Green entrepreneurship is a strategic approach that integrates green practices into businesses to promote environmental sustainability and improve quality of life. It focuses on resource efficiency, conservation, and eco-friendly practices, promoting positive change and connecting business success to environmental responsibility. Green entrepreneurs combine entrepreneurial qualities with social and ecological responsibility, operating businesses that address environmental challenges while maintaining financial sustainability. Green entrepreneurship is also somewhat influenced by the abilities of the entrepreneur - their concerns for the environment, ability to take risk, and what kind of values and ethics they adhere with. Sustainability is a key concern for green entrepreneurs, as it involves adopting sustainable practices to reduce adverse environmental effects like climate change, pollution, and resource depletion. Green entrepreneurs prioritize addressing current needs while ensuring future generations have their needs met without depleting or damaging natural resources. Initiatives like the green entrepreneurship council (GEC) and the acceleration of cleantech enterprises (ACE) program provide access to cutting-edge technologies, enhance market competitiveness,
The challenge of weak product among other issues confronting resilience strategies of an organization has been attributed to insufficient investment in talent management. This study investigated talent management practices as resilience strategies from a product differentiation perspective among selected deposit money banks (DMBs) in Nigeria. A survey research design was adopted, and the population was 2,169 senior employees and managers. A stratified random sampling technique was adopted, and a sample size of 425 respondents was determined using Rao soft online sample calculator. A validated structured and adapted questionnaire was used in gathering data while Cronbach's alpha reliability coefficients for the constructs ranged from 0.929 to 0.942 with a response rate of 85.6%. Findings indicated that talent management components had a significant effect on product differentiation (adjusted R-2 = 0.779, F(5, 366) = 261.564, p < 0.05). The conclusion was that talent management practices significantly affect product differentiation. It was recommended to the management of the DMBs in Nigeria particularly and Africa in general to prioritize talent management practices as resilience strategies to advance product differentiation in their various units of operations.
This chapter focuses on the importance of human resource (HR) management strategies in the digital business strategy for small- and medium-sized enterprises (SMEs). With the increasing influence of digital transformation that alters organisational structures and implements new technologies, SMEs have no other choice but to evolve. However, due to the scarcity of resources, it becomes very important for SMEs to allocate its HR appropriately and effectively. To support decision-making on strategies like employee reskilling, recruitment of digital talent, leadership development, and promoting a digital culture, this chapter presents a multi-criteria decision analysis (MCDA) framework. The prioritisation is crucial because not all the strategies can be executed at once, and SMEs should target the most effective ones in the long run, affordable, and relevant to their digital transformation agenda. This chapter illustrates methods for how SMEs can use the proposed prioritisation framework effectively. The hypothetical case study demonstrates the real challenges faced by SMEs during digital transformation and how MCDA assists leaders in selecting the most beneficial HR strategies. The case highlights the necessity of fitting strategies to organisational challenges to allow the customisation of training and leadership to align with business demands and maximise effectiveness while minimising costs. Upon use, this framework enables SMEs to comprehend and direct their digital transformation path more effectively.
Digital transformation (DGT) in the industry 5.0 not only creates a comprehensive and sustainable socio-economic system but also helps businesses increase their resilience. This study aims to determine the effect of DGT capability on business model innovation (BMI) of Vietnamese small- and medium-sized enterprises (SMEs). The data were surveyed from 307 leaders working at SMEs in Vietnam and processed in two steps using SmartPLS 4.0 software. The results show that technology capability (TCC), organizational capability (OGC), strategy capability (STC), ecosystem capability (ECC), and risk management (RSM) have a positive effect on DGT. The results also show that DGT has a significant and positive influence on BMI, and the mediating role of DGT has also been confirmed. Afterward, Vietnamese SMEs have been advised to consider governance implications when enhancing their business models to align with the 5.0 industry.
