An Integrated Framework for the Financial Sustainability and Entrepreneurial Success of Micro, Small, and Medium Enterprises

Micro, Small, and Medium Enterprises (MSMEs) are vital to the global economy, contributing to job creation, innovation, and economic growth. Despite their significance, many face sustainability challenges. This review emphasizes the entrepreneurial perspective on determinants influencing MSME sustainability. A detailed analysis identifies key factors crucial for thriving in the dynamic business environment. The entrepreneurial mindset, marked by innovation and risk-taking, is pivotal. MSMEs embracing innovation and taking calculated risks are better positioned to adapt and capitalize on opportunities. Self-efficacy, including risk tolerance and managerial capabilities, plays a crucial role. Entrepreneurs with high-risk tolerance navigate challenges, enhancing MSME sustainability. Financial control is identified as critical for prudent resource allocation and strategic decision-making. The entrepreneurial skill set, encompassing functional, technical, and relationship-building skills, significantly contributes to sustainability. Opportunity identification self-efficacy, reflecting an entrepreneur’s ability to discern and capitalize on opportunities, is key. Entrepreneurs with a keen sense of opportunity recognition guide MSMEs toward sustainable growth. This review highlights the intricate interplay of determinants influencing MSME sustainability from an entrepreneurial perspective, offering valuable insights for policymakers, business support organizations, and entrepreneurs to foster an environment conducive to sustained success.