Digital Entrepreneurship and Personal Resilience on New Business Models in the 21st Century

Abstract

How can businessmen and potential entrepreneurs overcome adversity and start enterprises in challenging situations? Until recently, little was understood about what motivates entrepreneurs during difficult times. Therefore, within the innovation system, digital entrepreneurship is an important determinant. It influences the many stages and aspects of the innovation system by changing the structure, goals, and networking mechanisms of the overall business system. Digital technologies, by bringing inevitable changes to the innovation system, may not only present greater business opportunities but may also be disruptive and create new vulnerabilities. Despite the advancement of digital tools, self-efficacy and resilience are still essential factors in motivating people to engage in entrepreneurial activities when they are going through difficult times. Individual entrepreneurs and potential entrepreneurs can and must improve their entrepreneurial self-efficacy and resilience in order to survive the economic downturn and credit stress and pursue business ventures.