The researchers examined the impact of information and communication technology (ICT) and e-business adoption on the performance and growth of small and medium-scale enterprises (SMEs) in Nigeria. Using a survey research approach, the research integrates quantitative data from a survey of 30 SMEs across various sectors with the link of a well-structured questionnaire sent to a carefully determined sample of SMEs within Abuja and Lagos. The findings revealed that SMEs in Abuja and Lagos make use of ICTs for e-business, of which some of the tools are computers, internet, tablets, smartphones, videoconferencing, and more. Findings also showed that the adopted ICTs are effective in the conduct of the business activities of the SMEs. ICTs as utilised by the SMEs were found to be useful and therefore are suited for recommendations to other business people. The researchers conclude that ICTs are important in the business architecture of Nigeria and also recommend that strategic investments in ICT infrastructure, targeted training programmes, and supportive government policies are crucial for maximising the benefits of e-business for SMEs in Nigeria. These findings are of significance to business owners and the nation in general as they provide a comprehensive understanding of the critical role of ICT in the e-business architecture of Nigeria and how that can also contribute to the fostering of sustainable growth of gross domestic product (GDP).
The discussion of the study revolves around the assessment of the various quantum strategies influencing the resilience of a business in Industry 5.0. Quantum strategy implementation (QSI), technological readiness (TR), superposition capability (SPC), innovation capacity (IC), leadership style (LS) and organisational culture (OC) were identified as independent variables which might have a significant influence on business resilience (BR), the dependent variable for the study. Moreover, industry volatility (IV) is taken as a mediating variable. Questionnaire was framed involving the 5-point Likert scale, and data collection was carried out. Among 250 responses, 32 was either incomplete or invalid. Final determination of sample size was 218. Stratified random sampling technique was adopted to ensure different industries and geographical locations were covered. Pilot testing with the 30 initial responses was carried out for better clarity and validity before full deployment. SPSS 25 and AMOS 23 were the statistical tools involved to analyse the data. Reliability and validity check, correlation, regression, confirmatory factor analysis, mediation analysis and structural equation modelling (SEM) are the statistical methods used in the study. Highest correlation is seen among IC and BR. Regression results show that IV and LS have an insignificant impact on the BR. Results of SEM show the index values are well within the recommended value range indicating a good model fit. With the results, small businesses may adapt to rapid technological changes and increase resilience.
Businesses must develop robust resilience strategies to guarantee durable sustainability in a volatile global environment marked by rapid technological advancements, climate change, and socio-economic uncertainties. This chapter explores the intersection of resilience and sustainability in business, focusing on how companies can adapt to disruptions while fostering sustainable practices that contribute to their longevity and success. Resilience strategies involve the capacity of a business to anticipate, prepare for, and respond to disruptions, whether they stem from economic downturns, natural disasters, or shifts in consumer behavior. These strategies encompass risk management, adaptive leadership, and the integration of flexible operational models. By building resilient infrastructures and cultivating a culture of innovation, businesses can navigate challenges more effectively, maintaining continuity and minimizing losses during crises. Sustainability refers to adopting practices that meet current needs without conceding the strength of future generations to meet theirs. Sustainable business practices include reducing environmental impact, supporting social equity, and guaranteeing economic viability. Incorporating sustainability into core business strategies addresses global challenges like climate change and enhances brand reputation, customer loyalty, and long-term profitability. The synergy between resilience and sustainability is essential for modern businesses. By embedding sustainability into resilience strategies, companies can create value beyond financial performance, contributing to environmental stewardship and social well-being. This holistic approach positions businesses to thrive in an uncertain future, balancing immediate resilience with sustainable growth. As businesses increasingly recognize the significance of these strategies, they are better prepared to withstand disruptions and achieve long-term success in a rapidly evolving world.
The manufacturing sector is critical and significant to economic growth, offering dynamic benefits for industrial transformation. However, many manufacturing small- and medium-sized enterprises (SMEs) face challenges such as limited capacity and technical expertise, leading to reduced profitability, market share (MS), and overall business performance. In today's competitive business environment, these SMEs are particularly vulnerable to the effects of disruptive technology (DT), which poses both challenges and opportunities. This study examined the impact of DT on the performance of selected manufacturing SMEs in Lagos and Ogun States, Nigeria, with technological innovation (TIN) as a moderating factor. A survey research design was employed, targeting a population of 2,603 manufacturing SMEs (504 in Ogun State and 2,099 in Lagos State). Using Cochran's formula, a sample size of 436 was determined, and stratified random sampling was used to select respondents. Data were collected through a structured questionnaire, yielding an 88.3% response rate. Descriptive and inferential statistical analyses revealed that DT significantly influenced SME performance, with TIN strengthening this relationship (adjusted R-2 = 0.913, 0.932, and 0.935 across models, p < 0.05). The findings suggested that adopting DT is significant for improving the long-term performance of manufacturing SMEs. It is recommended among others that management should prioritize the integration of DT components to enhance overall business outcomes and competitiveness.
