sustainability

Article
The Role of Entrepreneurial Thinking Mediated by Social
Media on the Sustainability of Small and Medium-Sized
Enterprises in Iran
Mehdi Tajpour 1, * , Elahe Hosseini 2 , Vanessa Ratten 3 , Behrooz Bahman-Zangi 4
and Seydeh Mersedeh Soleymanian 5

1 Department of Industrial Management, Faculty of Management, University of Tehran, North Kargar Avenue,
Tehran 1411713114, Iran
2 Department of Business Administration, Faculty of Economics, Management & Accounting, Yazd University,
Yazd 8915818411, Iran
3 Department of Management, La Trobe Business School at La Trobe University, Melbourne 3086, Australia
4 Department of Technology Transfer, Faculty of Management and Economics, University of Science and
Research Branch Islamic Azad, Tehran 1477893855, Iran
5 Department of Entrepreneurship, Kish International Campus, University of Tehran, Niyayesh St.,
Mirmohanna Blvd., Kish Island 7941655665, Iran
* Correspondence: [email protected]

Abstract: This study lends new insights into the hitherto-unexplored relationship between en-
trepreneurial thinking and the sustainability of small and medium-sized enterprises (SMEs) in Iran,
mediated by social media. The goal was to investigate the effect of entrepreneurial thinking, mediated
by social media, on the sustainability of SMEs in Iran from January to February 2022. The statistical
population comprised 407 SME managers based in the Pardis Technology Park and the Science and
Technology Town (Iran). Using Cochran’s formula, a sample of 197 SME managers was selected
Citation: Tajpour, M.; Hosseini, E.; via the simple random method. The data were collected using a 5-point Likert scale questionnaire
Ratten, V.; Bahman-Zangi, B.; with 25 questions, the reliability and validity of which had been examined and confirmed. The data
Soleymanian, S.M. The Role of were analyzed in SmartPLS 3. The results revealed that entrepreneurial thinking plays a pivotal role
Entrepreneurial Thinking Mediated
in managerial decisions and is a crucial factor in the sustainability of SMEs in Iran. Managers, as
by Social Media on the Sustainability
creators and reformers of the internal business environment, can establish and enhance a strong link
of Small and Medium-Sized
between business sustainability and employees’ ability to acquire entrepreneurial thinking.
Enterprises in Iran. Sustainability
2023, 15, 4518. https://doi.org/
10.3390/su15054518
Keywords: entrepreneurial alertness; entrepreneurial intuition; entrepreneurial turn; social media;
SME sustainability
Academic Editors: George Saridakis,
Bochra Idris, Yazid Abubakar
Abdullahi, Sandra Sookram
and Antonio Boggia
1. Introduction
Received: 15 November 2022 Sustainability is now part of business worldwide [1]. Small and medium-sized enter-
Revised: 26 February 2023 prises (SMEs) communicate with, affect, and are affected by their physical, biological, and
Accepted: 1 March 2023 social environment [2]. Business sustainability enables business management analysis and
Published: 2 March 2023
improvement by creating a shared understanding of business logic [3]. Providing a clear
vision allows businesses to enter the market with their plans and ideas, and thus enables
them to maintain and improve their status in domestic and global markets [4]. Hence, it
Copyright: © 2023 by the authors.
is evident that business sustainability is central to economic development, stability, and
Licensee MDPI, Basel, Switzerland. transition through sanctions [5]. It is crucial to pay attention to business sustainability due
This article is an open access article to the increased failure rate of SMEs [6].
distributed under the terms and Moreover, applying the principles of sustainable development to the corporate gover-
conditions of the Creative Commons nance of businesses allows SMEs to achieve some of their goals, including environmental
Attribution (CC BY) license (https:// protection, social rights, and economic prosperity. The outcomes of these goals are reflected
creativecommons.org/licenses/by/ in the sustainable development report, which is helpful for stakeholder-related decision
4.0/). making [7].

Sustainability 2023, 15, 4518. https://doi.org/10.3390/su15054518 https://www.mdpi.com/journal/sustainability

