The Impact of AI and ML on Entrepreneurship and Career Development Opportunities for Young People
Purpose: While AI and ML technologies are recognized as essential aids in many areas of life today, including the planning and implementation of professional and business activities, these technologies still raise many questions and doubts. Digital innovations, including AI and ML, play a significant role in business management processes, which may lead to the disappearance of some professions. The study sets the following goals: 1. To obtain a picture of the young generation's perception, the degree of use, and development of AI in various areas of economic and social life. 2. To examine how young people assess the opportunities and threats arising from the growing role and functionality of these technologies in the context of their entrepreneurship and future professional activity. Design/Methodology/Approach: The study utilizes a variety of methods. The first part of the study involves an analysis of peer-reviewed literature and deductive reasoning. The second part of the article presents the results of surveys conducted among students of fields related to management and business operations (including economics, finance and accounting, management, and others). The results of these studies were presented using quantitative and qualitative analysis of open-ended questions, followed by interpretation and inference. Findings: According to the research, despite their fascination with modern technologies and advances in digitalization, young people see opportunities for self-development using technological advancements (AI and ML), including the ability to start their own businesses or pursue professional ambitions. At the same time, they perceive serious threats associated with the use of AI and ML in many different areas of life and the economy, including unemployment, waves of layoffs, and the disappearance of certain professions, as well as the loss of independent problem-solving skills, lack of creativity, and possible information manipulation and fraud. Practical Implications: The literature review and research findings point to gaps and prospects for further research and analysis in this area, and more importantly, to educational needs and the need to develop an ethical framework for the use of artificial intelligence. Originality/Value: Based on the literature review and survey research, the author attempted to address the issues raised regarding the place and role of AI in stimulating entrepreneurship among young people and their future professional activity, complementing the perspectives presented in the literature to date. The conclusions can constitute important recommendations for institutions influencing the direction of youth education, as well as for businesses, institutions, and organizations in creating an ethical framework for the use and development of ML and AI.