Three Seas Economic Journal

CHALLENGES FACING SUSTAINABLE ENTREPRENEURSHIP

Mariana Stoica — 2024-11-15

The concept of sustainable entrepreneurship is becoming an increasingly pivotal area of focus in the global effort to address a range of pressing challenges, including climate change, resource scarcity, and social inequality. Entrepreneurs who integrate economic, environmental, and social goals into their business models can serve as pivotal agents in achieving both profitability and societal well-being. Nevertheless, despite the growing interest in sustainable business models, entrepreneurs encounter considerable obstacles that impede the scalability and success of their ventures. This study focuses on the identification and analysis of the principal obstacles across five key dimensions: economic, regulatory, social, technological, and environmental. The aim of this research is to examine the difficulties encountered by those engaged in sustainable entrepreneurship and to suggest strategies for surmounting these challenges. Methodologically, the study employs a multi-dimensional approach, with each challenge examined through qualitative analysis. The economic challenges, including the high initial costs and difficulties in accessing funding, are identified as some of the most significant barriers. The presence of regulatory challenges, such as inconsistent environmental policies and the absence of governmental incentives, serves to further complicate the business landscape. Furthermore, social challenges, such as consumer reluctance to pay higher prices for sustainable products and resistance to adopting new, eco-friendly habits, also play a crucial role in hindering the success of sustainable ventures. Furthermore, the absence of access to sophisticated green technologies and the requisite expertise to deploy them constitutes a substantial technological impediment for entrepreneurs. The results of the study indicate the existence of several potential avenues for addressing these challenges. For example, the increasing consumer demand for environmentally friendly products and services, in conjunction with technological advancements, presents a substantial opportunity for sustainable entrepreneurship. The practical value of the research lies in its strategic recommendations, which encourage collaboration between policymakers, businesses, and investors. Such collaborative endeavours can facilitate the creation of an enabling environment for sustainable entrepreneurship, thereby reducing economic and regulatory burdens while simultaneously promoting technological advancements. In conclusion, the study emphasises the necessity of a coordinated approach in order to overcome the barriers faced by sustainable entrepreneurs. By capitalising on emerging opportunities and cultivating a supportive ecosystem, entrepreneurs can simultaneously achieve financial success and a positive impact on society and the environment.

COMPARATIVE ANALYSIS OF THE GDP STRUCTURE OF THE G7 COUNTRIES: ECONOMIC DEVELOPMENTS AND TRENDS

Natalia Antoci — 2024-11-15

This research article will examine the gross domestic product (GDP), which is one of the most widely used indicators of national economic performance. GDP represents the total output of a national economy over a specified period, with seasonal fluctuations duly adjusted. The most comprehensive measure of GDP is also adjusted for inflation, thereby enabling the assessment of changes in output rather than changes in the prices of goods and services. The significance of this indicator can be demonstrated by the fact that GDP is frequently employed to assess the relative size of national economies. Governments, financial market participants, and business leaders are most interested in changes in GDP over time, as reflected in annual growth or decline rates, because this allows them to make assumptions and develop plans for the future. The government uses previous years' GDP figures to formulate policies on interest rates, taxes, and trade policy. The study of GDP in the G7 countries is particularly important and relevant, as these countries represent the central government of the whole world, have a great influence on the economy, discuss global problems and develop solutions in the shortest possible time. The object of the study is the 7 members of the G7, namely: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, while the subject is the basic indicators of the national economy of each individual country, analysed in the dynamics over the past 10 years.

COMPETITIVENESS AS THE MAIN GUIDELINE FOR MARKETING MANAGEMENT IN AGRIBUSINESS

Mariia Bahorka — 2024-11-15

The objective of this article is to examine the principal indicators of competitiveness and environmental factors, to delineate the methodologies employed in the analysis and assessment of the competitiveness of agrarian enterprises, and to justify the marketing management decisions aimed at enhancing the level of competitiveness, thereby enabling agrarian enterprises to adapt to the contemporary conditions of agribusiness. The study's methodology was based on a synthesis of the results of applied economic research, as well as the scientific works of domestic and foreign scientists. This synthesis highlighted the fundamental theories of competitive advantage, competitiveness, and marketing management. Results. The article examines the principal indicators of competitiveness and environmental factors, considers the methods of analysis and assessment of the competitiveness of agrarian enterprises, and justifies marketing management decisions aimed at enhancing the level of competitiveness in order to facilitate the adaptation of agrarian enterprises to the contemporary conditions of agribusiness. Practical results. It has been demonstrated that it is of the utmost importance for agricultural enterprises to promptly identify and respond to changes in the competitive environment in order to optimise their strategies and minimise potential risks. Accordingly, a comprehensive understanding and analysis of these aspects is essential for an effective assessment of the marketing environment itself. Those engaged in agricultural production who possess competitive advantages are able to adapt to the complex and dynamic factors that characterise the macro-, micro-, marketing and competitive environment. This enables them to strengthen their market positions and to minimise the risks associated with numerical data. Value / Originality. In order to ascertain the competitiveness of an agricultural enterprise, it is necessary to undertake a comparative analysis of the enterprise in question with respect to a number of key indicators. These include the enterprise's conditions, resources and productivity, which should be evaluated in accordance with appropriate methods.