Sustainability 2023, 15, 4518 2 of 26

Consequently, today’s complex businesses demand dynamism and continuous trans-

formation because the rapid technological evolution has shortened the life cycle of busi-
nesses [8]. In this regard, businesses that wish to flourish must constantly reflect upon their
capabilities and analyze the opportunities ahead [9]. Therefore, the successful introduction
of unique products and services is fundamental to the scientific understanding of the
entrepreneurial opportunity, which has helped distinguish entrepreneurship as a unique
field of research [10].
Different statistics reveal that SMEs constitute more than 90% of all businesses in some
countries. SMEs can engage in both private and public activities, yet private SMEs are
more common in most countries. According to statistics, 5.6 million companies in the US
are classified as SMEs. A recent study in Canada has shown that 77% of new businesses
are started by SMEs. SMEs also account for 98% of all jobs in Australia, employing
4.7 million people and accounting for almost a third of the country’s gross domestic
product (GDP) [11].
Furthermore, according to statistics, SMEs constitute more than 80% of industrial
businesses in Iran. They significantly contribute to economic development, can resolve
the unemployment problem, and improve income distribution in the national economy.
SMEs have created about 85% of new jobs in the last five years and are essential to guar-
anteeing innovation, economic growth, social integration, and job creation. In the current
economic conditions in Iran and considering the undeniable role of SMEs in the realization
of a resistance economy, it is inevitable and essential to make these industries resilient
to achieve sustainability and remain immune to environmental threats and fluctuations.
However, statistics suggest the unfavorable status of these businesses in Iran [12]. So, SME
management is dealing with the following difficulties in developing countries such as Iran:
(a) the lack of trust among employees, (b) little creativity and knowledge sharing, (c) the
inappropriate hierarchical and governmental structure, (d) the lack of a comprehensive
business model, (e) the shortage of material and spiritual incentives, (f) the loss of enthu-
siasm for innovation, (g) inadequate technical skills, (h) the low level of hardware and
software technology, and, finally, (i) the inadequate support from the government [13].
Therefore, a resistance economy is an economy that dynamically and sustainably allocates
optimal resources during adversities, accidents, and crises or towards achieving goals. The
resistance economy denotes the identification of areas of pressure and trying to neutralize
and control them. To achieve the goals of the resistance economy, foreign dependencies
should be reduced, and the country’s domestic production and self-reliance should be pro-
moted. All the countries that have experienced war or political, social, and economic crises,
or have worked for rapid development, have planned their economy based on resistance
to overcome adverse conditions. Economic planning in Germany, Russia, England, Japan,
etc., during the First and Second World Wars is an example of resistance economies. If the
production line in a manufacturing enterprise is stopped due to a technical problem in
a machine, the supply of the product and the commitments of that enterprise toward its
customers will be disrupted. If this economic enterprise has designed its business model
based on the resistance model, it can minimize the negative impacts of these unwanted
impulses in its business; otherwise, it will suffer immensely. The practice of a resistance
economy was planned and placed on the agenda of Iran in 2013 by order of the Supreme
Leader of the country.
Today, one can observe a constant and rapid growth in using the Internet for commu-
nication and collaboration between people. Blogs and microblogs, virtual communities,
social networks, games, etc., are regarded as social media. Such social media, which have
been widely used to facilitate personal communication, could create significant oppor-
tunities in the development of business relationships and greatly influence the business
environment [14].
Social media are platforms allowing users to share their activities, interests, and
ideas [15]. Given the growing number of portable devices, especially mobile phones, social
media have been extensively used to exchange value between users [16]; they also allow
Sustainability 2023, 15, 4518 3 of 26

