The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 31 the entrepreneurial competencies of micro entrepreneurs. By equipping micro entrepreneurs with the necessary skills and knowledge, they can better navigate the challenges in their businesses. The Future of Micro Entrepreneurship: Building a Resilient Foundation Building a resilient foundation for micro entrepreneurship inMalaysiarequiresamulti- faceted approach. First, micro entrepreneurs need to develop resilience skills to effectively navigate the challenges they face. These challenges include limited access to capital, market uncertainties, competition, and rapid technological advancements. To address these challenges, micro entrepreneurs need to adopt strategies that promote resilience. One key strategy is to cultivate a positive mindset and develop strong problem- solving skills (Hasan et al., 2021). Resilience is the ability to bounce back from setbacks, adapt to changes, and persevere despite obstacles. This includes developing a mindset that embraces failure as a learning opportunity, being proactive in seeking solutions to problems, and maintaining a positive attitude during difficult times. This includes having a strong mindset, being adaptable and flexible, and cultivating problem-solving abilities. Conclusions and Recommendations Resilience is the ability to bounce back from setbacks, adapt to change, and persist in the face of adversity. This includes building resilience in the face of financial constraints, market fluctuations, and unpredictable events such as the current COVID-19 pandemic. Challenges faced by micro entrepreneurs in Malaysia include limited access to capital, lack of market knowledge, and limited support systems. Some key challenges faced by micro entrepreneurs in Malaysia include limited access to finance, lack of business management skills, and low market demand. This includes developing a mindset that embraces change and uncertainty, as well as the ability to bounce back fromsetbacks and failures. This includes developing a positive mindset, adopting proactive problem-solving strategies, and cultivating perseverance in the face of setbacks. References Duchek, S. (2017, July 19). Entrepreneurial resilience: a biographical analysis of successful entrepreneurs. https://doi. org/10.1007/s11365-017-0467-2 Fadzil, S M., & Rashid, M F. (2022, September 1). A design framework for SMEs resilience in Malaysia. https://iopscience.iop.org/ article/10.1088/1755-1315/1082/1/012006/pdf Habaradas, R B., & Umali, M A S. (2013, January 1). The Microfinance Industry in the Philippines: Striving for Financial Inclusion in the Midst of Growth. https://doi.org/10.2139/ssrn.2568021 Hasan, N., Hussin, M., & Yaacob, N B M. (2021, February 28). Resilience of Malay Retail Entrepreneurs in Melaka. https://doi. org/10.6007/ijarbss/v11-i2/8898 Jamak, A B S A., Ali, R M M., & Ghazali, Z. (2014, January 1). A Breakout Strategy Model of Malay (Malaysian Indigenous) Mi- cro-entrepreneurs. https://doi.org/10.1016/j.sbspro.2013.12.509 Maiangwa, M. (2013, July 12). Achieving improved financing for low-income producers in developing countries: The first set of approaches. https://doi.org/10.4314/gjass.v12i1.1 Mamun, A A., Erasna, A., Subramaniam, P., Nawi, N C., & Zainol, N R. (2016, May 5). Entrepreneurial Competencies and Perfor- mance of Informal Micro-Enterprises in Malaysia. https://doi.org/10.5901/mjss.2016.v7n3p273 Saputeri, N P., Nurulia, E T., Warsiyah, W., & Wulandari, N R. (2022, February 28). MSME Marketing Strategy In The Covid-19 Pan- demic Outbreak (Case Study In Andalas Steak Bandar Lampung). https://doi.org/10.29040/ijebar.v6i1.4605 Sun, J., Buys, N J., Wang, X., & McAuley, A. (2011, January 1). Using the concept of resilience to explain entrepreneurial success in China. https://doi.org/10.1504/ijmed.2011.044637