Abstract
The existence of Micro, Small, and Medium Enterprises (MSMEs) is the largest part of the national economy, this is proven that MSMEs can be relied upon as a foundation in times of crisis such as the Covid-19 period. Constraints that are often experienced by MSME actors include establishing partnerships with third parties in terms of capital, making innovations in the face of market competition. The purpose of this study is to find out how business networks, product innovation, and business competition affect business performance for MSME actors in the city of Medan. This type of research is quantitative research by distributing questionnaires and observing MSME actors. The number of samples in this study was 94 business actors in the city of Medan. The results showed that the business network variable had an insignificant effect on the business performance variable. Product innovation and business competition variables have a significant influence on business performance. Viewed from R2, it shows that business networks, product innovation, and business competition are able to explain business performance by 37.8%.
Highlights
The industrial revolution 4.0 is often referred to as a cyber physical system which is a revolution that focuses on automation and collaboration between cyber technologies
It is easier for MSME actors to obtain information and build partnerships with parties who are considered capable of advancing their business development
The formulation of the problem in this study is whether business networks, product innovation, and business competition affect the business performance of MSMEs in Medan City? And the purpose of this study is to find out how business networks, product innovation, and business competition affect the business performance of MSMEs in Medan City
Summary
The industrial revolution 4.0 is often referred to as a cyber physical system which is a revolution that focuses on automation and collaboration between cyber technologies. Revolution 4.0 emerged in the 21st century with the main characteristic of merging information and communication technology into the industrial sector. To be able to survive in the industry, MSME actors must start using technology in every production process. The use of technology can be done to reduce production costs, promotions, and other costs. With this technology, it is easier for MSME actors to obtain information and build partnerships with parties who are considered capable of advancing their business development. Technological developments make it easier for MSME actors to establish cooperation or business networks with third parties related to capital and other information. Business networks are needed to find and find customers to build good relationships between the two
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