Articles

Validation of Business Model Innovation for Digitized Product and Service-Based Activities in the Core Business (A Case Study in the Microenterprise ‘Buwah’)

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The contemporary beverage sector within the Small and Medium-sized Enterprises (SMEs) domain is currently a favored industry among millennial entrepreneurs. According to the Indonesian Creative Economy Agency, the creative industry sector has the potential to contribute to national growth for business players in Indonesia. The issue faced by Buwah SMEs is a drastic decrease in revenue over the past two months, despite the promising start of their sales outlet openings.The primary objective of this research endeavor is to elucidate the business model of Buwah SMEs through the utilization of the business model validation methodology. This research seeks to delineate and validate the assumptions underpinning the innovation of product and service business models of Buwah SMEs, prioritizing those requiring immediate validation. Furthermore, the research aims to delineate strategies for business expansion predicated on digitalization, particularly in the core activities of Buwah SMEs. This research adheres to a descriptive approach with a qualitative orientation. Data collection methodologies encompass three core techniques: observation, interviews, and documentation. The research findings reveal the validation of four (4) specific blocks within the Business Model Canvas. These validations encompass hypothesis 1 within the customer segment block, hypotheses 2 and 3 within the Value Propositions block, hypothesis 5 within the customer relationship block, and hypothesis 9 within the revenue streams block. Future research recommendations include a comprehensive exploration of the Business Model Canvas blocks that have not been examined in this study, as this research only focuses on four blocks. Based on the research findings, practical recommendations have been formulated, which Buwah may judiciously consider for prospective business development endeavors.

Social Media Utilizations in SMEs Context: Review Paper

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Numerous comprehensive investigations have been carried out regarding social media usage, yet the factors driving its adoption within organizations, particularly small and medium-sized enterprises (SMEs), remain unclear. Specifically, internal, and external social media usage. Previous studies have predominantly concentrated on individuals or the use of social media by large corporations. As a response, the present review seeks to provide an encompassing perspective on the utilization of social media and its advantages for SMEs. It systematically combs through pertinent research articles on the integration of social media within SMEs, drawing from reputable databases like Web of Science and Scopus. This search employs specific keywords such as (“social media” OR “Facebook” OR “Twitter” OR “Instagram” OR “social networking sites” OR “External social media” OR ” Internal social media”) AND (entrepreneur* OR “SME” OR “small business” OR “small and medium”). The ensuing articles scrutinized in this review delve into the subsequent aspects: (1) the objectives driving social media employment in SMEs, (2) the publication year, (3) authors’ nationalities, (4) publishing journals, and (5) how the present research enriches the existing literature by furnishing an exhaustive assessment of viable options and pinpointing gaps in research. Consequently, this exploration offers researchers and innovators enticing prospects to cultivate new strategic implementations by extensively examining the significance of social media and its multifaceted advantages across various dimensions of SMEs.

Strategies for Adapting to the Increased Labor and Fuel Costs for Commercial Fishing Boat Operators: Case Study in Tha Sala District, Nakhon Si Thammarat Province, Thailand

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The objective of this study is twofold: 1) to examine the cost and return structure of commercial fishing boat operators in Tha Sala district, Nakhon Si Thammarat province, and 2) to study the adjustment strategies and assistance measures for the group of commercial fishing boat operators in Tha Sala district, Nakhon Si Thammarat province. The sources of data used in this research are 1) commercial fishing boat operators in Tha Sala district, Nakhon Si Thammarat province, and 2) government agencies related to commercial fishing boats. The study will use a snowball sampling technique, focus group discussions, and in-depth interviews with a set of predetermined questions. The results of the study show that the cost and return structure comprises five constant costs: labor costs, foreign document costs, boat registration costs, boat permit costs, and straight-line depreciation costs. Since 2020, the average cost per year has been 442,425 baht. In 2021, the average cost is still 442,425 baht, while in 2022, it increases to 445,425 baht due to fluctuations in cost factors, which include fuel prices, rice prices for fishermen, ice costs, and maintenance expenses. The return on investment for the past three years has been continuously decreasing, with an average of 7,200,000 baht in 2020, 6,200,000 baht in 2021, and 2,700,000 baht in 2022. The fishing boat operators have made adjustments in three areas to combat rising fuel costs: reducing work days, adjusting product processing, and relying on technology and innovation. However, the government and other public entities have no direct role in assisting commercial fishing boat operators dealing with rising labor costs and fuel prices. The only indirect assistance comes through a loan project that uses the fishing boats as collateral, and this has been available only once during the three-year period from 2020 to 2022 when labor and fuel costs were at their highest.