The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 28 access to financing hampers their ability to expand their businesses, invest in new technologies, or explore new opportunities. To overcome this challenge, it is important to implement strategies that provide micro entrepreneurs with access to affordable and tailored financing options. This can be done through the establishment of microfinance institutions or by partnering with existing financial institutions to develop specialized loan programs for micro entrepreneurs. In addition to access to financing, providing micro entrepreneurs with the necessary skills and knowledge is crucial for their resilience. Entrepreneurial training programs can equip micro entrepreneurs with the essential skills and knowledge needed to effectively manage their businesses. These programs can cover various areas such as business management, marketing, financial literacy, and digital skills (Maiangwa, 2013). Moreover, it is important to provide continuous support and mentorship to micro entrepreneurs, helping them navigate challenges and stay resilient in the face of adversity. Furthermore, fostering networking opportunities among micro entrepreneurs is vital for their resilience. Through networking, micro entrepreneurs can connect with other like-minded individuals, share experiences, and learn from each other. Challenges Faced by Micro Entrepreneurs in Malaysia Micro entrepreneurs in Malaysia face several challenges that hinder their success and impede their ability to grow and thrive (Hasan et al., 2021). One of the key challenges is limited access to financing (Maiangwa, 2013). This hampers their ability to secure loans or investment capital from traditional financial institutions due to a lack of collateral or credit history. Another challenge is the lack of necessary skills and knowledge. Many micro entrepreneurs in Malaysia may lack the necessary business management skills, marketing knowledge, financial literacy, and digital skills to effectively manage their businesses. Additionally, micro entrepreneurs may also face challenges in terms of market competition (Habaradas & Umali, 2013). Due to the saturated nature of certain industries, micro entrepreneurs may struggle to differentiate themselves and find their target market. Cultural and social barriers can also pose challenges for micro entrepreneurs, especially for those from marginalized communities. They may face discrimination, limited access to resources and networks, and a lack of support and mentorship (Habaradas & Umali, 2013). Strategies to Foster Resilience Among Micro Entrepreneurs To address the challenges faced by micro entrepreneurs in Malaysia and foster resilience, several strategies can be implemented (Maiangwa, 2013). Firstly, the government should formulate and adopt policies that promote varied entrepreneurial leadership traits among budding micro entrepreneurs (Mamun et al., 2016). These policies can include providing access to financing and credit facilities specifically tailored for micro entrepreneurs, as well as implementing programs that offer training and development in areas such as business management, marketing, financial literacy, anddigitalskills.Secondly,creatingnetworking opportunities for micro entrepreneurs is crucial for their resilience (Hasan et al., 2021). By facilitating networking events, seminars, and workshops, micro entrepreneurs can connect with other like-minded individuals, share experiences, and learn from each other. This can help them gain insights into potential solutions to their challenges and inspire innovation in their own businesses. Thirdly, providing mentorship and support programs can be instrumental in fostering resilience among micro entrepreneurs. Mentors can provide guidance, expertise,