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International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Success Factors in Traditional, Digital, and Hybrid Startups of Micro, Small, and Medium-Sized Enterprises in the Retail Industry (Literature Review)

Mohd Anuar Arshad, Mohammad Khaled Azzam

http://dx.doi.org/10.6007/IJARBSS/v13-i12/20138

Open access

This exhaustive literature review explores the factors contributing to the prosperity of micro, small, and medium-sized enterprises (MSMEs) in the retail sector, focusing on traditional, digital, and hybrid startup models. The study addresses the trend of MSME failures, seeking to uncover pivotal success drivers tailored to the intricate landscape of retail startups.
Through a robust methodology, the review seamlessly integrates insights from diverse sources, including empirical studies and industry reports from 2012 to 2023. The presentation of core findings illuminates the interplay of factors shaping startup performance. These encompass essential components such as financial stability, entrepreneurial attributes, strategic marketing, technological integration, Government policies, customer-centric approaches, timing considerations, and foundational infrastructural support.
Building upon this comprehensive analysis, the study extends actionable recommendations to foster an ecosystem conducive to startup success. These encompass strategies ranging from establishing Entrepreneurship Development Programs and promoting Digital Literacy to facilitating Access to Financing and cultivating Collaborative Ecosystems. Gazing into the future, the study sets a research course, advocating for longitudinal studies, qualitative exploration, examination of emerging technology impacts, and inclusive assessments across sectors, sizes, and developmental stages. In summation, this all-encompassing review not only delves into the intricacies that drive startup triumph within the dynamic retail arena but also provides tangible guidance for fortifying the startup ecosystem. By shedding light on success factors, this review serves as a roadmap for stakeholders, policymakers, and entrepreneurs committed to nurturing the growth of MSMEs amidst the evolving landscape of the retail industry.

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(Arshad & Azzam, 2023)
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