Generative artificial intelligence (Gen-AI), which refers to autonomous creation of content, is an area of artificial intelligence (AI) that presents a lot of potential for small- and medium-sized enterprises (SMEs). This technology can boost productivity, help to communicate and attract customers, and stimulate innovations, thus becoming a major asset for SMEs in the increasingly competitive environment. This chapter provides insight into the role of Gen-AI in leveraging the innovativeness in SMEs and identifies key strategies for successful implementation, including enhancing employee skills, fostering effective leadership and company culture, promoting collaboration, and building strong external partnerships. It highlights crucial tactics for successful execution; additionally, it also offers insight into how Gen-AI leads to economic and social benefit. The study discusses data privacy and security issues as the majority of AI applications depend on massive informatics, and protection of data ethical concerns, as well as the appropriate training of the workforce, has to be accurately addressed to ensure that AI fits into the SME business strategy. Lastly, this study also demonstrates how the adoption of AI in SMEs is providing an upper hand to tackle competitive scenarios.
Small- and medium-sized enterprises (SMEs) are essential drivers of innovation, employment, and economic growth in the global economy. However, the rapid technological advancements associated with Industry 5.0 introduce unprecedented challenges and vulnerabilities for these businesses. This chapter delves into the resilience of SMEs, with a focus on the future trends and challenges that will shape their survival and growth in this ever-evolving environment. By leveraging secondary data from reputable databases such as Scopus and Web of Science, this study synthesizes the available literature to deliver a thorough analysis of SME resilience. In addition to digital transformation, this chapter discusses the growing importance of sustainability in building resilience. It advocates for the adoption of sustainable practices that mitigate environmental risks while aligning with the increasing demand for corporate social responsibility. This chapter also underscores the necessity of fostering a resilient organizational culture capable of withstanding economic and political uncertainties. By leveraging data from previous studies, this chapter offers practical recommendations for enhancing SME resilience. It can be a critical resource for policymakers, business leaders, and researchers seeking to understand and address the factors that will determine the future success and sustainability of SMEs in the age of Industry 5.0.
In the present era, there are numerous consumer data sources, particularly through web services and terminals such as point of sales to better understand customers. More so, it has become challenging to gather and evaluate this vast amount of data manually. This chapter highlights the role of artificial intelligence (AI) in improving relationships with customers and explores the techniques used to analyze customers' data in order to predict their demands and reach their satisfaction. The objective of this study was to empirically test the effect of AI on customer satisfaction of selected family-owned businesses listed in Nigeria, the most populous and one of the biggest economies in Africa. This implies that AI is a significant predictor of customer satisfaction. The study suggests that companies should employ AI solutions to improve operational efficiency. Through the implementation of AI, companies can optimize their operations, decrease expenses, and enhance their ability to adapt to market fluctuations and client needs.
This chapter examines the legal frameworks governing artificial intelligence (AI) integration in consumer products by small businesses in Nigeria, within the context of Industry 5.0. The mission of this research is to address a critical knowledge gap on the legal challenges faced by small businesses in this rapidly changing technological landscape. The complexity of existing legal frameworks, difficulties comprehending and adhering to regulations, striking a balance between innovation, consumer protection and ethics, the effect of regulatory uncertainty on business growth and AI adoption and the adequacy of current legal frameworks are some of the key concerns. It aims to provide a comprehensive understanding of the regulatory environment, assist small businesses in navigating regulations, guide the creation of policies and contribute to academic discourse on AI governance in developing economies. Using a mixed-methods approach combining legal analysis, case studies and surveys of 100 small business owners and legal experts, it has revealed significant challenges for small businesses in navigating the legal landscape of AI integration. The findings refute the idea that small Nigerian enterprises are uninterested in complying with regulations by highlighting a strong association between legal guidance and successful regulatory navigation. This chapter speculates that lack of awareness and understanding of legal frameworks may be a major barrier to entry for small businesses in the AI-enabled consumer products market. This research contributes to literature on AI regulation in developing economies and provides practical insights for policymakers, legal practitioners and small business owners in Nigeria's emerging Industry 5.0 landscape.
