Entrepreneurship in the era of society 5.0: Navigating digitalization for innovation and growth

https://doi.org/10.35912/joste.v6i1.2224
Published: Sep 13, 2024

Abstract:

Purpose: This study explores the symbiotic relationship between entrepreneurship and digitalization in Society 5.0, emphasizing the pivotal role of entrepreneurs in navigating and leveraging digital technologies to foster innovation and propel economic development.

Research Methodology: This study uses quantitative methods to explore entrepreneurship in the era of Society 5.0, focusing on digitalization for innovation and growth. The population comprises entrepreneurs in Indonesia who use digital technology in their business. The sample comprised of 200 purposively selected entrepreneurs. Data were collected using an online questionnaire on the use of digital technology, innovation, and business growth. Data analysis, including validation, descriptive analysis, and SEM-PLS, was conducted using Smart PLS. The results are expected to provide insights into digital strategies for business innovation and growth.

Results: The results highlight how entrepreneurs can leverage digital technologies, such as AI, IoT, and big data, to develop innovative products, improve operational efficiency, expand markets, and make better decisions. The benefits include global market access, improved customer experience, and better business sustainability. This makes entrepreneurs more competitive and responsive to market change.

Limitations: Today's entrepreneurship faces limitations, such as technology dependence, adaptation difficulties, data security risks, and the digital divide. Entrepreneurs also encounter global competition, changing regulations, a lack of digital skills, poor technology infrastructure, and funding difficulties. Overcoming these challenges requires support from the government, the private sector, and educational institutions.

Contributions: This research helps institutions develop digital policies and training programs, adds to the global literature on entrepreneurship in the Society 5.0, provides digital strategies for management, and improves entrepreneurs' competencies in utilizing digital technologies. It provides practical guidance to support business innovation and growth in the digital age.

Keywords:
1. Entrepreneurship
2. Era of Society 5.0
3. Digitalization
4. Innovation
5. Growth
Authors:
1 . Juniawan Mandala Putra
Universitas Mercu Buana Jakarta, Indonesia
2 . Deby R. Karundeng
Universitas Gorontalo, Indonesia
3 . Abdul Gofur
Institut STIAMI, Jakarta, Indonesia
4 . Reynaldi Tresnadjaja
Institut Kesehatan Immanuel, Indonesia,
5 . Ade Suhara
Universitas Buana Perjuangan Karawang, Indonesia
6 . Sukmayadi Sukmayadi
Universitas Sebelas April, Indonesia
7 . Ahmad Sopyan
Akademi Sekretaris dan Manajemen Kencana Bandung, Indonesia
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How to Cite
Putra, J. M. ., Karundeng, D. R., Gofur, A., Tresnadjaja, R., Suhara, A., Sukmayadi, S., & Sopyan, A. (2024). Entrepreneurship in the era of society 5.0: Navigating digitalization for innovation and growth. Journal of Sustainable Tourism and Entrepreneurship, 6(1), 1–13. https://doi.org/10.35912/joste.v6i1.2224
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Issue & Section
Vol. 6 No. 1 (2024): September
Articles
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References

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    George, G., Merrill, R. K., & Schillebeeckx, S. J. (2021). Digital sustainability and entrepreneurship: How digital innovations are helping tackle climate change and sustainable development. Entrepreneurship theory and Practice, 45(5), 999-1027.

    Gerguri, S., & Ramadani, V. (2010). The impact of innovation into the economic growth.

    Gregori, P., & Holzmann, P. (2020). Digital sustainable entrepreneurship: A business model perspective on embedding digital technologies for social and environmental value creation. Journal of cleaner production, 272, 122817.

    Handayani, R., Wahyudi, S., & Suharnomo, S. (2017). The effects of corporate social responsibility on manufacturing industry performance: The mediating role of social collaboration and green innovation. Business: Theory and Practice, 18, 152-159.

