Optimizing business models in entrepreneurship

Wijethilaka, Hewawasam P. G. D., Yadav, Mohit and Vij, Rohit (2024) Optimizing business models in entrepreneurship. In: Improving Entrepreneurial Processes Through Advanced AI. IGI Global, pp. 71-98. ISBN 9798369314968

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Abstract

This chapter explores the role of Artificial Intelligence (AI) in optimizing business models through iterative planning. As AI continues to advance, it offers entrepreneurs powerful tools for data-driven decision-making, enhancing customer insights, market segmentation, dynamic pricing, and resource allocation. The chapter examines key AI technologies such as machine learning, natural language processing, and AI-powered simulations, which enable continuous refinement and adaptation of business strategies. It also addresses challenges such as data privacy, AI transparency, potential biases, and the balance between automation and human intuition. Ethical considerations, including the responsible use of AI, are discussed to ensure sustainable innovation. The chapter concludes by exploring future trends, including autonomous decision-making and the democratization of AI, emphasizing its potential to transform business models and drive long-term success.

Item Type: Book Section
Keywords: Artificial Intelligence (AI) | Business Models | Machine Learning | Data-Driven Decision-Making | Ethical Considerations
Subjects: Social Sciences and humanities > Business, Management and Accounting > Business and International Management
Social Sciences and humanities > Business, Management and Accounting > Management of Technology and Innovation
Physical, Life and Health Sciences > Computer Science
Social Sciences and humanities > Social Sciences > Social Sciences (General)
JGU School/Centre: Jindal Global Business School
Depositing User: Dharmveer Modi
Date Deposited: 28 Oct 2024 13:51
Last Modified: 28 Oct 2024 13:51
Official URL: https://doi.org/10.4018/979-8-3693-1495-1.ch004
URI: https://pure.jgu.edu.in/id/eprint/8730

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