Trends in Digitalization of Entrepreneurship

Abstract

Modern views on conducting business have changed significantly with the advent and rapid development of digital technologies. These trends have intensified under the influence of challenges caused by the COVID-19 pandemic and the war in Ukraine. understanding of the advantages and possibilities of digitalization. However, it should be understood that each process has its own disadvantages and threats. Need to understand the advantages and possibilities of digitization. Each process has its own drawbacks and threats. Digitization of entrepreneurship is the process of introducing and using new digital tools, information resources and mobile technologies in business activities, which provide a transition to a new way of thinking and reformatting of business processes. Society has taken the first steps towards a fundamentally new reality. Business entities should adapt to new ways of doing business and develop, that is why the purpose of writing the article is to consider the advantages and opportunities of digitalization for entrepreneurship and to understand the shortcomings and threats of this process. The trends of digitalization of entrepreneurship are focused on the creation and application of new services, which is included in the concept of Industry 4.0. provide full vertical and horizontal digital integration of entrepreneurship, transition to new business models and creation of "smart" products and services. The process of digitalization of entrepreneurship has become the basis for the creation of new products and services with new values and features, and therefore a source of competitive advantages. New trends and opportunities create new challenges. Digitalization, like any change, has two sides to the coin. The main risk of the digital transformation of the economy is a possible increase in the level of unemployment, cyber attacks, wealth distribution risk, introducing total control, possibility of losing social skills. There are other risks of digitalization: the benefits of innovation brought by the fourth industrial revolution and the speed of growth of the negative phenomena associated with it are difficult to predict and fully understand. Humanity thinks linearly, while change happens exponentially. The real consequences may turn out to be more unpredictable and shocking. Those who consciously approach this and plan the necessary changes will win.