Academic: Digitalpreneur opens business opportunities for young generation
The development of digital technology is opening increasingly wide opportunities for the young generation to enter the world of entrepreneurship through digital-based business models or ‘digitalpreneurs’, according to Duwi Oktaviana, an academic at IAHN Mpu Kuturan Singaraja, Bali.
‘The development of social media, marketplaces, and artificial intelligence (AI) technology has changed the way young people build and develop businesses,’ said Duwi Oktaviana in Singaraja on Wednesday.
According to her, the presence of digital platforms allows young entrepreneurs to market products without having to own a physical shop. Social media can be utilised to build branding while conducting transactions with a wider market.
This situation means that capital is no longer the sole determining factor for someone to start a business. Creativity, the ability to spot opportunities, innovation, and proficiency in utilising technology have become important assets for young entrepreneurs.
Nevertheless, Duwi reminded the young generation, particularly on the Island of the Gods, not to fall into the assumption that digital business is a fast track to success.
According to her, the phenomenon of products or content going viral on social media does not always correlate with long-term business success today.
‘Going viral does not necessarily indicate a healthy business. Young entrepreneurs must have quality products, understand consumer needs, be able to manage finances, and have a sustainable business strategy,’ she said.
Therefore, she said, young entrepreneurs need to build a strong customer base and not rely solely on one platform to run their business.
Duwi also sees the use of artificial intelligence as a new opportunity that can be utilised by the young generation to increase business productivity.
The technology can be used to assist with market research, formulate marketing strategies, create promotional materials, and help with product development processes.
However, she emphasised that the use of AI must still be balanced with creativity and critical thinking skills from business actors.
‘AI should be a tool to increase productivity, not make entrepreneurs lose creativity and decision-making ability,’ she said.
Furthermore, Duwi said that higher education institutions have an important role in preparing the young generation not only to become job seekers but also to be able to create employment opportunities.
According to her, entrepreneurship education in higher education needs to be directed towards practical experience through business project development, digital marketing, financial management, and business mentoring.
‘Students must be given space to try building a business while still at university. With that experience, they not only understand entrepreneurship theory but also learn to face risks and market dynamics,’ she said.