Topic II: Developing Essential Entrepreneurial Skills

 Adapting to Society 5.0: Developing Essential Entrepreneurial Skills

Julian Ong 29/3/2024

Society 5.0 was initially put forth in Japan's 5th Science and Technology Basic Plan. It refers to a time when different technologies, such artificial intelligence, are more successfully incorporated into society. This society is envisioned as a digital twin in cyberspace, restructured in terms of systems, business design, urban and regional development, and then reflected in physical space to transform society (Cabinet Office, n.d.).

The development of fundamental entrepreneurial abilities is necessary for adapting to Society 5.0 and its advancement. One such skill is creativity, or the capacity to come up with original and creative ideas and solutions. Another essential ability is risk-taking, or the desire to take calculated chances and grab opportunities. The capacity to solve complicated problems and go over challenges is another essential skill. Finance skills, such as budgeting and financial statement analysis, are necessary for running a business4. Networking, the ability to build and maintain professional relationships, is also important (Catherine C., 2020).

In the context of Society 5.0, Blockchain technology and cryptocurrencies offer alternative access to the capital market and drive innovations to different sector activities through Initial Coin Offering/Initial Exchange Offerings. Non-Fungible Tokens (NFTs) are unique digital tokens based on blockchain, most often on the Ethereum blockchain. NFTs affected to products (like luxury products with limited editions) or companies shares allow buyers to purchase digital products or shares in the form of a unique digital token living on a blockchain. NFTs are crypto-assets that create innovative values and can resell and transfer ownership through a digital wallet (Richard, 2021).

In conclusion, learning how to grasp and integrate different technologies into society, honing fundamental entrepreneurial abilities, and using the potential of Blockchain technology and cryptocurrencies are all necessary for adapting to Society 5.0 and its evolution. It's a journey towards a society that is increasingly data-driven, knowledge-intensive, and centered on people.

References:
1. Society 5.0. (n.d.). Cabinet Office Home Page. https://www8.cao.go.jp/cstp/english/society5_0/index.html
2. 6 Must-Have Entrepreneurial Skills | HBS Online. (2020, August 25). Business Insights Blog. https://online.hbs.edu/blog/post/entrepreneurial-skills

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