Determining the success factors of micro-businesses in the post-pandemic era: Empirical evidence from Asnaf entrepreneurship in Malaysia

Abstract

The COVID-19 pandemic has not only caused a health crisis, but it has also led to significant economic turmoil. It has resulted in a substantial reduction in the Gross Domestic Product (GDP), disrupted travel and trade, caused the collapse of businesses, and pushed millions of people into poverty. Given the downward trend of the pandemic recently, the World Health Organization (WHO) has declared an end to the COVID-19 global public health emergency, and most countries have returned to their pre-pandemic lives. Unfortunately, many businesses, particularly micro-businesses, have been on the ropes even in the post-pandemic crisis of COVID-19. According to past studies, the unsustainability of businesses is due to a low level of sustainable practices. Hence, by using the regression analysis approach, this study aims to determine the key factors associated with business success and investigate the significant success factors that represent the sustainable practices adopted by micro-businesses in Malaysia, focusing on Asnaf entrepreneurs. A total of 163 usable questionnaires were collected, and multiple regression analysis was then employed to analyze the data. The results revealed that systematic record-keeping and marketing strategies are vital for micro-businesses to sustain themselves in the post-pandemic era. To improve their marketing strategies, microbusinesses, particularly those run by Asnaf entrepreneurs, require support programs through systematic accounting records and guidance on digital platforms. This notifies the government and associated agencies of this. This business group, which makes up Malaysia's largest commercial establishment and might help the country reach its 2030 Sustainable Development Goal of being a higher-income nation, deserves more attention.