Vol. 2 No. 3 (2024)

Open Access

Article

Analysis of the importance of business model and business plan in the process of entrepreneurship: Taking college students entrepreneurship as an example

Shuai Han, Shi Yin, Lirui Liu

Sustainable Economies, Vol.2, No.3, 2(3), 38 , 2024, DOI: 10.62617/se.v2i3.38

Abstract：

This article explores in-depth entrepreneurship, focusing on business models and business plans. Taking the difficulties and challenges faced by college students as an example, it analyzes the importance of business model innovation to entrepreneurial enterprises and its key role in market competition. The article first summarizes the concept of entrepreneurship and the problems it faces, and then introduces the business model and its application in entrepreneurship, the definition and components of the business plan, and how to make an effective business plan according to market demand, technology trends, and the competitive environment. This paper points out that a successful business model needs to be closely combined with market positioning, product strategy, marketing means, profit model, and other elements, and the formulation of a business plan requires rigorous steps. The study has concluded that the business model is the core of the business plan, and the plan is the specific implementation of the model. The two need to adjust to each other and jointly determine the success of the enterprise. The future development trend of the business model and business plan is the trend of digitalization and intelligence, personalization and customization, flexibility, and adaptability. This paper puts forward suggestions for entrepreneurs represented by college students: an in-depth understanding of market and customer needs, the need to maintain innovative thinking, the feasibility of a socialist plan, etc., thus improving the success rate of entrepreneurship. This paper enriches the relevant theories of entrepreneurship, lays the foundation for in-depth research, and has certain theoretical significance.

Open Access

Article

Time-varying effects of crude oil price fluctuations on tuna fish prices

Pierre Failler, Yuhang Zheng, Yue Liu, Negar Akbari, Helga Josupeit, Andy Forse, Benjamin Drakeford

Sustainable Economies, Vol.2, No.3, 2(3), 103 , 2024, DOI: 10.62617/se.v2i3.103

Abstract：

This research presents an investigation of the time-varying effects of crude oil on the price of three tuna species, namely skipjack, albacore, and yellow fin. The investigation analyses the impact coefficient of oil price fluctuation on tuna species over time with specific phases related to time points when crude oil prices fall, including December 2008 (due to the impact of the Financial Crisis), February 2016 (due to the impact of the US shale oil and gas revolution), and April 2020 (due to the impact of the global COVID-19). The analysis shows that the price of yellow fin and skipjack shows sensitivity to these phased oil price shocks but stays consistent after recovery. This research finds that the relationship between oil price and tuna price depends on specific phases of oil price fluctuations and that global crude oil price shocks could have immediate and short-term impacts on fish markets, especially during a period of financial crisis.

Open Access

Article

Innovation and sustainable development among multinational enterprises in Nigeria

Chinyere Ogo Nwamaka, Anthony Aniagbaoso Igwe, Bishop Ogo Onyekachi, Ekom Etim Akpan

Sustainable Economies, Vol.2, No.3, 2(3), 80 , 2024, DOI: 10.62617/se.v2i3.80

Abstract：

This study explores the effect of innovation on sustainable development among multinational enterprises (MNEs) operating in Nigeria. Utilizing a cross-sectional survey design, the research investigates how innovation practices within MNEs influence the economic, environmental, and social dimensions of sustainable development in the Nigerian context. Data were collected from workers of five multinational corporations using a structured questionnaire. The study hypotheses were analysed using partial least squares structural equation modelling (PLS-SEM) via SmartPLS 3.2.9. The findings demonstrate a positive and significant effect of innovation on all three dimensions of sustainable development. This suggests that MNEs fostering innovation contribute meaningfully to achieving broader societal goals beyond economic profit. The study further recommended that MNEs should integrate sustainability metrics into their innovation performance evaluations. Track how their innovations contribute to economic growth, environmental improvements, and social well-being. This will help them identify the most impactful innovations and guide future investments towards projects that generate shared value for their business and society.

