The role of entrepreneurial resourcefulness in the context of sustaining business growth

Abstract

Entrepreneurship is related with a resource-constrained environment and a plethora of challenges. Despite these limitations, entrepreneurship is nevertheless viewed as an important component of economic growth and poverty reduction. Business expansion thus becomes a critical component of any economy. Entrepreneurial resourcefulness has been a determining factor of Small, Micro, and Medium Enterprises in a constrained environment. This study suggests that entrepreneurial resourcefulness is a learned behaviour that can be taught to entrepreneurs to sustain business growth. The study looks at the behaviours, characteristics, and orientations of resourceful entrepreneurs. The study takes a qualitative approach to assessing the experiences of entrepreneurs to find trends and patterns of resilience, adaptation, strategic decision making, and self-efficacy. Due to the narrative nature of the research, 12 semi-structured interviews were conducted with entrepreneurs who have been in business for more than 5 years in Gauteng, South Africa. The findings revealed that entrepreneurs used a combination of effectuation, bricolage, and entrepreneurial orientation to overcome financial, operational, and psychological barriers. The study's main themes are adaptability, strategic thinking, and resilience. Furthermore, the findings contributed to the body of entrepreneurship literature; the findings on understanding of the behaviours and characteristics that lead to entrepreneurial resourcefulness provide rich and substantial tools for assisting business owners in overcoming the challenges posed by limited resources. These findings resulted in the creation of a conceptual model for entrepreneurial resourcefulness that business managers, policymakers, and researchers may utilize to help SMMEs grow.