people to build public or private profiles or communicate with other users [17]. SME
managers increasingly use various websites, such as LinkedIn, Telegram, Instagram, etc.,
to serve different needs (e.g., gaining information, knowledge, and communication) [18].
In developing countries, social media are unique tools for the sustainability of SMEs. Not
only do they [19] help SME business growth, but they easily access new products, services,
and SMEs. Nowadays, Instagram is considered one of the most popular and efficient
social networks around the world. This virtual community has played a significant role in
internet marketing, and many reputable brands are employing this network to introduce
their products and communicate with their customers. Given the substantial impact of
advertisements on Instagram, big and small companies and brands have been able to
gain a significant share of the market and promote their profitability in this regard [20].
For example, the number of monthly active users on Instagram has increased from about
428 million people in 2016 to about 1 billion people in 2021 [21]. According to the latest
official statistics published by “Virtual Reality Social” in 2018, there were 24 million active
Iranian users on Instagram. Such statistics encourage companies to invest more in the
development and distribution of content in the social space to involve users [22]. In October
2013, Telegram had 100 thousand daily active users, while it reached 15 million people
on 24 March 2014. Surprisingly, on 13 February 2020, Telegram officially reported that its
active users were more than 400 million people every day. According to surveys conducted
by the Iranian Students’ Opinion Center (ISPA), Telegram was the most popular messenger
before undergoing strict restrictions by the government. In 2016, about 62.2% of Iranians
were using Telegram; according to the latest statistics, almost 83% of Iranian were actively
using this messenger in 2019 [23]. Therefore, the user’s activity in social media means the
participation of someone who used to be a consumer before social media. However, this
user can decide to be a content producer and/or a consumer at the same time. Hence, the
value of the media is not just embedded in the size of the audience. However, it is rooted in
their power to establish a relationship with each other, which forms the public opinion and
the market [24].
Social media also enable people to engage in online activities and markets and make
decisions effectively [25]. Additionally, SMEs and the potential consumer community
are bridged by social media [26]. Ref. [27] highlighted the effectiveness of social media
to improve productivity and business revenue [27]. The spread of social media has also
influenced workplaces [28]. Therefore, the study of social media associated with the
sustainability of SMEs has become necessary. According to the estimates, there are now
nearly 350,000 active internet businesses in Iran, whose owners are making money by using
the internet [20].
Emerging markets refer to countries only with some of the features of developed mar-
kets in industrialized countries. In such countries, social and industrial activities quickly
grow, and they rapidly move toward industrialization [29]. Since Iran’s economy faces
numerous challenges, SMEs should be sustainable in overcoming these challenges. SMEs
in Iran are generally based on information management, use, analysis, and assessment to
produce new products and services by commercializing novel and creative ideas. However,
this can only be achieved if SMEs can internalize the entrepreneurial thinking process.
This is because SMEs are reflections of entrepreneurial thinking based on a unique mind-
set. Entrepreneurs are differentiated from the employed managers as the former group
starts the business with a creative mindset full of innovation, self-motivation, flexibility,
evolution, and value creation. Entrepreneurs are not afraid of taking risks and they turn
their visions into reality, as well [30]. Researchers play critical roles in understanding
entrepreneurial thinking and helping SMEs grow. They should extract the key elements of
entrepreneurial thinking, provide theoretical tools, and offer this knowledge as a practical
solution to other entrepreneurs. Entrepreneurial thinking is a tool that can assist managers
in recognizing business opportunities, creating a vision, and continuing their business. Still,
entrepreneurial thinking alone cannot help entrepreneurs manage their companies. Instead,
together with other entrepreneurial competencies, it provides a framework for developing
Sustainability 2023, 15, 4518 4 of 26

a new product or vision thorough understanding of customer’s needs and combining

customer knowledge with employees’ creative ideas [31]. Therefore, while abstract and
operational ideas in entrepreneurial thinking pose risky propositions in the real world
of business and entrepreneurial actions to SMEs, such entrepreneurial thinking and the
development of opportunities by social media can be fruitful as a unique experience in
implementing ideas in fundamental markets [32]. Given that most SMEs are independent,
when the key ideator departs, the entire group falls apart or fails to continue operating at
the same level of quality [33]. It is, therefore, essential for SMEs to accurately execute the
entrepreneurial thinking process. From a theoretical standpoint, conducting studies such
as the present research can enrich the literature on entrepreneurial thinking in SMEs; from
a practical standpoint, the results of such studies can offer solutions to SME managers to
develop appropriate planning to ensure the success of their businesses. Thus, the present
study aimed to explore the effect of entrepreneurial thinking on the sustainability of SMEs
in Iran, mediated by social media. The remainder of the manuscript is structured as follows:
The hypotheses are defined in the literature review, and the conceptual framework is
accordingly extracted. Moreover, an applied research method is employed for data analysis.
Finally, conclusions and directions for future research are delineated.

2. Theoretical Framework and Hypotheses Development

In recent years, SMEs have been recognized as the primary source of job creation in
developing and developed countries. SMEs play a crucial role in job creation, innovation,
and economic growth, but are more exposed to exit risk, especially in the early years [34].
Among the influential factors (strategy, human resources, marketing, etc.) on the growth of
SMEs, human resources are more critical since the growth of SMEs depends on creative
people who allocate resources effectively and efficiently and take responsibility for training
others to achieve common goals [35].
In SMEs, entrepreneurial thinking serves as a competitive advantage by investing
resources in opportunities. Entrepreneurial thinking entails the quest for innovation
and creativity to seize opportunities. According to this concept, SME owners can grasp
job opportunities, markets, ideas, information, counseling, and other resources [36,37].
There is, however, an unclear picture of the significance of motivational influences that
can potentially shape the nature of entrepreneurial thinking and decision making [38,39].
Entrepreneurial thinking can help create a competitive advantage through understanding
and creating opportunities. In other words, in uncertain conditions, people and businesses
with entrepreneurial thinking can discover or create new opportunities [40,41]. Developing
entrepreneurial thinking makes it possible to create new ideas and take innovative actions
in SMEs [42]. It can also maintain and improve the status of businesses and create a
sustainable competitive advantage for them in competitive environments. Concerning the
relationship between social media and entrepreneurship, entrepreneurship is a process
situated in a variable network of social relationships. These social relations can hinder
or facilitate the entrepreneur’s relationship with resources and opportunities; therefore,
media are not only a stimulus for entrepreneurial activity but can also influence economic
performance and entrepreneurship outcomes [43]. Consequently, entrepreneurs who have
sustainable thinking enjoy holistic understanding as well. They do not merely pay attention
to details of the factors that have affected a problem; instead, they consider the relationship
between the factors and the environment [44]. According to the literature, the uses of
social media include collecting information, shaping personal identity, and enabling social
interaction. Previous studies further point out that the emergence of social media has
changed the method of communication, interaction, and development of skills, knowledge,
and entrepreneurial thinking. Social media can also impact the sustainability of SMEs
because of changes in client demands [45]. Social media improve consumer-to-consumer
and consumer-to-brand interaction and can significantly enhance the effectiveness and
dissemination of a marketing message [46]. In other words, entrepreneurial thinking is a
Sustainability 2023, 15, 4518 5 of 26

