1. Business Models in the Dynamic Environment Businesses today operate in conditions where the only constant factor is the dynamic nature of the environment. The external environmental factors - competition, customers, technological advancements, environmental issues to name a few, continually change and thus require businesses to respond and modify their business models. This track aims to have a close and careful look into various environmental (internal and external) forces affecting business models.
2. Business Models: Financial and Economic Viability The constantly changing financial and economic environment, on the one hand creates several challenges, and on the other, provides a continuous flow of potential opportunities for businesses to benefit from. Therefore it is crucial to gauge the financial and economic viability of the business models on an ongoing basis through all available mechanisms. The track aims to generate insights regarding the techniques and the processes which could be employed to monitor the financial and economic viability of business models.
3. Innovations, Skill Enhancement and Value Additions A.P. J. Abdul Kalam observed, “In a knowledge society, we have to make innovations continuously. Innovation can start anywhere- from a fisherman’s hamlet or a farmer’s household or a classroom to a lab or an industry or an R & D centre”. The focus of this track would be to understand the process of innovation, its role in enhancing human skills and the various ways in which it adds value to society.
4. Entrepreneurship: Genesis for Successful Business Models “Entrepreneurship is more than the mere creation of business. It is the symbol of business tenacity and achievement” (Kuratko et al., 2007). The research on entrepreneurship has progressed exponentially over the years. According to Morris et al., 1994, “the output of entrepreneurial process ranges from one or more going ventures, value creation, new products and processes, new technologies, profits, employment generation to overall economic growth”. Based on this view, the track would be focussing on case studies on the manner in which entrepreneurship has led to successful business models.
5. Cultural and Ethical Dimensions: Importance for Business Models A business has to adapt to the culture of the area of its operations. With the evolution of the world as a global village, the cultural dimensions have become an inseparable part of business. Every country has its own norms, beliefs and values reflecting the culture of that country. Within the culture, the ethics play a very important role in determining the success of business models. It is widely accepted that businesses should have free and open competition without any deception. Business ethics comprises the moral principles and standards that guide behaviour in the world of business (Ferrell et al., 1997). One of the universally known and accepted ethical practices followed by every type of business is Corporate Social Responsibility (CSR). It deals with ethical issues pertaining to corporate rights and responsibilities. This track would be highlighting the various cultural and ethical dimensions important for any business.
6. Supportive Sustainable Strategies for Micro and Small Enterprises All businesses, irrespective of their size, need to continuously evolve their strategy to respond to a dynamic environment. However, micro and small enterprises cannot afford the luxury of teams of strategists and experts to take care of this crucial aspect. But sustainability demands that the entrepreneur goes beyond his preoccupation with managing the business operations to continually evolve an appropriate strategy, howsoever difficult this may be in practice. This section aims to discuss and come up with appropriate supportive strategies to guide micro and small enterprises.
7. Sustainable Development and Business Models India, as are many other economies is gradually coming to the realisation that sustainability is one of the keys to modernity, economic development and competitiveness. A successful business model is the need of the hour which is characterised by enterprises constantly engaging innovative practices leading to development of the nations. So this track focuses on business enterprises coming out with innovative solutions to mitigate present human induced problems and thus ensuring sustainable development of the nations.
8. Impact of Institutional Mechanism on Business Models The institutional mechanism which include regulative, normative, cognitive structure and activities of the nation that provide the desired stability and meaning or social behaviour (Scott. 1995). The institutions are the representation of social order (Jeppersom 1991) and as such they constraint and shape interactions among the economic actor and provide a structure to every activities (North 1990). However, last two decades has witnessed the worst business scandals which has magnified the attention of the scholars to visit this field of study which has severe implications for the enterprises and nations.