Sustainable entrepreneurship strategies for SMME development in the fourth industrial revolution within KwaZulu-Natal, South Africa

Abstract

The emergence of the fourth industrial revolution (4IR) poses the risk of bringing about a new wave of disparities due to changed employment patterns and a global economic environment that is experiencing rapid transformation. Automation and so-called «thinking machines» are displacing humans in a variety of professions and functions, which in turn is causing businesses to reevaluate the competencies they seek in prospective workers. The main goal of sustainable economic participation in the 4IR is to harness the localized economic potential by promoting innovation to all its growth aspects. This is accomplished via a unified approach to development rather than a «one size fits all» solution. To that aim, small, micro, and medium-sized enterprises (SMMEs) is one of the most crucial pillars that support the economy. As a result, sustainable entrepreneurship in the context of the 4IR was approached in this research as an outcome-based local initiative that that was addressed by key stakeholders. The fundamental purpose of this study was to analyze the factors that led to the successful identification and utilization of local resources, ideas, and skills by entrepreneurs in order to stimulate economic growth and development in the Fourth Industrial Revolution (4IR). The aim of this study was to evaluate the problems faced by company owners and the impact that provincial and national government aid had on their ability to continue operations. In this study, qualitative research technique and an exploratory research methodology were employed. The 12 SMMEs comprising the study's population are located in the eThekwini area of KwaZulu-Natal, South Africa. The participants in the study were not selected by chance, but rather on the basis of a predetermined criterion aimed at senior management. Semi-structured interviews constituted the entirety of the data collection. The data was analyzed via NVivo and thematic analysis. This research has contributed to the subject by presenting a business sustainability strategy for SMMEs, with the aim of enhancing the performance and growth of these firms in an uncertain digital realm.