Economics, Entrepreneurship and Management Research
Aims and Scope Economics, Entrepreneurship and Management Research (EEMR) is a scientific journal in the field of economics, entrepreneurship, and management. EEMR strives to follow the latest trends, analyzes, and research in these areas. EEMR will also support research in the field of economics, microeconomics, and macroeconomics, labor economics, finance, entrepreneurship theories, entrepreneurial behavior, entrepreneurial strategy, entrepreneurial ventures, family business, social entrepreneurship, international entrepreneurship, strategic management, operations management, financial management, human resources management, marketing, business communications, leadership, organizational culture, organizational behavior, and other related topics. EEMR will accept theoretical and systematic review papers, but, largely, original research papers.
Faculty for Entrepreneurial Business and Real Estate Management and Faculty of Economics and Finance, "Union - Nikola Tesla" University. Beograd, Serbia
Sanctions on NIS and the Transformation of Serbia's Energy Sector: Challenges and Strategic Opportunities
This paper focuses on the current situation in the Republic of Serbia as a consequence of the imposition of sanctions on the Oil Industry of Serbia (NIS). Since the 10th of January 2025. the imposed sanctions have intensified the potential energy crisis and consequences for the economy of the Republic of Serbia. In this article, using the method of descriptive analysis, challenges are described as the result of the current geopolitical, economic, and international relations. The focus is placed on the consequences of energy supply and the functioning of the refining sector, with a comparison to the sanctions imposed on Yugoslavia from 1991 to 1996. The article examines the possibilities of source diversification and source supply routes, as well as changes in ownership structure, as potential future development scenarios.
The Economic Benefits of Parks in Urban Spaces - Global Evidence and Implications for Belgrade, Serbia
Urban parks are increasingly recognized as economic infrastructure that affect health, property markets, tourism and climate resilience, but transition‑economy cities rarely assess these benefits systematically. This paper synthesizes international evidence on the economic benefits of urban parks and develops a research and policy framework for Belgrade, Serbia. Using a Total Economic Value and ecosystem‑services lens, the paper distinguishes four benefit domains: (i) health and avoided healthcare costs; (ii) property values and municipal finance; (iii) tourism and local economic development; and (iv) ecosystem services and avoided infrastructure costs. Systematic reviews, hedonic pricing studies and cost-benefit analyses show consistent evidence that proximity to parks raises housing values, increases physical activity and reduces obesity, supports tourism and small and medium enterprises, and provides cooling, flood mitigation and air‑quality improvements whose annual value often exceeds park operating budgets. The paper then applies this framework to Belgrade. Drawing on recent Serbian studies of urban green space and health, indicative real‑estate statistics and observed visitor flows to flagship parks such as Kalemegdan and Ada Ciganlija, it outlines how hedonic pricing, health‑impact valuation, tourism impact assessment and ecosystem‑service benefits transfer could be combined into an integrated valuation of the city’s park system. The contribution is conceptual and strategic rather than empirical: it fills a gap in Southeast European urban economics by articulating a coherent research agenda and policy framework that treat Belgrade’s parks as productive assets and position them within economic development, health and climate strategies.
The impact of evolving business models on the transformation of revenue recognition standards
The primary issue in accounting for revenue is the timing of its recognition. The first international accounting standard on revenue recognition was issued in 1982. The fundamental principle for revenue recognition was the transfer of economic benefits from the seller to the buyer. The emergence of the “Internet bubble” in the early 2000s, increasingly complex contracts with customers, and the rise of new business models involving combinations of goods and services, as well as multi-element arrangements, highlighted the need for significant improvements in financial reporting on revenue, tailored to the requirements of the modern business environment. This paper describes the main changes in accounting for revenue that are appropriate to new business models.
Open Innovation and Collaborative Networks
This paper examines the transition from traditional closed-innovation models, where firms rely primarily on internal knowledge and resources, to open innovation paradigms that emphasize collaboration and external linkages. In highly competitive markets, the rapid pace of technological change has compelled organizations to complement internal research and development with external sources of knowledge through licensing, partnerships, and inter-firm collaboration. Open innovation projects, when effectively managed, can generate significant economic, social, and environmental benefits, although empirical evidence suggests that outcomes are not always aligned with expectations. The paper highlights the growing importance of collaborative innovation across sectors and organizations, driven by the need to address complex socio-economic challenges and foster sustainability. It also underscores the necessity of further research into how diverse combinations of knowledge - spanning universities, suppliers, and customers - can create complementarities or substitution effects that shape firms’ exploration and exploitation strategies. By providing a comprehensive overview of the opportunities and limitations of open innovation, this paper contributes to a deeper understanding of how enterprises are adapting their innovation models in the 21st century.
