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.