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    Hopenhayn, H., Neira, J., & Singhania, R. (2022). From population growth to firm demographics: Implications for concentration, entrepreneurship and the labor share. Econometrica, 90(4), 1879-1914.

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    Juliana, N. O., Hui, H. J., Clement, M., Solomon, E. N., & Elvis, O. K. (2021). The impact of creativity and innovation on entrepreneurship development: evidence from Nigeria. Open Journal of Business and Management, 9(4), 1743-1770.

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    Knudsen, M. P., Von Zedtwitz, M., Griffin, A., & Barczak, G. (2023). Best practices in new product development and innovation: Results from PDMA's 2021 global survey. Journal of Product innovation management, 40(3), 257-275.

    Kraus, S., Palmer, C., Kailer, N., Kallinger, F. L., & Spitzer, J. (2019). Digital entrepreneurship: A research agenda on new business models for the twenty-first century. International Journal of Entrepreneurial Behavior & Research, 25(2), 353-375.

    Kraus, S., Roig-Tierno, N., & Bouncken, R. B. (2019). Digital innovation and venturing: an introduction into the digitalization of entrepreneurship. Review of Managerial Science, 13(3), 519-528.

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    Le, P. B., & Lei, H. (2019). Determinants of innovation capability: the roles of transformational leadership, knowledge sharing and perceived organizational support. Journal of Knowledge Management, 23(3), 527-547.

    Lee, Y.-Y., Falahat, M., & Sia, B.-K. (2019). Impact of Digitalization on the Speed of Internationalization. International Business Research, 12(4), 1-11.

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    Sjödin, D. R., Parida, V., Leksell, M., & Petrovic, A. (2018). Smart Factory Implementation and Process Innovation: A Preliminary Maturity Model for Leveraging Digitalization in Manufacturing Moving to smart factories presents specific challenges that can be addressed through a structured approach focused on people, processes, and technologies. Research-Technology Management, 61(5), 22-31.

    Song, D., & Wu, A. (2021). Pursuing international opportunities in a digitally enabled world. Digital Entrepreneurship: Impact on Business and Society, 265-281.

    Song, Z., Zhu, J., & Shi, J. (2023). Evolution Analysis of Green Innovation in Small and Medium-Sized Manufacturing Enterprises. Systems, 11(2), 95.

    Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), 1186.

    Sudibjo, N., Idawati, L., & Harsanti, H. R. (2019). Characteristics of Learning in the Era of Industry 4.0 and Society 5.0. Paper presented at the International Conference on Education Technology (ICoET 2019).

    Tóth-Pajor, Á., Bed?, Z., & Csapi, V. (2023). Digitalization in entrepreneurship education and its effect on entrepreneurial capacity building. Cogent Business & Management, 10(2), 2210891.

    Ungureanu, A. (2021). The Digitalization Impact on the Entrepreneurial Leadership in the 21st Century. International Journal of Social Relevance & Concern, 9(1), 25-32.

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    Zhao, X., & Zhang, J. (2021). The analysis of integration of ideological political education with innovation entrepreneurship education for college students. Frontiers in psychology, 12, 610409.