Artificial Intelligence in Business Software: New Challenges and Opportunities for Management
The integration of Artificial Intelligence (AI) into business software solutions is reshaping the way modern organizations operate and make decisions. From enterprise resource planning (ERP) and customer relationship management (CRM) systems to business intelligence (BI) platforms, AI technologies are increasingly embedded to enhance automation, data analysis, and user experience. This paper explores the key AI technologies applied in business software, such as machine learning, natural language processing, and predictive analytics, and examines their potential to improve managerial efficiency and strategic decision-making. At the same time, the paper discusses emerging challenges, including technological complexity, ethical concerns, and the need for digital competence among managers. By providing a comprehensive overview of the opportunities and risks associated with AI-enabled business software, the study contributes to a deeper understanding of how AI is transforming managerial practices in the digital age.
Copyright (c) 2025 Olja Krčadinac, Dragana Đokić, Tijana Đukić, Željko Stanković (Author)
Changes in Education and Human Capital after the Challenges of the COVID-19 Pandemic
The COVID-19 pandemic has caused significant changes across all segments of society, and the education sector and human capital were no exception. This paper analyzes the transformations that arose as a result of the global health crisis, with a particular focus on the adaptation of educational systems and changes in human capital development. In order to overcome the challenges posed by the pandemic, educational institutions rapidly adopted digital technologies, leading to the widespread implementation of online learning and changes in teaching methodologies. These changes had long-term consequences on the quality of education, access to educational resources, and the ability of the workforce to adapt to new markets and industries. The paper explores how educational systems worldwide responded to these changes, how new forms of learning and employment developed, and how skills and competencies were valued in the postpandemic society. Additionally, it examines the challenges and opportunities for improving human capital in the era of post-pandemic economic and social transformation. Based on the research, the paper provides recommendations for future educational policy strategies and human capital development in the context of the newly emerged global and local circumstances.
The Impact of Global Economic Crises on Serbia
This paper provides an in-depth analysis of the effects that major global economic crises have had on Serbia, a small and open transitional economy, over the past twenty years. The paper examines four key crises: the 2008 global financial crisis, the COVID-19 pandemic, the war in Ukraine accompanied by an energy crisis, and the recent wave of global inflation. Each of these crises is explored through the lens of their origins, transmission mechanisms, and specific impact on Serbia’s macroeconomic indicators— particularly GDP growth, employment, inflation, investment, and public debt. The paper also analyzes the Serbian government’s policy responses, including monetary and fiscal measures, and evaluates their short-term and long-term effectiveness. Special attention is given to the role of institutions, external dependencies (such as foreign investment and energy imports), and the structural challenges of the Serbian economy. Findings suggest that although Serbia managed to implement some stabilizing policies, the country’s limited institutional capacity, high external exposure, and lack of structural preparedness reduced the overall effectiveness of crisis management. The paper concludes that building economic resilience must become a long-term strategic goal, focusing on diversification, digitalization, social safety nets, and institutional reform in order to mitigate the effects of future global shocks.
How Industry 4.0 is Shaping the Role of the HR Manager – A Review of the Contemporary Research
Industry 4.0 represents the Fourth Industrial Revolution, based on digitalization, automation, the use of artificial intelligence, the Internet of Things, and big data analytics. These technologies are transforming business processes and have a profound impact on human resource management. The aim of this paper is to systematically analyze the impact of Industry 4.0 on the changing role of HR managers, to identify which new competencies are becoming essential for HR professionals, and to examine how these changes affect organizational structures. Tools such as AI, People Analytics, and automation enable the optimization of recruitment, training, employee evaluation, and workforce planning, while at the same time posing challenges related to digital skills, change management, and the legal and ethical considerations of data usage. Particularly significant is the shift in the perception of employees — from “performance monitoring” to “supported autonomy”.
Impact of Digital Transformation on the Efficiency of Business Communication in Hybrid Work Environments
Digital transformation has revolutionized business communication, enabling organizations to adapt to hybrid work environments that combine in-office and remote work. Applications such as Zoom, Slack, Microsoft Teams, and project management software like Asana have transformed how teams exchange information, make decisions, and collaborate across geographical and cultural boundaries. This transformation brings significant benefits, including greater clarity, speed, and quality of communication, but also challenges such as information overload, communication breakdowns, and coordination within global teams. This paper explores how digital transformation impacts the efficiency of business communication in hybrid environments, with a focus on the role of organizational cultures, global teams, and strategies for optimization.
