Entrepreneurship
Maryam Mashhadiabdol; Davood Samari; Majid Ashrafi; Ebrahim Abbasi
Abstract
1- INTRODUCTION
Financial technology will transform traditional financial markets, especially banks, by taking advantage of innovation. The purpose of this research is to present an entrepreneurial model regarding the subject of this research. The research is exploratory in terms of its applied ...
Read More
1- INTRODUCTION
Financial technology will transform traditional financial markets, especially banks, by taking advantage of innovation. The purpose of this research is to present an entrepreneurial model regarding the subject of this research. The research is exploratory in terms of its applied purpose-developments and data collection method. In order to examine the relationship model and its fit, structural equation modeling has been used. As a result, the components are placed in 5. Therefore, according to these recommendations, in order to improve their business models, it has been provided.
2- THEORETICAL FRAMEWORK
Today, the world is witnessing very rapid progress in various fields of science, the speed of these developments and innovations resulting from it is faster, especially in the science of information and communication technology, and the technologies of this field have become a precursor to developments in other fields as well. Banks have always been the focus of researchers due to their special importance in the economy of countries. With the expansion of technology and the increasing influence of the internet and virtual space in people's daily lives, the need for ideas and innovation in the banking sector also becomes more tangible.
In a significant part of the previous research in the field of financial technology ecosystem, the way of its development and evolution and the role of this ecosystem in creating innovation in the financial services industry have been discussed. In research, the proposed classification framework of the paper has three dimensions: financial benefits, challenges and functions enabled by blockchain.
The current research seeks to answer the following questions:
What factors does the entrepreneurial model of technological businesses in the banking industry include?
In what dimensions are the influential factors of financial technology in the banking industry?
How are the influential dimensions of financial technology in the banking industry related to each other?
3- METHODOLOGY
In the first step, to implement this method, the triangular fuzzy values of experts' opinions as well as the components obtained from previous researches in both internal and external studies were calculated and these components were converted into fuzzy values. In the second step, to calculate the average of the opinions of n respondents, their fuzzy average was calculated. In the third step, according to the studies conducted from domestic and foreign researches, the participating team consists of academic experts, number of 20 people, including faculty members of public administration, information technology management, entrepreneurship and banking affairs management, based on the information that they have been determined in the field of financial technologies in the banking system. In the fourth step, to validate the findings of the qualitative part, the method of long-term engagement and continuous observation, review by participants and colleagues, and the triangulation technique of data sources have been used. In order to achieve reliability criteria, including reliability, transferability, reliability, and verifiability, which are used in transferability, the results of the study, in reliability, coding in reports, and in verifiability, recording activities over time. In the fifth step, after data editing, coding and data entry, two methods of descriptive and inferential statistics and software such as Excel, SPSS, PLS have been used to analyze the data. In the sixth step, the interpretive structural model (ISM) was presented by Andrew Sage in 1977.
4- RESULTS & DISCUSSION
In the first stage, according to the fact that each of the previous researchers introduced different components in their articles, with the method of content analysis and the combination of similar codes, the primary components in each of the dimensions of the model were identified by analyzing the existing articles and books and interviewing experts became. Fixed fuzzy numbers are calculated by using the average method as follows:
ϰ1=(U+M+L)/3; ϰ2=(U+2M+L)/4; ϰ3=(U+4M+L)/6
According to KMO number (more than 0.7) and significance level, Bartlett's test is less than 5%. The explained variance shows that these questions consist of 5 factors and these factors explain and cover about 64.55% of the variance, which actually indicates the appropriate validity of the questions. A good fit index above 0.5 indicates a good fit of the model.
According to the results obtained from the structural equation model, the analysis of the research model is presented as follows: the coefficient of determination shows that 74.9 percent of the changes in business internationalization are explained by innovative capabilities, entrepreneurial attitude, supply chain initiatives, and internationalization. Market structure and support activities in this research, the components are placed in 5 levels, which are at the highest level of innovative capabilities and entrepreneurial attitude and at the lowest level of business internationalization.
5- CONCLUSIONS & SUGGESTIONS
Over the years, although many researchers have investigated the components of a business model (Bertel et al., 2012), designing a new business model is closer to an art than a science. In order to achieve the goal of the research, with the help of findings from previous researches, key factors have been identified and then using interpretive structural modeling or ISM, for the key factors identified from the point of view of experts, including university professors, banking experts and managers specializing in the field of business and they are technological works, a structured relationship was defined.
In a changing environment, the delivery and delivery need of financial services will also change. The proposed model is more comprehensive compared to similar proposed models, and the categories taken from previous researches are in five dimensions. By comparing the previous research with the current research, it can be concluded that the structure of institutions and technological activities are among the elements that need to be paid attention to. In order to start and create technological businesses in the banking industry, entrepreneurs need to have a high entrepreneurial attitude in addition to creating an environment that has high innovative capabilities.
Hossein Takroosta; Yaghoub Maharati; Mostafa Kazemi; Mohammad Hossein Mahdavi Adeli
Abstract
Introduction Faced with fierce competition, market pressure, and the need to adapt to environmental changes, organizations cannot limit domains of their activities to specific sectors, and they are needed to make transformative decisions, including setting up new businesses, acquisition of other ...