Open Access

Article

Innovation and engineering education: New challenges for achieving sustainable development goals

Valeriya V. Semenova, Vladimir V. Mazur, Ilya S. Koshel, Ekaterina A. Svistunova, Yrii V. Egorov

Sustainable Economies, Vol.2, No.3, 2(3), 36 , 2024, DOI: 10.62617/se.v2i3.36

Abstract：

This article is an analysis of global trends in the field of socio-economic development, which in modern conditions is determined by innovative technological engineering solutions. Innovation is new knowledge embodied in engineering technologies that can meet the needs of mankind's development. However, changes caused by scientific and technological progress radically change not only human life but also its natural habitat. The effect of the use of a large number of technological solutions for humans is positive (a decrease in the share of heavy manual labor, an increase in life expectancy, etc.), and for the environment, it is negative (depletion of soils, pollution of the atmosphere and water bodies, etc.). The result of technological development, which humanity has today, forces us to revise the fundamental elements of technological development, shifting priorities from increasing the diversity of social consumption to the ecological depletion of the planet, and this, in turn, requires a change in the values of professional engineering thinking, which is formed in the learning process.

Open Access

Article

Beyond gender: The evolving significance of pink in the contemporary marketing

Rui Ma, Xi Wang

Sustainable Economies, Vol.2, No.3, 2(3), 168 , 2024, DOI: 10.62617/se.v2i3.168

Abstract：

This study investigates the influence of pink in marketing, focusing on its impact on female consumer behavior, particularly in light of the Barbie movie’s recent popularity. It analyzes the psychological and historical significance of pink, and its economic implications in marketing strategies. This study conducts an in-depth literature review and case study analysis to explore the cultural and psychological significance of the color pink in marketing and its influence on consumer behavior beyond different genders. The originality of this study lies in its multifaceted exploration of the interplay between the color pink and female consumer behavior, particularly through the lens of cinematic imagery. By focusing on the cultural and psychological significance of pink in films and its subsequent impact on fashion trends and marketing strategies, this research uniquely bridges the gap between color symbolism and contemporary consumer behavior.

Open Access

Article

Analysis of business valuation models with AI emphasis

Milad Shahvaroughi Farahani

Sustainable Economies, Vol.2, No.3, 2(3), 132 , 2024, DOI: 10.62617/se.v2i3.132

Abstract：

The main purpose of the paper is to evaluate and compare different business valuation models that incorporate artificial intelligence (AI) technologies. The paper seeks to understand the capabilities, advantages, disadvantages, and limitations of these AI-based models in valuing businesses accurately. Additionally, the paper aims to provide insights into how AI can be utilized effectively in the field of business valuation to enhance accuracy and efficiency. We used qualitative research methods which involve reviewing and analyzing existing literature, case studies, and expert opinions on business valuation models and artificial intelligence. The main contribution of the paper is the integration of artificial intelligence (AI) techniques into traditional business valuation models. The authors propose using AI algorithms such as machine learning and natural language processing to improve the accuracy and efficiency of valuing businesses. By leveraging AI technology, the paper aims to provide more reliable and data-driven valuations, ultimately enhancing decision-making processes for investors, managers, and other stakeholders. The initial segment of the analysis outlines conventional business valuation approaches, such as discounted cash flow (DCF), comparable company analysis (CCA), and asset-based valuation. These methods utilize historical financial data, market comparisons, and asset valuations to estimate a company’s value. Although they are effective, these traditional models have limitations in terms of capturing intricate market dynamics and accurately forecasting future performance. The following section of the analysis delves into specific AI-driven valuation strategies, such as sentiment analysis, predictive analytics, and algorithmic trading techniques. It also explores how AI technologies, like machine learning algorithms, natural language processing (NLP), and deep learning, are revolutionizing business valuation practices. AI enables the analysis of vast datasets, including unstructured data from platforms like social media, news articles, and industry reports, to extract valuable insights. Machine learning models can detect patterns, correlations, and predictive indicators that traditional models may miss, leading to more accurate and agile valuations. The analysis then addresses the benefits, obstacles, and considerations associated with integrating AI into business valuation. This includes data quality and accessibility, model interpretability and transparency, regulatory compliance, and ethical concerns related to AI bias and fairness. In addition, a comparative evaluation of AI-based models is presented. In conclusion, integrating AI into business valuation models presents significant potential to enhance the accuracy, efficiency, and dependability of valuation assessments. Using AI-driven methodologies, investors and analysts can gain deeper insights into the intrinsic value of businesses, enabling them to make more informed investment decisions in dynamic and competitive markets. However, it is crucial to pay careful attention to data integrity, model transparency, and ethical implications to ensure the responsible and effective use of AI in business valuation. Finally, future directions and recommendations are provided.