Analysis of Economic Social and Political Factors of Labour Migration
Labour migration represents a complex phenomenon in which individuals analyse their life opportunities to have better economic, social, and political conditions. This process, driven by the desire for higher incomes, improved educational prospects, and a better quality of life, can also be result of political instability and armed conflicts. On one hand, the economic benefits that migrants bring contribute to the development of destination countries through innovation and by problem solving such as labour shortages or the lack of specific educational profiles in the labour market. On the other hand, inadequately developed integration mechanisms can create challenges in terms of social cohesion and access to institutions that provide basic needs such as healthcare, legal protection, and education. Countries of origin, confronted with the "brain drain" effect, are increasingly relying on reintegration programs to reclaim their valuable human capital. The unification of migration policies, particularly within the European Union, is essential for establishing a coordinated approach to the protection of migrants’ rights and for addressing challenges associated with migrants arriving from conflict-affected areas. This research also highlights the need for comprehensive strategies that integrate economic, social, and political factors, thereby stimulating sustainable social and economic development.
Structure of the Investment Portfolio of the Insurance Sector in the Republic of Serbia
Thanks to the time gap between the collection of premiums and the payment of compensation for claims, insurance companies collect and invest temporarily free funds of technical reserves and thus become one of the important institutional investors. This paper analyzes the structure of the investment portfolio of the insurance sector in Serbia within framework of the existing regulatory constraints that insurance companies must adhere to regarding their investments. The research indicates that quantitative restrictions investments reduce the set of investment options available to insurers. The conclusion of this paper is that technical reserves in the Serbian insurance sector were fully invested in the prescribed types of assets across non-life and life insurance companies.
Information Security Management in Diplomatic Protocols: The Challenges of Modern Diplomacy
In the digital age, information security management has become a pivotal concern in international diplomacy, as cyber threats increasingly challenge the integrity of diplomatic communications. This paper explores the significance of integrating robust security measures within diplomatic protocols, with a particular focus on the Digitalization of Diplomacy Maturity Model (DD-MM). The study highlights the dual impact of Artificial Intelligence on diplomacy, where technological advancements provide both opportunities and risks in safeguarding sensitive information. Additionally, the role of diplomatic protocols is examined in maintaining trust, fostering cooperation, and ensuring the security of confidential exchanges. By analyzing contemporary challenges such as state-sponsored cyber threats and globalized crime, this research underscores the necessity of a strategic, technology-driven approach to information security in modern diplomatic engagements. Ultimately, the findings emphasize the need for diplomatic institutions to adopt comprehensive cybersecurity frameworks that enhance digital resilience while upholding the principles of international diplomacy.
Information security management, Diplomatic protocols, modern diplomacy management.
Monetary and Fiscal Policy in Solving the Global Economic Crisis
The global economy has been in a serious crisis for several years, which has deepened and accelerated in 2022 and 2023, so that a large number of countries are threatened with an economic recession with the possibility of transitioning into stagflation. The rise in energy, food, and other input prices has caused high inflation rates, both in developed and developing countries, regardless of their geographical location. The general impression is that some central banks that apply inflation targeting regime have reacted with delay, considering the rise in prices as a passing phenomenon of a temporary nature. Developing countries are in the most difficult situation and will have to borrow under unfavorable conditions to avoid a recession in their economies. The paper analyzes the possibilities and limitations of monetary and fiscal policy in preventing inflation and maintaining positive economic growth rates, with the aim of reducing unemployment, preventing a debt crisis, and reducing the standard of living of the population.