METHODOLOGICAL APPROACHES TO ASSESSING THE DEVELOPMENT OF CROSS-BORDER CO-OPERATION OF UKRAINIAN REGIONS

Stepan Vaskiv — 2024-11-15

The research highlights the objective need and the problems of assessing the development of cross-border co-operation in Ukraine, especially in the conditions of critical economic and social instability caused by a full-scale invasion and its consequences. The purpose of the article is to scientifically substantiate methodological approaches to the assessment of cross-border territorial co-operation and the construction of a balanced and multi-level information and analysis system. In order to achieve this goal, the methods of analysis and synthesis, grouping of indicators, theoretical generalisation and content analysis were used. It has been established that there is no generally accepted methodology for evaluating these processes. Furthermore, the methodologies that do exist cover a range of spheres and mechanisms of interaction with European countries, with a particular focus on specific programmes and initiatives. Additionally, it was determined that Ukraine lacks a systematic approach to monitoring the aforementioned processes, despite the Ministry of Community and Territorial Development of Ukraine's obligation to regularly furnish data on the advancement of the goals set forth in the State Program for the Development of Cross-Border Co-operation of Ukraine for the 2021-2027 period. It is proposed to expand the system of indicators for relevant monitoring by adding a number of basic indicators (GRP, investment activity, international image of the territory). The findings of the study substantiate the issue of inadequate substantiation of the theoretical and methodological foundations of cross-border co-operation of Ukrainian territories in the context of war and the challenges posed by European integration. This proves the need to develop a multi-level system for monitoring cross-border co-operation at the level of the state, macro-raions, oblasts and hromadas (raions) with a list of clear criteria and evaluation indicators that would take into account the basic principles, main tasks and risks of such co-operation. It is of the utmost importance to acknowledge the invaluable experience of European countries in the assessment of cross-border relations, particularly in the construction of domestic methodology and the search for additional data sources. The foundation for future research in this area can be an evaluation of the extent to which the objectives set out by the Ukrainian state for the development of cross-border co-operation have been met, and an assessment of the potential for further progress.

COMPARATIVE ANALYSIS OF THE COMPETITIVENESS OF UKRAINE'S ICT SECTOR: AN INTERNATIONAL PERSPECTIVE

Elizaveta Zavhorodnya — 2024-11-15

The purpose of the paper is to examine the international competitiveness of Ukraine's ICT sector through a comparative analysis with 30 countries, identify its strengths and weaknesses, and provide actionable insights for policymakers, industry stakeholders and investors to improve Ukraine's position in the global ICT market. Methodology. The research employs the composite index methodology to assess the international competitiveness of Ukraine's information and communication technology (ICT) sector. The original ITSIC comprises 35 indicators; however, this has been expanded to 58 in order to provide a comprehensive view of the competitive advantages and position of the ICT sector in the global ICT market. Results. The article presents the findings of a comparative study of the ICT sector of Ukraine with global and regional leaders in the global ICT market. In order to identify the factors influencing the formation of competitive advantages, the following groups of factors were taken into account: the state of ICT infrastructure, the availability of qualified and competent IT professionals, the state and favourability of the political and business environment, the innovative potential of the ICT sector and its involvement in international trade and cooperation. The calculations have yielded the ratings for each group of indicators and the composite index as a whole, which identify the leaders in both global and regional dimensions. Specific consideration is given to the positioning of Ukraine's ICT sector within the context of the surveyed countries, with a focus on the identification of its competitive advantages and disadvantages within the global ICT market. Consequently, it has been determined that the international competitiveness of the domestic ICT sector between 2018 and 2022 was most significantly influenced by the extent of its involvement in international trade and collaboration, the availability and proficiency of the talent pool, and the quality of the ICT infrastructure. In conclusion, this study has identified the factors and trends that have the potential to impede Ukraine's ascension as a global leader in the ICT sector. Practical implications. The findings of the study may prove beneficial to a number of parties, including public authorities, ICT companies, investors and venture capitalists, educational and research institutions, international organisations and development agencies, IT entrepreneurs and the general public. The value and originality of the study can be found in its comprehensive, data-driven, and context-specific analysis, which provides actionable insights and strategic recommendations to enhance the international competitiveness of Ukraine's ICT sector.