  1. Ablyazov, T., Asaturova, J., & Koscheyev, V. (2018). Digital technologies: new forms and tools of business activity. Paper presented at the SHS Web of Conferences.
  2. Akram, F., & Abrar Ul Haq, M. (2022). Integrating agency and resource dependence theories to examine the impact of corporate governance and innovation on firm performance. Cogent Business & Management, 9(1), 2152538.
  3. Al-Qudah, A. A., Al-Okaily, M., & Alqudah, H. (2022). The relationship between social entrepreneurship and sustainable development from economic growth perspective: 15 ‘RCEP’countries. Journal of Sustainable Finance & Investment, 12(1), 44-61.
  4. Al Qudah, M. A. (2018). The impact of entrepreneurship initiatives in enhancing creativity and innovation. International Journal of Business and Management, 13(7), 157-168.
  5. Almeida, F., Santos, J. D., & Monteiro, J. A. (2020). The challenges and opportunities in the digitalization of companies in a post-COVID-19 World. IEEE Engineering Management Review, 48(3), 97-103.
  6. Antonizzi, J., & Smuts, H. (2020). The characteristics of digital entrepreneurship and digital transformation: A systematic literature review. Paper presented at the Responsible Design, Implementation and Use of Information and Communication Technology: 19th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2020, Skukuza, South Africa, April 6–8, 2020, Proceedings, Part I 19.
  7. Apdillah, D., Panjaitan, K., Stefanny, N. T. P., & Surbakti, F. A. (2022). The global competition in the digital society 5.0 era: The challenges of the younger generation. Journal of Humanities, Social Sciences and Business, 1(3), 75-80.
  8. Avelar, S., Borges-Tiago, T., Almeida, A., & Tiago, F. (2024). Confluence of sustainable entrepreneurship, innovation, and digitalization in SMEs. Journal of Business Research, 170, 114346.
  9. Berger, E. S., Von Briel, F., Davidsson, P., & Kuckertz, A. (2021). Digital or not–The future of entrepreneurship and innovation: Introduction to the special issue (Vol. 125, pp. 436-442): Elsevier.
  10. Bernini, F., Ferretti, P., & Angelini, A. (2021). The digitalization-reputation link: a multiple case-study on Italian banking groups. Meditari Accountancy Research, 30(4), 1210-1240.
  11. Bican, P. M., & Brem, A. (2020). Digital business model, digital transformation, digital entrepreneurship: Is there a sustainable “digital”? Sustainability, 12(13), 5239.
  12. Choi, J.-i., & Markham, S. (2019). Creating a corporate entrepreneurial ecosystem: The case of entrepreneurship education in the RTP, USA. Journal of Open Innovation: Technology, Market, and Complexity, 5(3), 62.
  13. Dabbous, A., Barakat, K. A., & Kraus, S. (2023). The impact of digitalization on entrepreneurial activity and sustainable competitiveness: A panel data analysis. Technology in Society, 73, 102224.
  14. Del Monte, A., Moccia, S., & Pennacchio, L. (2020). Regional entrepreneurship and innovation: historical roots and the impact on the growth of regions. Small business economics, 1-23.
  15. Doepke, M., & Zilibotti, F. (2014). Culture, entrepreneurship, and growth Handbook of economic growth (Vol. 2, pp. 1-48): Elsevier.
  16. Elia, G., Margherita, A., & Passiante, G. (2020). Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process. Technological Forecasting and Social Change, 150, 119791.
  17. Ellitan, L. (2020). Competing in the era of industrial revolution 4.0 and society 5.0. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 10(1), 1-12.
  18. Faiña, J., Losada-López, C., & Montes-Solla, P. (2016). Innovación y emprendedurismo: Ordenando el rompecabezas de la Nueva Gestión Empresarial de la Innovación. Munich Personal RePEc Archive.
  19. Farinha, L., Ferreira, J. J., & Nunes, S. (2018). Linking innovation and entrepreneurship to economic growth. Competitiveness Review: An International Business Journal, 28(4), 451-475.
  20. Febrianita, R., Mumpuni, R., Sholihatin, E., & Septian, S. (2023). Digital Innovation And Business Strategy for SMEs: Building Resilience In The Society 5.0 Era Inovasi Digital dan Strategi Bisnis Untuk UKM: Membangun Ketahanan di Era Society 5.0. Journal of Governance and Administrative Reform, 4(2).