The role and importance of open innovation
The paper analyzes open innovation as a modern model of innovation, which is becoming increasingly important due to the limiting factors of closed innovation and the impossibility of the closed innovation model giving results in solving current problems. Open innovation represents a model of innovation, where the boundary between the organization and the environment is no longer so pronounced. Open innovations provide wider opportunities for the application of innovations, both their own and those coming from the environment. This suggests a business model that boils down to the approach that cooperation is better than competition. Open innovation is a more profitable way to innovate: it can reduce costs, accelerate time to market, increase market differentiation and create new value streams for the company. Transitioning to an open innovation model is not an easy task and certainly implies a good understanding of the advantages and disadvantages of open innovation on the part of the management, as well as the awareness that open innovation takes a long time to become successful in their organization. The subject of this paper is in the form of a question: what is the role of the concept of open innovation in introducing new processes, achieving competitiveness and representation in modern industries? By establishing a model of open innovation, organizations promote their own innovative activities, cooperation with other organizations, exchange of ideas, resources and technologies, and in the end better satisfaction of consumer needs is achieved. The goal of the paper is to research how, through which factors and mechanisms the open innovation paradigm contributes to the introduction of new processes, in which way open innovation is key in achieving competitive advantage, as well as the impact of absorptive capacity and the representation of open innovation in various industries. The contribution of this paper is reflected in the overview of theoretical facts specific to open innovation and drawing conclusions about the contribution of open innovation to the introduction of new processes and gaining competitiveness on the market as well as the representation of open innovation in various industries. It can be concluded that open innovation is an important element of the spread and development of new technologies, considering that knowledge becomes widely available, that due to the incorporation of external knowledge, the costs of research and development are reduced, and that cooperation and collaboration are the basic characteristics of the environment in which organizations function.
The economic, demographic and social aspects of sustainable development
In this paper, we have defined Sustainable Development as an approach to the overall development of a society that seeks to improve the ability of current generations to meet their needs, while preserving resources and leaving the possibility for future generations to satisfy their needs in a versatile and sustainable way. In this paper, we will argue that sustainability and sustainable development is a very complex problem and it encompasses a variety of elements concentrated in many social areas, such as ecology, economics, social relations, political relations and culture. So we will observe the term "sustainable development" as an integrative process of contemporary society, going from local communities and groups, through regional units, to the global level of modern society. In this paper, we will concentrate on the economic, demographic and social aspects of sustainable development and sustainable society, because they are the premise and basis of every other form of sustainable society.
social and demographic aspects of sustainability
Cross-Border Cooperation on the Example of Border Municipalities of the Western Balkan Countries
Over the last decade of the last century, cross-border cooperation programs have been promoted as a very important instrument of support in overcoming the challenges of the transition process in the Western Balkans. The countries belonging to this Balkan geopolitical sub region are the countries of the former Yugoslavia: Serbia, Montenegro, Northern Macedonia, Bosnia and Herzegovina, including Albania. The common features of these countries are the transition processes that have lasted for more than three decades, the low level of economic development in relation to the countries of Western, Central, and Eastern Europe, and the political orientation towards membership in the European Union. Over the past three decades, the European Union has made various pre-accession assistance instruments available to the Western Balkans. The goal of engaging these instruments is to help the countries of the Western Balkans quickly overcome the challenges of the transition process and quickly join the European integration process. Part of that assistance relates to cooperation projects between the border municipalities of the Western Balkans. In the last two decades, a large number of such projects have been implemented, and cultural cooperation, understanding, and tolerance among neighbors have been improved. However, the real development effects have not been achieved to a significant extent.
Social trust among young women in Bosnia and Herzegovina
This paper examines the level of social trust and its impact on the development of social capital among young women in Bosnia and Herzegovina. In the first part of the paper, we provide an initial theoretical overview that serves as a framework for research. In the second part of the paper we present our research conducted during 2020 on a sample of 853 young women aged 20 to 35 years. We have opted for this age group because of their gender sensibility and assumed social potential and importance. The aim of the study is to investigate and examine whether religious and national identities determine the degree of trust of young women in Bosnia and Herzegovina, as well as the relationship between generalized and particular trust. The survey shows a general lack of trust among young women in Bosnia and Herzegovina and its negative impact on the development of society.
The influence of social networks on consumer relations and the formation of customer habits and choices
The main goal of this research was to examine the connection between the respondents' opinions on the impact of social networks on the formation and improvement of consumer relations and the buying process itself. For statistical data processing, descriptive statistics methods have been applied. The most significant results of the research indicated that almost one half of the total number of respondents believe that social networks are a suitable way to create and maintain the relationship between consumers and organisations. Slightly more than half of the total number of respondents agree that social networks contribute to brand visibility and enable monitoring of new offers. Only one-fifth of the total number of respondents stated that they like to purchase through social networks, while every third respondent stated that social networks do not enable the better and easier purchase of products and services compared to more traditional ways.
