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Rise of Next Generation Entrepreneurs Through Innovative Digital Strategies in MSMEs During COVID-19
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Author(s): Raji Rajan (Jain University, India), Mariam Mathen (Jain University, India), Megha Garud (Jain University, India)and Melanie Elizabeth Lourens (Durban University of Technology, South Africa)
Copyright: 2024
Pages: 16
Source title:
Data-Driven Decision Making for Long-Term Business Success
Source Author(s)/Editor(s): Sonia Singh (Toss Global Management, UAE), S. Suman Rajest (Dhaanish Ahmed College of Engineering, India), Slim Hadoussa (Brest Business School, France), Ahmed J. Obaid (University of Kufa, Iraq)and R. Regin (SRM Institute of Science and Technology, India)
DOI: 10.4018/979-8-3693-2193-5.ch013
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Abstract
This study's primary goal is to identify the difficulties and barriers experienced by MSMEs in India during COVID-19. The chapter discusses the recent trend of small businesses with a lot of creativity and innovation, which opened doors to next-generation entrepreneurship. MSMEs' adoption of technological innovations has been uneven and slow despite the fact that the growing digital economy has given entrepreneurs new opportunities for client service. The conceptual framework is based on the literature overview on the pandemic's effects on MSMEs and the decline in the growth of the economy. It can be concluded that the government understands the various challenges faced by MSMEs and offers various support. In the post-pandemic world of an expanding global digital economy, MSME owners' digital adoption and practices are still shaped by rival companies, suppliers, consumers, and other members of their peer group. In such cases, the entrepreneurs must implement new digital strategies to transform the business, which will facilitate their resilience and self-reliance.
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