Abstract
New digital technology has revolutionized the uncertainty inherent in entrepreneurial processes, results, and the methods for coping with such delay. This has sparked discussion on digital entrepreneurship and the relationship between digital technology and entrepreneurship. The survey was distributed online using Google Forms between January 2022 and February 2022. The target population for the study included entrepreneurs and young graduates in Lebanon. The survey was administered in English, considered the second language used in Lebanon. Additionally, the sample used for this study is 270 employees (N=270). Many entrepreneurs' lives and jobs are now affected by technological advancements. People aren't sure how it's going to turn out, but one thing is for sure: it's going to provide something fresh and challenging. It must be a worldwide effort, engaging all stakeholders, including politicians, business leaders, educators, and public members. With these improvements in Lebanon, the whole production, management, and governance systems will be transformed.
TopSignicance Of The Study
The digital industrial revolution, known as Industry 4.0, brings about the current Fourth Industrial Revolution. Integration of intelligent equipment and systems and modifications in production processes to boost efficiency and provide the option of flexible alterations is referred to as Industry 4.0. People's work and personal lives are being impacted by various trends and phenomena, all of which affect how businesses operate. These include the increasing and widespread use of cutting-edge technological solutions and the economic networking that impacts the growth of various communication forms, global competitiveness, and employee mobility, according to Douglas & Prentice (2019). Combined with a constantly changing professional environment, these patterns provide new possibilities and problems for businesses. What was formerly the realm of a slew of market participants will be supplied by a single player in the future. In the business-to-business (B2B) and the business-to-consumer (B2C) arenas, trends will be driven by customer expectations and experiences, which can revolutionize practically any industry.
Over the next several years, corporations will have to rethink their business models and strategy in light of new consumer ecosystems rather than their old market rivals. A wide range of new business models, including open business models, may be created utilizing open innovation and new ideas in business. These enterprise goods and operations models may be restructured (Gupta & Chaudhry, 2019; Jun et al., 2019). A competitive advantage based on the rules of Industry 4.0 may be built upon these models. Technological advancements and solutions implemented in modern businesses lead to shifts in management paradigms and the need for new business models to maintain a balance between autonomous (intelligent) technology advancements, remote communication systems, and societally recognized values. Understanding consumer demands is a critical differentiator in the Fourth Industrial Revolution. It allows companies to gain a competitive advantage by proactively taking advantage of new possibilities, challenges, and difficulties. When it came to the absence of business models for companies operating in Industry 4.0, it was discovered that there was a research hole in the form, foundation, and sources of competitive advantage. This research aimed to identify the pillars of open business models in the Industry 4.0 environment, which will serve as a foundation for these models.