Exploring the requisite entrepreneurial skills of eight selected sectors related to Industrial Revolution 4.0 in Malaysia

• Main Author: Noorzelan, Muhammad Ridzuan
• Format: Thesis
• Language: English; English
• Published: 2024
• Online Access: http://eprints.utem.edu.my/id/eprint/28585/; https://plh.utem.edu.my/cgi-bin/koha/opac-detail.pl?biblionumber=124356

This qualitative study addresses the critical need to identify and understand specific requisite entrepreneurial skills essential for navigating Industry 4.0 of the eight selected sectors in Malaysia. In the era of Industry 4.0 (IR4.0), traditional entrepreneurial paradigms are increasingly insufficient for achieving success. The rapid technological advancements and complex business environments introduced by IR4.0 demand a nuanced set of skills and strategic approaches that many current entrepreneurs lack. Despite advancements, there remains a significant theoretical gap regarding these skills and their application in IR4.0 context. The study aims 1) To explore and analyze the challenges faced by entrepreneurs operating in the context of IR4.0. 2) To identify and examine the requisite entrepreneurial skills required for success in IR4.0. 3) To investigate effective strategies and approaches for entrepreneurs to overcome the challenges in IR4.0 and leverage their entrepreneurial skills effectively. Drawing on a phenomenological case study approach, which focuses on capturing the lived experiences and essence of participant’s perspectives, eight in-depth interviews and seven Focus Group Discussions (FGDs) were conducted using purposive sampling techniques with entrepreneurs, industry leaders, senior executives, government agencies, and auditors. Participants, sourced from the Malaysian Investment Development Authority (MIDA) across diverse IR4.0 sectors (Electrical and Electronics, Chemical, Mechanical and Engineering, Aerospace, Medical Devices, Automotive, and labor-intensive sectors), provided insights crucial to understanding of the requisite entrepreneurial skills. Recorded interviews underwent verbatim transcription and were analyzed thematically elucidated four crucial domains of entrepreneurial skills: entrepreneurial mindset and attitude, cognitive abilities, business strategic skills, and resource management skills. Identified challenges include funding inadequacies, leadership dynamics, governance influences, awareness gaps, the need for change agents, and network disconnection. By addressing these challenges and leveraging the identified skills, this research contributes nuanced insights to the entrepreneurship literature within IR4.0, offering practical strategies for entrepreneurs to navigate and thrive in this transformative industrial era.