  21. Fossen, F. M., & Sorgner, A. (2021). Digitalization of work and entry into entrepreneurship. Journal of Business Research, 125, 548-563.
  22. Fukuyama, M. (2018). Society 5.0: Aiming for a new human-centered society. Japan Spotlight, 27(5), 47-50.
  23. Galindo, M.-Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work? Journal of Business Research, 67(5), 825-829.
  24. George, G., Merrill, R. K., & Schillebeeckx, S. J. (2021). Digital sustainability and entrepreneurship: How digital innovations are helping tackle climate change and sustainable development. Entrepreneurship theory and Practice, 45(5), 999-1027.
  25. Gerguri, S., & Ramadani, V. (2010). The impact of innovation into the economic growth.
  26. Gregori, P., & Holzmann, P. (2020). Digital sustainable entrepreneurship: A business model perspective on embedding digital technologies for social and environmental value creation. Journal of cleaner production, 272, 122817.
  27. Handayani, R., Wahyudi, S., & Suharnomo, S. (2017). The effects of corporate social responsibility on manufacturing industry performance: The mediating role of social collaboration and green innovation. Business: Theory and Practice, 18, 152-159.
  28. Hau, H., Huang, Y., Lin, C., Shan, H., Sheng, Z., & Wei, L. (2021). FinTech credit and entrepreneurial growth. Swiss Finance Institute Research Paper(21-47).
  29. Hopenhayn, H., Neira, J., & Singhania, R. (2022). From population growth to firm demographics: Implications for concentration, entrepreneurship and the labor share. Econometrica, 90(4), 1879-1914.
  30. Ivanovi?-?uki?, M., Stevanovi?, T., & Ra?enovi?, T. (2019). Does digitalization affect the contribution of entrepreneurship to economic growth. Paper presented at the Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business.
  31. Jing, Y., Xia, Z., Li, X., Fan, K., & Ming, X. (2024). Empirical Study on The Relationship Between Digitization and Industrial Innovation--Taking Wuhan New Display Industry as An Example. Highlights in Business, Economics and Management, 31, 128-138.
  32. Juliana, N. O., Hui, H. J., Clement, M., Solomon, E. N., & Elvis, O. K. (2021). The impact of creativity and innovation on entrepreneurship development: evidence from Nigeria. Open Journal of Business and Management, 9(4), 1743-1770.
  33. Khan, M. A., Mazliham, M., Alam, M. M., Aman, N., Malik, S., Urooj, S. F., & Taj, T. (2022). An empirical mediation analysis of technological innovation based on artificial intelligence in the relationship between economic development and corporate governance mechanism. Frontiers in Environmental Science, 10, 999096.
  34. Knudsen, M. P., Von Zedtwitz, M., Griffin, A., & Barczak, G. (2023). Best practices in new product development and innovation: Results from PDMA's 2021 global survey. Journal of Product innovation management, 40(3), 257-275.
  35. Kraus, S., Palmer, C., Kailer, N., Kallinger, F. L., & Spitzer, J. (2019). Digital entrepreneurship: A research agenda on new business models for the twenty-first century. International Journal of Entrepreneurial Behavior & Research, 25(2), 353-375.
  36. Kraus, S., Roig-Tierno, N., & Bouncken, R. B. (2019). Digital innovation and venturing: an introduction into the digitalization of entrepreneurship. Review of Managerial Science, 13(3), 519-528.
  37. Kreiterling, C. (2023). Digital innovation and entrepreneurship: a review of challenges in competitive markets. Journal of innovation and entrepreneurship, 12(1), 49.
  38. Laboratory, H.-U. (2020). Society 5.0: A people-centric super-smart society: Springer Nature.
  39. Le, P. B., & Lei, H. (2019). Determinants of innovation capability: the roles of transformational leadership, knowledge sharing and perceived organizational support. Journal of Knowledge Management, 23(3), 527-547.
  40. Lee, Y.-Y., Falahat, M., & Sia, B.-K. (2019). Impact of Digitalization on the Speed of Internationalization. International Business Research, 12(4), 1-11.
