The Innovative Business Model for Family-Owned Firms in the Era of Digital Entrepreneurship: Evidence from Emerging Economy

Abstract

The current Covid-19 pandemic has been changed the businesses plans. High uncertainty can compel the organization to change the business plan according to the market demand. In the current era of digitalization, organizations are needed to modify the existing business plan and innovate it through technologies. Modifying existing resources according to the market demand is challenging for the organization; employers face many challenges and obstacles. Businesses plan to develop a long-term business model to validate the attractiveness, reduce the avoidable investment of scarce resources, and structure the business process. In the current era of digitalization, businesses, specifically, SMEs cannot compete with the competitors who can adopt digitalization systems. Therefore, the current chapter is trying to find out the challenges faced by SMEs in developing economies during the adoption of the digital business model. In the current chapter, researchers focus on three different kinds of digital technologies that must be part of the business model during the era of digitalization, such as adopting digital technologies (artificial intelligence, Internet of Thing, and virtual reality and to create a new business model following the current era issue, these are the main block to resist of these market uncertainties in a new venture of family firms.