Open Access

Article

Nexus between foreign assistance and economic growth in Tanzania

James Daniel Chindengwike

Sustainable Economies, Vol.2, No.3, 2(3), 163 , 2024, DOI: 10.62617/se.v2i3.163

Abstract：

The ability of a country to grow economically sustainably depends on its ability to borrow since borrowing is an essential component of resource creation and the foundation of resource generation strategy, particularly in emerging nations. Evaluating the relationship between Tanzania’s economic progress on foreign aid, it was the main goal of the study. Secondary data and a quantitative time series data regression research methodology were used in the study. The fiscal years 1970–2020 were covered by the 51 data observations. The findings indicated that while there is a statistically significant positive relationship between foreign aid and economic growth.

Open Access

Article

Developing new boutique winery businesses—Lessons from the Australian experience

Paul Dean, Richard Whitfield, Gert Noordzy

Sustainable Economies, Vol.2, No.3, 2(3), 194 , 2024, DOI: 10.62617/se.v2i3.194

Abstract：

The global wine industry has been growing strongly for many years with entrepreneurs often seeking to establish boutique wineries in new or established wine-producing regions, partly to indulge their passion for wine but also to develop successful, long-term business ventures. Within this context, Australia has successfully grown its wine industry over several decades and is now one of the world’s largest wine exporters. The country is known for its robust mix of large and small wine producers and wine tourism. This paper explores key issues that should be considered by entrepreneurs contemplating new boutique winery ventures to increase their chances of business success. This is done by reviewing the general wine industry in Australia and comparing the situations of five successful smaller wine producers scattered around the country. To carry out the comparisons, the authors reviewed public promotions, customer reviews, and other materials about the case businesses and industry and interviewed proprietors as needed. A representative convenience sample of successful boutique wineries from several major Australian wine regions was chosen for review so that the whole Australian industry was covered. Based on their analysis, the authors firmly believe that boutique winery entrepreneurs must examine all aspects of the business model for their proposed venture and especially their interface with wine tourism to improve their chances for long-term growth and business success. Like most real estate investments, the location of the vineyard is critically important. Then, as well as producing high-quality grapes and wines and developing strong cellar door sales, they should also incorporate food offerings that emphasize pairing their wines with local produce. In addition, they should establish onsite “experience” focused lodging options that showcase local arts and crafts, with “glamping” style accommodations providing a particularly suitable option. These are all matters which should be considered from the very outset when the venture is initially being conceptualized and plans are being formulated for the development of the chosen property. For the sake of clarity, within this study, the term “boutique winery” refers to a wine-making facility with an adjoining vineyard.

Open Access

Article

The European Union toward a green economy: Current situation and perspective in the use of renewables for electricity generation

Jorge Morales Pedraza

Sustainable Economies, Vol.2, No.3, 2(3), 218 , 2024, DOI: 10.62617/se.v2i3.218

Abstract：

The European Union (EU) is making significant progress in its energy transition strategy, positioning itself as a global leader. The use of renewable energy sources for electricity generation is increasing yearly. In 2012, the share of renewable electricity in gross electricity consumption in the EU was 24.1%. This figure rose to 38% in 2020, overtaking fossil-fired generation for the first time, which fell to 37%. In 2021, the EU produced 4032.5 TWh using all energy sources. Renewable energies generated 1670.4 TWh or 41.4% of the total. Conventional and nuclear energy sources produced the remaining 58.6%. In the coming years, conventional energy sources are expected to generate less electricity than renewable and nuclear energy sources. In the coming years, solar and wind energy will remain the two main renewable energy sources for electricity generation in the EU. The EU’s energy transition is a concern and a key apprehension for the European Commission (EC), which strives to ensure sustainable, secure, and reasonable energy prices in the coming years. In February 2015, the EC set out its energy strategy, focusing on five key areas: Energy security, solidarity, and trust; a fully integrated European energy market; Energy efficiency contributing to moderation of demand; decarbonizing the economy; research, innovation, and competitiveness.