way of looking at the world and its phenomena, a way of thinking that provides a practical
methodology for sociocultural systems in a chaotic and complex setting [47].
Intuition is people’s capacity to absorb events around them, based on which they
can make decisions for the future. As such, it directly plays a role in entrepreneurs’ de-
cision making [48]. Intuition also means knowing instinctively without using rational
processes. In other words, it is a feeling about something that cannot be simply explained
or proven. Intuitive thinking is a process for discovering stable truth. Intuition is a spark
in the mind [49], a semi-conscious process that takes place at the individual level. It is
necessary for entrepreneurship and is formed based on experiences, imagination, and
metaphors [48,50]. In strategic decision making, intuition is an image of past experiences
that can be used to make future decisions. Therefore, an increase in people’s experience,
expertise, and skill changes their decision making from scientific-analytical to intuitive
and semi-conscious [51]. Successful entrepreneurs are enthusiastic, innovative, and risk-
taking people who have accurate intuition about future business opportunities [52,53]. The
study from [54] found that organizations can improve their performance through agility
driven by knowledge management’s ability to predict the future through their intuition [54].
According to [55], intuition is a mental process involving instinctive feelings rather than
conscious reasoning and quick decision making derived from knowledge-based experi-
ence [55]. However, this ability certainly does not appear out of nowhere, but is based on
patterns that have been owned or experienced by leaders or managers. Strategic intuition
is a way of thinking and understanding possibilities, as well as making decisions that are
based on knowledge and gained from experience [56]. Through intuition, a leader can
predict certain future events and offer strategies to anticipate various possibilities [57].
Ref. [58] found that the intuition development process consists of four steps. The first is
having previous business experience regardless of whether it is a success or failure. The
second is creating the mind by bringing concentration to a new perspective. The third
is reflecting the idea, and the fourth is implementation [58,59] proved that systematic
knowledge can lead to the strategic intuition stage. Furthermore, intuition skills are based
on a state of mind in which past and present conditions are combined [59]. Strategic
intuition capacity is defined as a personal ability or talent ability to make decisions about a
particular subject using a process of thinking which is divided into three parts, that is to
say, systematic attention, expertise, and concentration that can lead to performance [60].
Therefore, managers who have good intuition skills can respond to changes and are able to
adjust their organization’s position in facing challenges. Good intuition skills can encour-
age organizations to adapt to external and internal changes and quickly meet customer
demands and expectations [57]. Intuition can, thus, be regarded as a type of recognition
because when managers gain deep knowledge and experience in a field, recognition and
problem-solving emerge almost effortlessly as the recognition of information that is largely
forgotten by the conscious mind. Intuitive decisions are more useful in unstable and tur-
bulent environments than in stable ones [61]. The intensity of evolutions, the influence of
globalization, business uncertainties, and environmental complexity require managerial
adaptability and speed. Therefore, the role of a manager may be more to find answers to
questions arising in new situations about which conventional decision-making rules cannot
be followed [62]. Meanwhile, intuitive decision making is more based on experience and
judgment than sequential logic or specific inferences used in rational decision making [49].
Entrepreneurial intuition is the emotionally charged recognition of an efficient business
opportunity that arises from quick, unconscious, and holistic connections of unrelated signs
and components of memory, from which meaningful patterns emerge [63]. Entrepreneurial
intuition is, thus, the recognition and evaluation of a business opportunity that results
from indirect processing [64]. Therefore, businesses can disclose and generate ideas by
communicating with external users on social media [65]. They also assist firms in using and
applying internal knowledge, e.g., sharing and expanding their products locally and inter-
nationally [66]. Consequently, social media highlights the ability to experiment and uncover
new ideas (knowledge development) and employ such ideas (knowledge exploitation) [67].
Sustainability 2023, 15, 4518 6 of 26

