Global Business and Finance Review | 2026
Authors: Janwichian K.; Sirichote O.; Noknoi C.
DOI: 10.17549/gbfr.2026.31.5.17
Journal: Global Business and Finance Review
Year: 2026
Publisher: People and Global Business Association
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
Purpose: This study aims to propose a causal model of the factors contributing to the success of digital entrepreneurs in Thailand. The model integrates individual, organizational, and environmental dimensions, aligned with the context of the Thailand 4.0 policy. Design/methodology/approach: A quantitative research design was adopted using survey data from 460 entrepreneurs across ten digital business sectors. Structural Equation Modeling (SEM) via AMOS was employed to test the hypothesized relationships. Findings: The empirical results strongly support the proposed model, demonstrating excellent model fit indices (X2/df = 1.181, RMSEA = 0.020, CFI = 0.991, GFI = 0.955). The findings show that entrepreneurial attitude, education, and digital technology significantly influence mindset, skills, and innovation, which in turn affect entrepreneurial success. The entrepreneurial mindset emerged as a key mediating variable in the model. The entrepreneurial mindset exerts the strongest mediating influence, while skills have a direct impact on the efficiency of digital business operations, and innovation plays a complementary role by enhancing competitiveness and ensuring sustainable growth. The findings highlight the comparative importance of these internal factors, emphasizing that although the entrepreneurial mindset is essential, it is not sufficient without the reinforcing influence of skills and innovation. Research limitations/implications: The study focuses on Thai digital entrepreneurs, particularly SMEs in selected sectors. Thus, the findings may not fully generalize to large enterprises or other national contexts. Future research should employ cross-national or longitudinal approaches and include contextual variables such as industry type, regulation, and access to digital finance to strengthen external validity. Originality/value: This study advances theoretical understanding by extending the Person-Environment Fit Theory into the digital entrepreneurship context, integrating individual, organizational, and environmental factors into a unified causal model. It introduces a dynamic mediating mechanism entrepreneurial mindset, skills, and innovation that explains how person-environment alignment translates into entrepreneurial success and provides practical implications for policymakers, educators, and entrepreneurs in the digital economy era. © The Author(s).
Digital Entrepreneurship; Digital Technology; Entrepreneurial Mindset; Entrepreneurial Success; Innovation