Development of a youth entrepreneurship model for sustainable business growth

Abstract

The challenges brought by the COVID-19 pandemic and the changes in the globalized market significantly affect the way business is conducted. The modern business environment is characterized by the fourth industrial revolution - Industry 4.0. The role of technology is increasing, and the pandemic accelerated the application of information-communication technologies and the need for sustainable development and sustainable business. These changes and the global economic challenges point towards entrepreneurship as an important driver of technology development, innovation, and overall economic growth. Entrepreneurship and youth entrepreneurship can positively affect economic development. It reduces unemployment rates, increases the standard of living, and supports economic growth. In this paper, a youth entrepreneurship model for sustainable business growth is developed. The goal was to identify influencing factors on youth entrepreneurship development and sustainable business. The research approach included a thorough analysis of available data and analysis of the existing body of literature in the domain of entrepreneurship, youth entrepreneurship, sustainable development, Industry, and Industry 5.0. The findings indicate that youth entrepreneurship is influenced by a wide array of factors, most notably age, close social environment, attitudes, and awareness of incentive means. Furthermore, the developed model provides a significant insight into what major factors and sub-factors can affect youth entrepreneurship and sustainable business. It can be concluded that entrepreneurial education, a stimulating environment, and an entrepreneurial economy can significantly influence youth entrepreneurship and sustainable business growth. These findings are important for government policies and strategies when it comes to youth entrepreneurship and sustainable business growth.

Possibilities of short supply chains in the sustainable logistics in Zala County

“…61-74). Because of this, we decided using quantitative basis to justify H2 as this approach gives space to learn about more complex processes (Babbie, 2008). We did all this with an understanding and adaptive review of qualitative and quantitative methodologies (Horváth & Mitev, 2015;Lewin, 1946, pp.…”

“…The establishment of the shortened supply chains is not only supported by the community based on environmental aspects, but its important socio-economic impact is the strengthening of the local economy and the multiplier effect on SMEs. Sustainable supply chains are important for sustainable growth (Bakator et al, 2022), and short supply chains can be an alternative. At this point of the research, the question was formulated as to what do we consider an accepted short supply chain?…”

Youth Unemployment in Serbia and Albania: Promoting Entrepreneurship as a Way Forward

“…According to Šumpeter (2012), economic development is highly correlated with entrepreneurial activity. According to Bakator et al (2022), present and future challenges of the fragile markets and global economic environment require a new type of young entrepreneurs more fitted to overcome the instability. Some of the authors emphasize the strong role of entrepreneurship in the advancement and implementation of the fourth industrial revolution due to technical and social innovation, which are common to both (Ferreira, & Lisboa, 2019;Nichant, 2021).…”