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

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

The coupling and coordination of digital economy and manufacturing transformation and upgrading for industry 5.0 in Hebei Province

Jianfang Li, Jiachen Wang, Tongtong Sun , Shi Yin

In the context of the widespread application of digital technologies such as the Internet, big data, artificial intelligence, and cloud computing, digital transformation in the manufacturing sector has become an important engine to promote high-quality economic development in Hebei Province. This paper aims to objectively analyze the current situation of industrial integration between the Beijing-Tianjin-Hebei digital economy and the manufacturing industry and conduct level measurement so as to promote the in-depth integration and development of the digital economy and manufacturing industry in Hebei Province, so that the manufacturing enterprises in Hebei Province can rebuild their competitive advantages in future development, finally realize digital transformation, and promote the high-quality development of the manufacturing industry in Hebei Province. Therefore, it is very important to carry out empirical research on the integrated development of the digital economy and manufacturing industry in Hebei Province. First of all, this paper constructs the index evaluation system of the digital economy and manufacturing industry, respectively, takes the relevant data of the Beijing-Tianjin-Hebei region in the past five years as data samples, uses the entropy weight-TOPSIS method to measure the level of digital economy development and manufacturing industry transformation, and uses the coupling coordination degree model to measure the level of industrial integration of the two. The final results show that: (1) The development level of the digital economy in Hebei Province fluctuates greatly, and there is still a certain gap with Beijing and Tianjin, but the future development potential of the digital economy is huge. (2) The transformation level of manufacturing industry in Hebei Province shows a trend of fluctuation and rise on the whole, and the development trend is good, and the gap between Hebei Province and developed regions is gradually narrowing. (3) The integration of the digital economy and manufacturing industry in Hebei Province has a good development trend, but there is still a certain gap with Beijing and Tianjin, and there are problems of inadequate, unstable, and unbalanced industrial integration. Finally, based on the research conclusions, suggestions are put forward to promote the coordinated development of the Beijing-Tianjin-Hebei region, improve the level of digital economy and manufacturing integration of industrial convergence development, raise the level of digital infrastructure construction, and raise the level of science and technology innovation. This paper reveals the mechanism of the digital economy affecting the high-quality development of the manufacturing industry, studies the whole process of digitalization, information technology, and intelligence integration into the development of the manufacturing industry, and fully releases the positive effect of the digital economy driving the high-quality development of the manufacturing industry, which has important theoretical and practical significance for promoting the high-quality development of the manufacturing industry and formulating relevant industrial policies.

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

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

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

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.