The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 29 and advice based on their own experiences, helping micro entrepreneurs navigate through challenges and make informed decisions. Lastly, promoting inclusivity and diversity in the entrepreneurial ecosystem is essential for fostering resilienceamongmicro entrepreneurs. This can be done by ensuring equal access to resources and opportunities for all entrepreneurs, regardless of their background or ethnicity. Resilience as a Key Factor in Micro Entrepreneurial Success Resilience plays a crucial role in the success of micro entrepreneurs. The ability to bounce back from setbacks, adapt to changing circumstances, and persist in the face of challenges is essential for micro entrepreneurs to thrive in a competitive market. Micro entrepreneurs often face numerous obstacles and setbacks, such as financial constraints, limited market opportunities, and fierce competition. They also have to contend with external factors such as economic downturns, changes in consumer preferences, and technological advancements. Despite these challenges, it is important for micro entrepreneurs to remain resilient in order to overcome obstacles and achieve long-term success. Resilience enables micro entrepreneurs to navigate uncertainties, learn fromfailures, anddevelop necessary skills and competencies to sustain and grow their businesses (Duchek, 2017). Research studies have shown that resilience is a significant factor in the success of micro entrepreneurs. Furthermore, resilience has been found to positively impact various aspects of micro entrepreneurial ventures, including business performance, innovation, and sustainability. One of the key challenges faced by micro entrepreneurs in Malaysia is access to financial resources (Hasan et al., 2021). Micro entrepreneurs often struggle to secure loans or funding from traditional financial institutions due to their limited collateral and perceived higher risk. This challenge can be exacerbated during times of economic uncertainty or financial crises. In order to overcome this challenge, micro entrepreneurs need to develop resilience in their financial management practices. They can do this by establishing a strong financial foundation, such as maintaining accurate and up-to-date financial records, budgeting effectively, and seeking alternative sources of funding, such as microcredit programs or crowdfunding platforms. Another challenge faced by micro entrepreneurs in Malaysia is limited market opportunities. Micro entrepreneurs often operate in niche markets or face stiff competition from larger, established businesses. To overcome this challenge, micro entrepreneurs need to be resilient in their market strategies. They should conduct market research to identify gaps or untapped opportunities, adapt their products or services to meet changing consumer demands, and build strong customer relationships through effective marketingandcustomer service. Additionally, micro entrepreneurs should develop a strong networkof industrycontactsandpartnerships to expand their reach and increase their chances of success. Furthermore, micro entrepreneurs in Malaysia face challenges related to entrepreneurial competencies and skills. To address these challenges, micro entrepreneurs need to develop resilience in their entrepreneurial competencies. They can do this by continuously improving their skills through training programs, seeking mentorship from experienced entrepreneurs, and participating in networking events and business development initiatives.