Exploring the Role of Social Media: An Innovative Tool for Entrepreneurs

Literature Review

Stockdale et al. (2012) recognized the major issues associated with the usage of social media. It then looked at five well-known case studies as well as the websites of the case firms. The information gathered was utilized to gain insight into the business issues and goals that drive SMEs to adopt social media. Business value was discovered to be predominantly in the area of customer engagement, with the capacity of the SME to identify with their client base having a significant impact on the realization of benefits.

Jagongo & Kinyua (2013) aimed at determining that in Nairobi, the influence of social media on SMEs' growth. This was done by looking at how social media affects market access, customer relationship management, innovation, and product pricing for SMEs in Nairobi. The research was conducted using a descriptive research approach. According to the report, policymakers, such as the government, should be aware of current trends in technological adoption by SMEs to develop regulations that promote best practices for SME growth.

Islam & Ozuem (2019) examined the factors that impact Bangladeshi social businesses' adoption of social media as a marketing strategy. The findings of this study were compared to factors that have influenced IT deployment, according to the literature. The research also looked into how social media implementation affects business patterns, as well as some of the obstacles and issues that social companies encounter when it comes to implementation.

Azhar& Akhtar (2020) explored the significance of social media and its role as a marketing accelerator for businesses. It also looked into the necessary marketing techniques for entrepreneurs and the numerous social media potential. The research was theoretical.

Secundo et al. (2020) discovered the connections, interdependencies, and interconnections between social media and entrepreneurship This report provides a well-organized evaluation of the literature on the impact of social media technology on entrepreneurial activities and processes.

Olanrewaju et al. (2020) The study was comprehensively examined in the field of social media and entrepreneurship. To identify important ideas and research methodologies employed in the area, a total of 160 publications published between 2002 and 2018 were analyzed.

Ajjan et al. (2015) examined the growth of virtual social networks to encourage entrepreneurship is essential in promoting entrepreneurial ambition in disrupted countries. This study developed a paradigm for thinking about the function of social media in supporting entrepreneurship, with a focus on its potential relevance in environments with institutional gaps or severe institutional instability.

Objectives

The study aims at achieving the following objectives:

• 1.

  To explore and study the areas in which social media is used by entrepreneurs.

• 2.

  To discuss the role and outcome of social media usage by entrepreneurs.