  41. Ma, X., & Zhang, Y. (2021). Digital innovation risk management model of discrete manufacturing enterprise based on big data analysis. Journal of Global Information Management (JGIM), 30(7), 1-14.
  42. Mueller, P. (2007). Exploiting entrepreneurial opportunities: The impact of entrepreneurship on growth. Small business economics, 28, 355-362.
  43. Nambisan, S. (2017). Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship. Entrepreneurship theory and Practice, 41(6), 1029-1055.
  44. Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), 103773.
  45. Panshin, I., Solovieva, O., Kornilova, O., & Eronin, V. (2021). The impact of digitalization on leadership. Paper presented at the Modern Global Economic System: Evolutional Development vs. Revolutionary Leap 11.
  46. Polunin, G., Kourenkov, V., & Polunina, E. (1998). Corneal transparency and measurement of corneal permeability in excimer laser photorefractive keratectomy (Vol. 14, pp. S230-S234): SLACK Incorporated Thorofare, NJ.
  47. Rahmawati, M., Ruslan, A., & Bandarsyah, D. (2021). The Era of Society 5.0 as the unification of humans and technology: A literature review on materialism and existentialism. Jurnal Sosiologi Dialektika, 16(2), 151.
  48. Roberts, E. B., Murray, F., & Kim, J. D. (2019). Entrepreneurship and Innovation at MIT: Continuing Global Growth and Impact. Foundations and Trends in Entrepreneurship, 15(1).
  49. Rosin, A. F., Proksch, D., Stubner, S., & Pinkwart, A. (2020). Digital new ventures: Assessing the benefits of digitalization in entrepreneurship. Journal of Small Business Strategy (archive only), 30(2), 59-71.
  50. Sahut, J.-M., Iandoli, L., & Teulon, F. (2021). The age of digital entrepreneurship. Small business economics, 56(3), 1159-1169.
  51. Satalkina, L., & Steiner, G. (2020). Digital entrepreneurship and its role in innovation systems: A systematic literature review as a basis for future research avenues for sustainable transitions. Sustainability, 12(7), 2764.
  52. Schneider, S. (2019). The impacts of digital technologies on innovating for sustainability. Innovation for Sustainability: Business Transformations Towards a Better World, 415-433.
  53. Singh, S., Singh, S., & Dhir, S. (2023). The evolving relationship of entrepreneurship, technology, and innovation: A topic modeling perspective. The International Journal of Entrepreneurship and Innovation, 14657503231179597.
  54. Sjödin, D. R., Parida, V., Leksell, M., & Petrovic, A. (2018). Smart Factory Implementation and Process Innovation: A Preliminary Maturity Model for Leveraging Digitalization in Manufacturing Moving to smart factories presents specific challenges that can be addressed through a structured approach focused on people, processes, and technologies. Research-Technology Management, 61(5), 22-31.
  55. Song, D., & Wu, A. (2021). Pursuing international opportunities in a digitally enabled world. Digital Entrepreneurship: Impact on Business and Society, 265-281.
  56. Song, Z., Zhu, J., & Shi, J. (2023). Evolution Analysis of Green Innovation in Small and Medium-Sized Manufacturing Enterprises. Systems, 11(2), 95.
  57. Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), 1186.
  58. Sudibjo, N., Idawati, L., & Harsanti, H. R. (2019). Characteristics of Learning in the Era of Industry 4.0 and Society 5.0. Paper presented at the International Conference on Education Technology (ICoET 2019).
  59. Tóth-Pajor, Á., Bed?, Z., & Csapi, V. (2023). Digitalization in entrepreneurship education and its effect on entrepreneurial capacity building. Cogent Business & Management, 10(2), 2210891.
  60. Ungureanu, A. (2021). The Digitalization Impact on the Entrepreneurial Leadership in the 21st Century. International Journal of Social Relevance & Concern, 9(1), 25-32.
  61. Wang, Y. (2022). Analyzing the mechanism of strategic orientation towards digitization and organizational performance settings enduring employee resistance to innovation and performance capabilities. Frontiers in psychology, 13, 1006310.
  62. Zhao, X., & Zhang, J. (2021). The analysis of integration of ideological political education with innovation entrepreneurship education for college students. Frontiers in psychology, 12, 610409.