Quality management - building success through people
One thing is to employ people, but how do you keep your employees motivated, productive and satisfied? Management theory and practice offer solutions and appropriate standards for better management of your workforce. In that sense, the guidelines and application of the ISO 10018: 2020 standard Quality management - Guidance for people engagement provides guidelines for engaging people in the quality management system of an organization and increasing their participation and competence in it. Furthermore, the standard ISO 10015: 2019 Quality management - Guidelines for competence management and people development provides guidelines for organizations to establish, implement, maintain and improve systems for competence management and human development with the intention of positively influencing the results related to the compliance of products and services and the needs and expectations of relevant stakeholders. These standards are fully compatible with the ISO 9000 Series of standards and applicable to all organizations regardless of their type, size or industry.
Digital transformation of business processes in tourism
Digital transformation implies a comprehensive approach to business process management. Innovations in the field of information and communication technologies have also affected the tourism sector, bringing new types of competition. The paper analyzes how the introduction of certain web technologies has led to changes in tourism, from electronic, through mobile, to smart tourism. Web 1.0 technologies have contributed to the improvement of reservation systems. Web 2.0 provides tourists with the opportunity to have all the relevant information throughout the trip. Web 3.0 technologies in tourism 4.0 create a smart tourism environment and contribute to the creation of smart tourism services. This adds value to the tourist offerings that tourists rely on when choosing a tourist destination through three types of personalized experience: virtual reality, augmented reality and IoT technologies. The paper can be useful primarily to the expert community, but also to all other interested, scientific or professional circles in the field of tourism, as well as from other activities.
Business ethics and organizational changes - The Case of Serbia
This paper examines the level of awareness of managers in Serbia about the importance of respecting and applying ethical standards when implementing organizational changes in companies, i.e, business entities. There were 100 respondents that participated in the research, i.e. managers of private companies established after 2003. This research shows the ethical behavior of managers in modern economic and business opportunities in Serbia. It has been found that managers in Serbia are not fully aware of the importance and significance of business ethics for running a business. The research has shown that there are significant differences among managers in the understanding of ethical standards in organizational changes, when viewed through the prism of sex, age, education, as well as the position that managers occupy in the managerial structure of a business entity
Drivers and barriers of women’s entrepreneurship in Serbia
This paper explores some barriers of the current state of women’s entrepreneurship in Serbia, as well as the drivers that will encourage, initiate and motivate women entrepreneurs to improve their business. The paper starts from determining the motives, intentions, desires and determination of women entrepreneurs to start their own business, but we also monitor the state of entrepreneurial will, knowledge and success of those women who started their entrepreneurial business and run it more or less successfully. After identifying the barriers that prevent the development of women’s entrepreneurship in Serbia, the drivers are identified, the application of which can gradually be expected to eliminate the identified problems and point out the possibilities and directions of accelerating the development of women’s entrepreneurship in Serbia. Comparing the barriers and drivers of women’s entrepreneurship will provide an answer to the hypotheses we have set about the state, opportunities and prospects of women’s entrepreneurship in Serbia. The paper is based on the research of the barriers and drivers of women’s entrepreneurship, which we have conducted on a sample of 100 women entrepreneurs who are already in business, who started, inherited or otherwise entered the business. The research was conducted in several major cities in Serbia (Belgrade, Novi Sad, Niš, Kragujevac, Šabac and Užice) during 2019 in pre-selected private companies.
Macroeconomic trends of economic development in the Western Balkan countries
The economic growth in the Western Balkan countries in the period of transition was based on the investments into the service sector rather than the industry and other manufacturing sectors, which resulted in low productivity and competitiveness of companies in the international market. The basic characteristics of the transitional period are undeveloped institutions, low level of private and public investments, unfavourable demographic situation, widespread grey economy and high foreign debt. Although these countries have complementary economies that suit one another, they have not yet sufficiently overcome small and fragmented national markets, and that is mostly reflected in the unfavourable structure of their export. This paper provides the analysis of the results achieved by the economies of the Western Balkan countries between 2016 and 2020, compared to the surrounding EU member countries. The indicators analysed point to the slow economic recovery in these countries, as well as the fact that the Western Balkan countries have not reduced their huge delay in development, that a long period of time will be necessary to overcome it, especially with negative consequences of the pandemic in mind because it has affected these countries to a greater extent than the developed countries.
