An enterprise sustainability framework for harnessing sustainable entrepreneurship in the 4th industrial revolution

Abstract

This study explores the confluence between the Fourth Industrial Revolution (4IR) and Sustainable Entrepreneurship, with a geographical emphasis on the eThekwini region of KwaZulu-Natal, South Africa. The 4IR, typified by the swift evolution of digital technology, artificial intelligence, big data, and automation, ushers in noteworthy opportunities and substantial challenges for Small, Medium, and Micro Enterprises (SMMEs) aiming for sustainability. Positioning this study within an interpretive research paradigm and adopting a phenomenological research approach has facilitated a deep-seated understanding of the lived experiences of SMMEs amid the 4IR. This methodology was vital as the transformational influence of the 4IR requires a holistic understanding that captures the subjective experiences and perceptions of those most directly involved. The choice of the target population, specifically owners and managers of SMMEs, was driven by the understanding that these individuals are the key decision-makers, directly shaping the strategic direction and responses to the challenges and opportunities presented by the 4IR. Their insights, borne out of their lived experiences, bring authenticity and depth to the research. The research involved semi-structured interviews with twelve individuals, yielding rich qualitative data. Number twelve reached theoretical saturation, where no new themes or insights emerged from the data. This aligns with the qualitative research paradigm, which values depth and detail over breadth and quantity. The data was meticulously analysed using NVivo software, recognised for its ability to manage, sort, and classify voluminous qualitative data. Following this, a robust thematic analysis was performed, which facilitated the identification, research, and interpretation of key themes within the data. The findings of this study present a complex picture. While the 4IR offers considerable opportunities for sustainable entrepreneurship, such as improved efficiency, innovation potential, and expanded market access, it also presents daunting challenges. These include the complexity of advanced technologies, the financial burden of technology adoption, and risks related to cybersecurity. The research also highlights a range of influential factors affecting the sustainability of SMMEs in the 4IR era, including technological literacy, accessibility to financial resources, the regulatory landscape, and the availability of institutional support. This research significantly contributes to the academic field by bridging the discourse of 4IR and sustainable entrepreneurship. It further enriches practical knowledge by proposing an innovative enterprise sustainability framework for SMMEs. This framework, grounded in theoretical and empirical insights, offers a comprehensive roadmap for SMMEs to harness sustainable entrepreneurship in the context of the 4IR. It emphasises technological integration, strategic sustainability practices, a supportive policy environment, and continual learning and adaptation. Beyond its academic contributions, the research offers valuable insights for stakeholders, including policymakers, business support institutions, and SMMEs. These insights can guide the formulation and implementation of strategies and policies that promote sustainable entrepreneurship in the era of the 4IR. While the study focuses on the eThekwini region, its findings and the proposed framework have broader implications, resonating with other areas and countries grappling with the complex dynamics of 4IR and sustainable entrepreneurship.