Open Access

Article

Special research on well-being and earning of rice farmers in Laos: Survey of Official Development Assistant (ODA) projects and economic analysis

Soulivanh Chansombuth

Sustainable Economies, Vol.2, No.3, 2(3), 14 , 2024, DOI: 10.62617/se.v2i3.14

Abstract：

Farmers in rural areas can only earn revenue from rice farming which rice farming supports their better lives. Agricultural knowledge is a potential incentive for promoting well-being. This paper was survey research, there were two sections: 1) the author utilized an econometric approach to analyze the earnings of farmers from 10 provinces from 2017–2021; there were 1120 farmers involved in the survey; 2) the author used an economic evaluation approach to analyze effectiveness and efficiency of ODA by using data from 1110 farmers in 2018; 1205 farmers in 2019; and 1330 farmers in 2020. ODA is Instrumental Variables (IV) in the mincer model, ODA promotes agricultural knowledge for farmers, and of course, agricultural knowledge promotes revenue for farmers. The 2SLS and maximum likelihood are essential for the quartic function of mincer. Evaluation approaches from OECD/DAC and PCAP/JICA were utilized to compare the results of well-being indicators called basic human needs (BHN). According to the results of this study, the earnings of farmers who joined ODA projects were higher than the earnings of farmers who did not join ODA projects. The result of the economic evaluation approach found ‘ineffectiveness’; on the other hand, the author could find the efficiency of ODA projects. Finally, the recommendation is that the government policy on BHN should be consistently linked to the ODA program made by both the government and donors. Certainly, BHN policy for farmers who are minorities is necessary such as providing rice fields to be utilized for free, this will lead to chances for farmers to enhance their well-being from rice production.

Open Access

Article

Impacts of quality management principles in supporting sustainable development in the Mauritian hospitality sector

Laëticia M. A. Panchoo Ramsamy, Devkumar S. Callychurn

Sustainable Economies, Vol.2, No.3, 2(3), 110 , 2024, DOI: 10.62617/se.v2i3.110

Abstract：

The notion of sustainability has greatly evolved since the 1960s. As the global population is increasing along with the consumption rate, it is becoming urgent to alleviate the negative impacts of this growth while, in parallel, allowing for continuous enhancements in environmental quality and overall living standards. This is where the need for sustainability becomes apparent. This research focuses on the hospitality industry, one of the top pillars of the Mauritian economy, which has expanded drastically during the last two decades. The study aims at assessing sustainability practices through an investigation of the different sustainable practices adopted by the hospitality industry. A survey was conducted with the main stakeholders in the hotel industry. The outcome of the survey, including an overview of the gaps faced by the hotels during their sustainability system implementation or maintenance, contributed to designing a framework linking quality and sustainability. The survey revealed that most hotels possess sustainability certifications. It was noted that more than 80% of the respondents calculate or estimate their CO 2 emissions, and that around the same percentage of interviewees use the LCA technique. Further, this study depicts that hotels in Mauritius have started their sustainability journey, which is a positive sign. To help the industry overcome barriers to Sustainable Development (SD), it is recommended to use and include quality management as a tool to support and enhance overall efficiency.

Open Access

Article

Forecasting corporate social investment in Asian based organizational features of corporate social responsibility

Asifa Younas

Sustainable Economies, Vol.2, No.3, 2(3), 70 , 2024, DOI: 10.62617/se.v2i3.70

Abstract：

Corporate Social Responsibility (CSR) activities, which target social and environmental challenges, are prompted by pressures from stakeholders. As a result, businesses use Corporate Social Investment (CSI) channels to finance CSR initiatives in the areas in which they conduct business. There is still a dearth of empirical studies in developing regions, especially in Asian countries, despite the large number of CSR studies carried out in wealthy nations. In order to determine the degree to which Firm Size and Organizational Sector predict Corporate Social Investment (CSI) in Asia, this quantitative study used frameworks for CSR and stakeholder engagement. To find out if these two organizational traits, used separately or together, have a substantial impact on CSI, three study questions were presented. Data from 54 Asian-based companies that submitted reports to the Global Reporting Initiative (GRI) between 2018 and 2022 were examined in this study. Multiple regression analysis (MRA) using archival data from GRI reports showed that Organizational Sector emerged as a significant predictor ( b = 0.275, p = 0.005), indicating that manufacturing and fertilizing companies contributed more to CSI than other companies, while Firm Size did not significantly predict CSI spending ( b = −0.089, p = 0.259). This emphasizes how critical it is to take the Organizational Sector into consideration as an important predictor of corporate social responsibility (CSR) and how important it is to take this into account when figuring out how firms might support social development in Asian communities.