1 Social Entrepreneurship in Bosnia and Herzegovina - Opportunities and Constraints
This research explores the possibilities and constraints to the development of social entrepreneurship in Bosnia and Herzegovina (B&H). The first part of the paper relies on some theoretical views on social entrepreneurship as a special business activity and social entrepreneurs as its actors. The second part checks whether these activities and their actors exist (and to what extent) in Bosnia and Herzegovina. We developed this reserach on the sample of 136 social entrepreneurs in B&H, who were the respondents in our survey and whose perceptions were analyzed in the research. The aim of this research is to show the relationship between opportunities and constraints for the development of social entrepreneurship in B&H. The findings of the research show that there are significant opportunities for the development of social entrepreneurship, but that they are insufficiently used. There are also numerous obstacles, both internal (the lack of self-confidence, determination and fear of failure) and external ones (financial, infrastructural, local government support).
models of social entrepreneurship in B&H
Key Negotiation Strategies for Sustaining Partnerships: Success Stories and Mutual Benefits
This article examines negotiation within strategic management, outlining its critical stages: objective setting, strategy formulation, execution, and adaptation. It categorizes five negotiation styles—compete, accommodate, avoid, compromise, and collaborate— and discusses their applicability in partnership contexts. The piece highlights key strategies for maintaining long-term partnerships, such as collaborative problem-solving, consistent communication, flexibility, and mutual benefit orientation. These strategies, when effectively implemented, foster sustainable relationships and contribute to the overall success of strategic management endeavors, ensuring both parties achieve mutually advantageous outcomes.
The Importance of Forensic Accounting in Detecting False of Financial Reporting
This paper deals with the problems that arise in the detection of fraudulent financial reporting. Financial reporting is a legal obligation of all economic entities that operate in accordance with the law and good business practice. Analysis of financial statements should provide insight into a company's financial health, identify strengths and weaknesses, identify trends and predict future performance. The financial report as the subject of analysis provides key information about the financial state of the company. The aim of this paper is to point out the role and importance of forensic accounting in the detection of fraudulent actions and fraudulent financial reporting. The importance of the development of forensic audit as an important segment in the fight against fraudulent financial reporting was particularly pointed out.
The circular economy3 is not an end in itself; it is a tool that contributes to overarching goals such as climate neutrality and resource preservation. The paper analyses the nexus between small and medium-sized enterprises 4 and circular economy. The subject of research can be presented in the form question what is the role of SMEs in the implementation of CE? The aim of this paper is to contribute to the development of the circular economy by SMEs, including innovation as a link between SMEs and the circular economy (CE). The paper explains how the link between SMEs and the circular economy (CE) has been established. The concept of CE is actually an economic model for systems of production and consumption in a closed cycle and an important tool in achieving climate neutrality. It can be concluded that SMEs, given that they constitute a significant part of the economy, are considered major employers, and possess the ability to quickly adapt to market changes, represent an important factor in the implementation of the circular economy (CE). In the implementation of innovative solutions, SMEs face challenges such as required investments, the need for qualified personnel, and the time necessary for implementation. It is important to identify the factors that influence the ability and willingness of SMEs to integrate circular economy (CE) principles into their operations.
Effectiveness of Competition Protection Policy in Global Business
In contemporary business conditions, large and financially powerful economic systems seek to limit or entirely eliminate other market participants in order to maximize profits for themselves. On the other hand, this goes against the interests of other market participants: a large number of smaller companies, consumers, and the state, which through their institutions and penalty policies seek to establish equal and fair market conditions for all market participants. Only under conditions of fair competitive struggle do new entrepreneurial ideas and innovations develop, leading to progress and social development. Since 2005, the Republic of Serbia has accepted modern EU regulations by adopting laws in the field of competition policy, creating conditions for fair market competition in our area.
Approaches in Researching Business Models and Business Models Innovation – A Review of the Contemporary Research
The study of business models and business model innovation has emerged as a vital area in management and strategic management, particularly in the 21st century. Business models are broadly defined as frameworks outlining how organizations create, deliver, and capture value, focusing on value propositions, customer targeting, revenue structures, and strategic processes. Business model innovation, a related concept, extends traditional innovation processes by integrating novel approaches to processes, products, and organizational structures. This paper examines the state of current research presented at literature review scientific articles. Recent literature emphasizes the drivers, enablers, and obstacles to business model innovation, such as technological advancements, shifting consumer behavior, and global competition. While existing research has made strides in identifying key elements and success factors of business model innovation, theoretical and empirical gaps remain. Notable challenges include the lack of an integrated framework, insufficient longitudinal studies on business model innovation’s impact and limited exploration of its applicability across organizational levels. This article surveys existing literature to assess the current state of research on business models and business model innovation, identifying trends, unresolved issues, and potential future directions. It supports proponents of a multidisciplinary approach to deepen theoretical understanding and for empirical studies to explore the long-term benefits of innovative business models.