Conceptualizing the Smart Holistic Growth Paradigm for Small and Medium Businesses: An Integrative Perspective
Recognizing the multifaceted nature of firm growth, the search for a sustainable growth paradigm for small and medium-sized enterprises is prominent in academic debate. Despite the government's many assistance programs, small and medium enterprises are struggling to survive in the long run. Interestingly, sustainability reinforced by spirituality is viewed as a new strategic imperative and long-term objective for businesses. Recently, the adoption and usage of advanced technology have also enabled new capabilities, such as the ability to focus on fast-changing business opportunities. Thus, the study attempts to conceptualize an effective growth direction founded on the business perspectives of sustainability, advanced technology, and spirituality. A systematic analysis of literature has been executed to analyze the sustainable growth configuration triggered by recent business perspectives, in which over 369 publications are read and reviewed by the authors. It has also established the reliability and validity of literature analysis. Also, a short form of qualitative investigation has been used to support the conceptualization of the study. The outcomes of the study successfully established a new growth paradigm-the SHG (Smart Holistic Growth). Here, the strategic convergence of social, economic, environmental, technological, and spiritual performance has the potential to enable SMEs to survive in the long term. Each of these growth antecedents work interdependently with each other to strengthen the firms’ strategic objectives. On this note, the outcomes of the study can enhance business differentiation and competitiveness to endure environmental uncertainties. Also, this may be useful to promote the responsible use of advanced technology, which is key to creating active and informed citizens in the public sphere. This study is a unique attempt to extend the current understanding of the sustained form of growth of SMEs considering the integration of the mentioned business perspectives.
Keywords: Advanced Technology; Corporate Spirituality; Digital Performance; Innovation; SME; SDGs; Sustainable Growth; VUCA
Reference to this paper should be made as follows: Islam, A., Maideen, M. B. H., Abd Wahab, S., Ya’akub, N. I., & Abdul Latif, A. S. (2022). Conceptualizing the Smart Holistic Growth Paradigm for Small and Medium Businesses: An Integrative Perspective. Journal of Entrepreneurship, Business and Economics, 10(1), 212–265.
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