Read More
Introduction Faced with fierce competition, market pressure, and the need to adapt to environmental changes, organizations cannot limit domains of their activities to specific sectors, and they are needed to make transformative decisions, including setting up new businesses, acquisition of other companies, and diversifying their activities. Increasing changes and changes in the scientific, economic and social spheres are one of the main features of the present era. Entrepreneurship and innovation is a must and need for many companies today in a competitive environment that seeks to survive and be effective. Therefore, many companies are desperately looking for innovative and entrepreneurial approaches to improve their results and performance in the areas of products, services and processes. Corporate entrepreneurial approach is the development of new ideas, methods, processes and opportunities within pre-established organizations (Hodge,2008). Considering the components of corporate entrepreneurship in running a business increases the competitiveness of companies and gains market success and ultimately enhances the financial performance of companies. The purpose of this study is to identify the effective factors on corporate entrepreneurship in the international literature and finally to use the knowledge of indigenous components of corporate entrepreneurship and extract them after extraction. Components, examines the impact of native components on the financial performance of selected companies. Theoretical Framework One of the effective measures can be taken by companies to stabilize markets and create competitive edge is to employ corporate entrepreneurship tools. Using this approach, companies are creating and utilizing entrepreneurial traits in order to transform. Studies show that utilizing such methods improves corporate performance and makes value for shareholders and other stakeholders. Since the 1980s, as emerging economies have made remarkable advances in industrial production and export, manufacturers and industrialists have faced emerging and powerful competitors in the marketplace. This confrontation has led many large corporations to risk losing their traditional markets and customers. Knowledge products and competitive pricing on the one hand, and the rapid pace of technology change on the other hand, increased the pressure for businesses to compete. Corporate Entrepreneurship Entrepreneurship is a mechanism for economists that provides optimal allocation of resources using the opportunities at stake (Caliendo & Kritikos, 2012). Calisto & Sarkar (2017) have considered corporate entrepreneurship components including innovation and risk-taking to achieve different degrees of entrepreneurial behavior and thus different levels of organizational innovation and performance. In analyzing the impact of corporate entrepreneurship on the financial performance of manufacturing firms, Octan and Bulut (2008) have considered the impact of corporate entrepreneurship components including innovation, risk-taking, pioneering and aggressive competition on the financial performance. Zahra (1993) studied the relationship between firm environment and corporate entrepreneurship including: innovation, organizational restructuring, and new business creation with financial performance. The study also showed that corporate entrepreneurship has a positive and significant effect on financial performance. Miller (1983, 2011) examines the important determinants of corporate entrepreneurship. According to the results, the impact of different factors on corporate entrepreneurship depends on the type of firm. Financial performance A wide range of indicators are used to evaluate corporate financial performance. In for-profit businesses, maximizing equity dividends is the primary goal of companies. To evaluate the success of this objective, the asset return index is used as the primary indicator. Methodology To achieve this goal, reviewing current literature in corporate entrepreneurship, we, first, try to identify the components of corporate entrepreneurship. Then, the identified components were reviewed by elites to screen exotic components out. In the third step, juxtaposing performance of the selected companies, we compare the entrepreneurial rank and financial performance of the companies. Results and Discussion Our findings highlight that, in line with international research papers, there is a significant relationship between the entrepreneurship rank of companies and their financial performance. Creativity and innovation In order for these features to flourish, managers must devote considerable resources to this area. Another notable case in this section is the importance of selecting managers based on their creativity and innovation characteristics. Risk-taking Companies and managers must carefully study the characteristics of their risk-taking in recruiting individuals, and look at their family, environmental, social, and professional backgrounds using human resources. Competition Companies must adopt groundbreaking behaviors in order to improve their competitive position compared to other companies, and this approach is due to formulating a strategic competitive plan and targeting all corporate actions to achieve this goal. Conclusion and suggestions According to the results, some suggestions are put forward to make more use of the research results in the business environment of the companies under study. The need for self-renewal and adaptation requires that the capabilities and resources of the company change from time to time, so the strategic plan of the corporation should include specific objectives in order to adapt to the environment. In the case of strategic restructuring, corporate executives should be committed to providing favorable conditions to create strategic restructuring and to encourage employees to take this path. Given the competitive economic environment, proper planning to achieve competitive advantage and seek new opportunities is one of the most important tasks for corporate executives. Strategic variables Having a proper roadmap is definitely one of the key factors in the success of companies. In the face of ever-increasing economic competition, a comprehensive and dynamic strategic plan is crucial, taking into account market and competitor aspects and the type of product and service provided by companies. Therefore, corporate boards should formulate, review, and approve strategic plans that are appropriate to corporate goals and seek to control CEOs to fully implement these plans. Studies show that organizational structure is the most appropriate tool for creating entrepreneurship in organizations. An overview of the evolution of organizational structure shows that traditional organizational structures are not capable of nurturing creative and innovative individuals. Given the very high importance of corporate culture in corporate entrepreneurship implementation, boards of directors and CEOs need to spend time and money on reforming corporate culture patterns and gradually reforming and implementing entrepreneurial culture in the company.