CHALLENGES AND OPPORTUNITIES IN IMPLEMENTING WEB 3.0 STRATEGIES

Andriy Melnyk — 2024-11-15

This article examines the problems and opportunities that organisations face in implementing a Web 3.0 strategy. It explores the decentralised and transparent characteristics of Web 3.0 technologies, including blockchain, smart contracts and decentralised apps (dApps), and their future impact on business operations. Methodology. The article applies a qualitative methodology using case studies of Fortune Global 500 companies to offer practical advice on Web 3.0 adoption, the obstacles they face and recommendations for overcoming these challenges. Results. Research shows that while the adoption of Web 3.0 offers significant promise for improving operational efficiency, transparency and customer trust, significant obstacles such as regulatory uncertainty, integration costs and technological complexity still need to be overcome. Overcoming industry-specific challenges and implementing customised solutions is crucial to the effective use of Web 3.0 technologies. Practical implications. The article offers practical solutions for businesses to effectively integrate Web 3.0 technologies, which will help increase operational efficiency, strengthen trust with consumers and open up new revenue opportunities through tokenisation and decentralised finance. Value/Originality. The article offers practical solutions for businesses to effectively integrate Web 3.0 technologies, which will help increase operational efficiency, strengthen trust with consumers and open up new revenue opportunities through tokenisation and decentralised finance.

SHIPBUILDING OF SOUTHERN UKRAINE: FROM STATE MONOPOLY TO CLUSTER INTEGRATION

Volodymyr Parsyak — 2024-11-15

The purpose of this article is to determine the prospects of Ukrainian shipbuilding, based on a review of its historical development. Methodology. In this study, the authors used a mix of methods for collecting, systematising and processing information. Primary data was collected through a review of thematic publications and research conducted by predecessors. Retrospective analysis was used to identify trends in the historical development of the shipbuilding sector of the domestic economy. Statistical analysis was used to determine its current state and foreseeable future. Results. Since Porter's introduction of the cluster theory, the Ukrainian shipbuilding business has failed to take advantage of the benefits it has offered. It has been reckless in building cluster potential as a tool for local economic development and community (hromada) management. While most shipbuilding and related enterprises are concentrated in the areas limited by the administrative boundaries of the country's Black Sea regions. Pessimists insist that the chances of success have been lost completely and irrevocably. The authors, on the other hand, based on a generalisation of current practice, observe the Phoenix effect. The authors illustrate it empirically. In particular, on the example of the Ukrainian Maritime Cluster (UMC). Practical implications. The first part of the article explores the former power of Ukrainian shipyards. The second part discusses the constructive initiatives of the modern shipbuilding business. The third part highlights the initiative to create the UMC. Value / Originality. This paper adds to the existing understanding and provides empirical evidence of the strong and untapped potential of the country's shipbuilding cluster. It also focuses on its attractiveness for cooperation with foreign investors after the onset of peace. The originality of this study lies in the holistic study of shipbuilding practice in the context of development. The authors are optimistic despite the war and the tragic consequences that accompany it.

OPTIMISATION OF STRATEGIES FOR WORKING WITH COUNTERPARTIES AND RISK MANAGEMENT AT UTILITY INFRASTRUCTURE ENTERPRISES

Olena Chepurna — 2024-11-15

The objective of this paper is to examine and enhance strategies for managing relationships with counterparties and mitigating risks in utility infrastructure enterprises. The paper seeks to analyse contemporary approaches and challenges faced by these enterprises, offering recommendations for improving their strategies in counterparty interactions and risk management. Ultimately, the goal is to enhance operational stability, competitiveness, and sustainable development in a dynamic business environment. Methodology. The research presents a critical review and analysis of the existing risk management and counterparty strategies employed by utility infrastructure enterprises. The methodology comprises an examination of current practices, the identification of key problems, and an evaluation of modern approaches, including digital transformation, process automation, and innovative management methods. By synthesising existing research and case studies, the paper identifies the strengths and weaknesses of various strategies and recommends improvements. Results. The analysis identified several key challenges faced by utilities in managing counterparties and risks, including inadequate risk management systems, outdated business processes and poor communication. Process automation, digital transformation and improved stakeholder integration are identified in the document as critical factors for optimising operations. It also emphasises the importance of careful selection of counterparties, performance monitoring and staff development to mitigate risks and foster better partnerships. Practical implications. The recommendations set forth in the paper provide actionable strategies for utility infrastructure enterprises to optimise their management of counterparties and risks. The implementation of these strategies, including the utilisation of digital tools, enhanced internal communication and a focus on staff development, can facilitate improvements in efficiency, risk management and long-term sustainability for utility companies. These recommendations are particularly beneficial for those in managerial or decision-making roles who are seeking to navigate the complexities of a rapidly evolving business environment. Value / Originality. This paper makes a significant contribution to the field by offering a comprehensive analysis of the strategies available for optimising counterparty relations and risk management in the utility sector. The value of this approach lies in its integration of modern technological solutions with traditional risk management practices. By offering practical, research-based recommendations, the paper addresses current gaps in the literature and provides new insights into how utility enterprises can better manage both internal and external challenges.