hita Karana concept, a Balinese Hindu philosophy emphasizing balance and harmony in three key aspects: the relationship between humans and the divine (Parahyangan), the relationship between humans (Pawongan), and the relationship between humans and nature (Palemahan). This approach integrates local cultural values, promotes collaboration and solidarity, emphasizes environmental sustainability, and encourages creativity and innovation in business. The article also addresses elements of business ethics, including integrity, community spirit, accountability, and transparency, which play a vital role in guiding entrepreneurs' behavior. This holistic approach creates entrepreneurs who are not only financially successful but also socially and environmentally responsible, with a strong ethical foundation in entrepreneurship. By incorporating the Tri Hita Karana concept into entrepreneurship education, it can nurture entrepreneurs who seek not only personal profit but also contribute to the well-being of society and environmental sustainability. Entrepreneurship education based on Tri Hita Karana is a step towards more meaningful and sustainable success for individuals and communities

Perkembangan Teknologi E-Business Terhadap Globalisasi Modern Pada Saat Ini

Current technological advances reflect significant changes from the previous technological era to the present. Especially, internet development has become a trend among local and international communities. For example, e-business is in the spotlight because it makes things easier and gives business entities a lighter burden, especially for those who have the ambition to achieve success. E-business not only increases marketing networks, but also increases employee productivity within the company. Information technology provides the ability to initiate business creativity and innovation quickly and efficiently. It is important for businesses to see new opportunities amidst continued development, with the key to success returning to motivation and innovation, thereby creating technology that is always up to date.

The intertwined role of social and financial remittances in new firms' creation

The paper investigates the role of financial and social remittances in promoting new business creation in migrants' home countries. By considering a panel of 143 countries during the period 2006–2018, we propose a way to operationalize the complex definition of social remittances and show that both financial and social remittances are positively correlated with the decision to create new firms, even though the effects of financial remittances crucially depend on the level of social remittances. This non-linear relationship points to the fact that countries with better institutions are likely to generate more intense flows of social remittances. However, they also allow for faster socio-economic integration of migrants and may weaken diasporas' interest and direct financial engagement in entrepreneurial projects in the country of origin. Results obtained on the entire sample are confirmed when looking at the two subsamples of developing and non-OECD countries, respectively.