INDONESIAN'S MSME PERFORMANCE: DIGITAL ENTREPRENEURSHIP, RISK MANAGEMENT, AND BUSINESS MODEL

This study aims to examine the influence of digital entrepreneurship, technology adoption, and risk management on the performance of MSMEs in Indonesia, with business model adaptation as a mediating variable. The method used is a quantitative approach with SEM-PLS analysis, based on data from 200 MSMEs actively utilizing digital platforms. The results indicate that digital entrepreneurship and risk management do not directly influence MSME performance, but significantly influence it through business model adaptation. Furthermore, business model adaptation has a strong and significant direct effect on MSME performance. These findings emphasize the critical role of business model adaptation in transforming digital capabilities and risk strategies into tangible business performance. The practical implications of these results suggest that MSMEs need not only to adopt digital technologies but also to redesign the mechanisms for creating and delivering value within their business models. Support from policymakers, business incubators, and training programs is essential to strengthen MSME competitiveness through business model innovation in a dynamic environment..本研究旨在探究数字创业、技术采纳与风险管理对印度尼西亚中小微企业（MSMEs）绩效的影响，并以商业模式适配作为中介变量。本研究采用基于SEM-PLS分析的定量研究方法，数据来源于200家积极利用数字平台的中小微企业。研究结果显示，数字创业与风险管理并未直接对中小微企业绩效产生影响，而是通过商业模式适配对绩效产生显著的间接影响。此外，商业模式适配对中小微企业绩效具有显著且较强的直接正向影响。上述研究结果凸显了商业模式适配在将数字能力与风险战略转化为切实商业绩效过程中的关键作用。本研究的实践启示表明，中小微企业不仅需要采纳数字技术，还需重新设计其商业模式中创造与传递价值的机制。在动态环境中，政策制定者、企业孵化器以及培训项目提供的支持，对于通过商业模式创新提升中小微企业竞争力至关重要。