Social entrepreneurship and sustainable enterprise development among Malaysian SMEs
DOI:
https://doi.org/10.24191/jeeir.v14i2.12102Keywords:
Social Entrepreneurship, Sustainable Enterprise Development, Social Mission, Small Medium Enterprise, Social InnovationAbstract
Sustainable enterprise development is a way forward for business owners to enhance their business performance. In today’s challenging business environment, they are required to address the situation and remain agile in the face of its consequences. The practices of social entrepreneurship include social mission, social innovation, social networks, and financial returns, which are expected to engage businesses in place-making and negotiation with internal stakeholders to sustain their operations. Government policy initiatives, such as Shared Prosperity Vision 2030 and Sustainable Development Goals (SDGs), support business owners, particularly those in the small and medium-sized enterprise (SME) sector, in sustaining enterprise development across environmental, economic, and social aspects. Hence, this study aims to investigate the relationship between social entrepreneurship and sustainable enterprise development. A total of 180 business owners in the Klang Valley and Selangor were selected as respondents, using a convenience sampling technique. Following the face-to-face distribution of questionnaires, the data were analyzed using the Structural Equation Model in SmartPLS. The results revealed that social innovation and financial return were positively related to sustainable enterprise development. The findings imply that business owners should proactively engage with government policies to leverage them for the benefit of their enterprises. By staying informed about relevant regulations and programs, they can identify opportunities for support, funding, or favorable conditions that can enhance their business operations.
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