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International Journal of Human Resource & Industrial Research

SOCIAL MEDIA AS A CATALYST FOR ENTREPRENEURIAL GROWTH IN THE DIGITAL ECONOMY

Dr. Dinesh Doke

Dr. Dinesh Doke, Additional Commissioner, Social Welfare, Govt. of Maharashtra, Pune, India

DOI : https://doi.org/10.5281/zenodo.22761476 Page No : 01-10

Published Online : 2023-11-30

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ABSTRACT

We live in the age of digital and all-inclusive economy. Social media is considered as a disruptive technology, providing opportunities for the development of businesses in an extremely fast manner. This paper explores the potential of social media platforms in terms of serving as a tool for accelerating business growth through access to the market, increased brand visibility, engaging customers, and encouraging innovation. By analyzing existing literature, industry reports, and the practice of digital entrepreneurship, the research focuses on how Facebook, Instagram, LinkedIn, X, YouTube, and TikTok help entrepreneurs to target global audiences while cutting down the costs associated with conventional marketing and operations. As is concluded from the results of the analysis, social media helps in building strong relationships with customers, networking, gathering market intelligence, and making data-driven decisions, which makes entrepreneurial activities more efficient and resilient. However, there are several problems, such as algorithm dependence, disinformation, cybersecurity issues, and digital saturation, which influence the sustainable development of business.The study concludes that entrepreneurs who strategically integrate social media with digital innovation, analytics, and customer-centric approaches are better positioned to capitalize on emerging opportunities in the evolving digital economy. The paper offers practical insights for entrepreneurs, policymakers, and researchers seeking to promote innovation-driven and sustainable entrepreneurial ecosystems.

Keywords: Social Media, Digital Entrepreneurship, Entrepreneurial Growth, Digital Economy, Business Innovation, Customer Engagement, Digital Marketing

References

Ameen, N., Tarhini, A., Reppel, A., & Anand, A. (2021). Customer experiences in the age of artificial intelligence. Computers in Human Behavior, 114, 106548. https://doi.org/10.1016/j.chb.2020.106548
Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), 79–95. https://doi.org/10.1007/s11747-019-00695-1
Chatterjee, S., Rana, N. P., Tamilmani, K., Sharma, A., & Akgün, A. E. (2021). The impact of AI-enabled social media analytics on business value and firm performance. Journal of Business Research, 129, 360–372. https://doi.org/10.1016/j.jbusres.2021.02.041
Davidsson, P., Recker, J., & von Briel, F. (2020). External enablement of new venture creation: A framework. Academy of Management Perspectives, 34(3), 311–332. https://doi.org/10.5465/amp.2017.0163
Dwivedi, Y. K., Ismagilova, E., Hughes, D. L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A. S., Kumar, V., Rahman, M. M., Raman, R., Rauschnabel, P. A., Rowley, J., Salo, J., Tran, G. A., & Wang, Y. (2021). Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 59, 102168. https://doi.org/10.1016/j.ijinfomgt.2020.102168
Felix, R., Rauschnabel, P. A., & Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, 118–126. https://doi.org/10.1016/j.jbusres.2016.05.001
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of social media. Business Horizons, 53(1), 59–68. https://doi.org/10.1016/j.bushor.2009.09.003
Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241–251. https://doi.org/10.1016/j.bushor.2011.01.005
Nambisan, S., Lyytinen, K., Majchrzak, A., & Song, M. (2017). Digital innovation management: Reinventing innovation management research in a digital world. MIS Quarterly, 41(1), 223–238. https://doi.org/10.25300/MISQ/2017/41:1.03
Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), 103773. https://doi.org/10.1016/j.respol.2019.03.018
Olanrewaju, A.-S. T., Hossain, M. A., Whiteside, N., & Mercieca, P. (2020). Social media and entrepreneurship research: A literature review. International Journal of Information Management, 50, 90–110. https://doi.org/10.1016/j.ijinfomgt.2019.05.011
Sahut, J.-M., Iandoli, L., & Teulon, F. (2021). The age of digital entrepreneurship. Small Business Economics, 56(3), 1159–1169. https://doi.org/10.1007/s11187-019-00260-8
Tajvidi, M., & Karami, A. (2017). The effect of social media on firm performance. Computers in Human Behavior, 115, 105174. https://doi.org/10.1016/j.chb.2017.09.026
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother? Business Horizons, 57(6), 703–708. https://doi.org/10.1016/j.bushor.2014.07.002
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022

Cite this article as: Dinesh Doke (2023), “Social Media as a Catalyst for Entrepreneurial Growth in the Digital Economy”, International Journal of Human Resource & Industrial Research, Volume 10, Issue 2, 2023, pp 01-10. DOI : https://doi.org/10.5281/zenodo.22761476

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References

Ameen, N., Tarhini, A., Reppel, A., & Anand, A. (2021). Customer experiences in the age of artificial intelligence. Computers in Human Behavior, 114, 106548. https://doi.org/10.1016/j.chb.2020.106548
Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), 79–95. https://doi.org/10.1007/s11747-019-00695-1
Chatterjee, S., Rana, N. P., Tamilmani, K., Sharma, A., & Akgün, A. E. (2021). The impact of AI-enabled social media analytics on business value and firm performance. Journal of Business Research, 129, 360–372. https://doi.org/10.1016/j.jbusres.2021.02.041
Davidsson, P., Recker, J., & von Briel, F. (2020). External enablement of new venture creation: A framework. Academy of Management Perspectives, 34(3), 311–332. https://doi.org/10.5465/amp.2017.0163
Dwivedi, Y. K., Ismagilova, E., Hughes, D. L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A. S., Kumar, V., Rahman, M. M., Raman, R., Rauschnabel, P. A., Rowley, J., Salo, J., Tran, G. A., & Wang, Y. (2021). Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 59, 102168. https://doi.org/10.1016/j.ijinfomgt.2020.102168
Felix, R., Rauschnabel, P. A., & Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, 118–126. https://doi.org/10.1016/j.jbusres.2016.05.001
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of social media. Business Horizons, 53(1), 59–68. https://doi.org/10.1016/j.bushor.2009.09.003
Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241–251. https://doi.org/10.1016/j.bushor.2011.01.005
Nambisan, S., Lyytinen, K., Majchrzak, A., & Song, M. (2017). Digital innovation management: Reinventing innovation management research in a digital world. MIS Quarterly, 41(1), 223–238. https://doi.org/10.25300/MISQ/2017/41:1.03
Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), 103773. https://doi.org/10.1016/j.respol.2019.03.018
Olanrewaju, A.-S. T., Hossain, M. A., Whiteside, N., & Mercieca, P. (2020). Social media and entrepreneurship research: A literature review. International Journal of Information Management, 50, 90–110. https://doi.org/10.1016/j.ijinfomgt.2019.05.011
Sahut, J.-M., Iandoli, L., & Teulon, F. (2021). The age of digital entrepreneurship. Small Business Economics, 56(3), 1159–1169. https://doi.org/10.1007/s11187-019-00260-8
Tajvidi, M., & Karami, A. (2017). The effect of social media on firm performance. Computers in Human Behavior, 115, 105174. https://doi.org/10.1016/j.chb.2017.09.026
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother? Business Horizons, 57(6), 703–708. https://doi.org/10.1016/j.bushor.2014.07.002
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022

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