Online activities are increasing every day, and cyberloafing is a relatively new phenomenon. Scholars are increasingly focusing on the adverse effects of digitization on human lives in personal and professional contexts. Cyberloafing is one such effect and digitization-related workplace behavior that has garnered attention in both academic and mainstream media. This chapter aims to understand the specific loafing activities and its effects on employee productivity in India, one of the most populated and largest developing economies. To achieve this goal, the research involved conducting field research among employees in both private and public sectors in Haryana, India, with a primary focus on those employed in the medium-sized education and healthcare business sectors. The data were collected from 300 respondents through questionnaires and analyzed using partial least squares structural equation modeling (PLS-SEM) to determine the impact. The study's results suggest that engaging in cyberloafing activities like maintaining social networks, playing online games, online dating, shopping online, and using the internet for non-work purposes while at the workplace has a modest yet notable adverse impact on employee productivity. To put it differently, when employees indulge in social, leisure, and virtual activities, it has a detrimental effect on their productivity. These research findings offer valuable insights to organizations regarding the types of cyberloafing activities employees are involved in and how they influence employee productivity, encompassing factors like attendance, work quality, performance capability, and personal aspects.
This chapter explores how small- and medium-sized enterprises (SMEs) can strengthen their resilience by adapting to the dynamics of digital commerce, focusing on the integration of consumer behavior insights and digital marketing strategies. The research underscores the growing significance of e-commerce as a vital component of modern business practices. The primary objective of this chapter is to determine the relationships and differences between selected aspects of e-commerce, consumer purchasing behavior, and consumer preferences. Through a detailed analysis of current consumer behavior trends, this chapter identifies key factors influencing online purchasing decisions, including the perception of risk, ease of use, and the role of trust in digital transactions. The findings reveal that SMEs can achieve sustained growth by adopting tailored digital strategies that align with consumer expectations and preferences. Furthermore, this chapter discusses the critical role of digital marketing tools, such as social media and content marketing, in engaging consumers and building brand loyalty. By effectively utilizing these tools, SMEs can not only attract but also retain customers in an increasingly competitive digital marketplace. This chapter also highlights the importance of a customercentric approach, emphasizing the need for agility and adaptability in business operations. In conclusion, this chapter offers practical recommendations for SMEs to navigate the complexities of the digital economy, ensuring their resilience and competitiveness in the era of Industry 5.0. By leveraging consumer behavior insights, analyzing the interplay between e-commerce aspects and consumer preferences, and embracing digital transformation, SMEs can position themselves to thrive amid technological advancements and evolving market demands.
The COVID-19 pandemic has influenced entrepreneurial behaviour, including creative industries that have been negatively impacted due to the loss of patrons constrained by movement restrictions. This crisis has led to the failure of many small and medium-sized enterprises (SMEs) and an increase in unemployment. These challenges led to the rapid development of e-commerce and created new business models and firms, which has promoted the development of the economy. Increased marketing channels have become an emergent trend. Facing this challenge, talent development is the most critical factor for scientific and technological innovation, and innovation-driven entrepreneurship is essential in building such talent. The cultivation of innovative talents has become a critical mission of Chinese national education policies. This study analyses the effects of entrepreneurship education (EE) on innovative talent training models using a mixed-method methodology. The study identifies two dimensions of EE, namely institutional environment (IE) and supporting infrastructure (SI), having a significant direct effect on student's innovation capability. The results highlighted learning institutions should combine innovation-driven entrepreneurial ecosystem cultivation with EE programmes, while strengthening support of IE and infrastructure that enhances the student's innovation practice ability with both human and social capital. Furthermore, practice-oriented innovative EE should be encouraged to enhance innovation capability in the new economic environment.