Hence, customers and suppliers can exchange ideas regarding the available services and
products online. In addition, social media aid the establishment of online communication
with suppliers and the transfer of information among employees [68]. Entrepreneurs utilize
collaborative digital technologies with consumers, suppliers, and employees to discover
new industry knowledge and implement business insights [69]. Unreliable social media
lead to misconception among employees, which results in inaccurate judgments in the
workplace. These judgments can have irreparable effects. Thus, it is required to develop
emotional and social intelligence, which in turn serve as a foundation to put interpersonal
skills into practice [70]. In addition, informal leaders (not necessarily managers with formal
power) play a key role in dealing with the equivocality of decision making. Therefore,
employees’ quick reactions to some ideas and information can lead to the formation of
new opportunities for some people, which results in making the right decision in changing
conditions [71]. Therefore, the first and second hypotheses of the research are as follows:

Hypothesis 1 (H1): Entrepreneurial intuition significantly affects the sustainability of SMEs.

Hypothesis 2 (H2): Entrepreneurial intuition, mediated by social media, significantly affects the
sustainability of SMEs.

Alertness allows entrepreneurs to monitor, search, and assess environmental condi-

tions, and modify and update knowledge structures necessary to recognize opportuni-
ties [72]. Entrepreneurial alertness is a process whereby people detect the opportunities
provided by changes in the environment more consciously than others [73]. This concept
can be examined in three dimensions of information seeking, reaction to newly acquired
information, and discarding less important information [74]. It has also been discussed in
three dimensions of quest (an unusual and continuous effort to search for new ideas), the
establishment of relationships (receiving and applying new information and creativity),
and evaluation and judgment (assessing and estimating new information in an oppor-
tunity) [75]. Researchers have formulated entrepreneurial alertness as an inner sense of
noticing what has not been recognized by others [76]. Additionally, a procedure that takes
place on social media based on complex social system dynamic behavior that involves
both innovation and entrepreneurship [77]. Thus, alertness as a part of the entrepreneurial
understanding process means paying attention to prior knowledge, preparedness for, and
sensitivity to new opportunities [78]. Social media are an effective channel to promote
brand awareness and customer loyalty, and the success of a marketing campaign in social
media can be measured by interaction and discussion. Being sociable and down to earth is
helpful in negotiations with other companies [46]. Entrepreneurial alertness is the result of
searching for new information, which means constant monitoring of the environment to
find new information and understand evolutions that may have been left unnoticed by oth-
ers [79,80]. Moreover, entrepreneurial alertness enables entrepreneurs to observe changes
in promising markets accurately and, thus, to discover new opportunities. It enhances
their ability to detect new entrepreneurial opportunities which improves organizational
performance and novelty. At the same time, it enables more complex scans for information
to facilitate entrepreneurial opportunity recognition [81]. Similarly, entrepreneurs with
higher levels of entrepreneurial alertness are more likely to detect respective opportunities
by communicating ideas [82]. Entrepreneurial alertness develops from environmental,
market and technological evolutions and involves a quest for new information. Most en-
trepreneurs enjoy a high level of entrepreneurial alertness when detecting entrepreneurial
opportunities [33,83]. Various theories discuss the determinants of entrepreneurial oppor-
tunity recognition process, emphasizing the personal characteristics of an entrepreneur,
e.g., entrepreneurial alertness [10]. Social media are important in entrepreneurial opportu-
nity recognition, especially in the early stages of investment initiation [84]. Various studies
on entrepreneurial opportunity recognition have analyzed social media [85]. Relevant
studies usually focus on the strength of social media, how users are connected, and their
Sustainability 2023, 15, 4518 7 of 26

influence on business survival [36]. Information is crucial for the entrepreneurial process
and enables the discovery of more opportunities [86]. Various peers (e.g., mentors, family,
or acquaintances) may provide entrepreneurs with information that helps them detect
these opportunities [7]. Moreover, high levels of social media usage confer advantages
for entrepreneurs regarding sharing technical information and knowledge [37], providing
spiritual support, reducing knowledge gaps and uncertainties, and boosting their confi-
dence in identifying entrepreneurial opportunities [81]. Mounting evidence suggests that
high-quality network relationships or superior network positions facilitate entrepreneurial
opportunity detection [87]. Based on the literature, entrepreneurs have different skills in
developing and managing social media which can be used for entrepreneurial opportunity
recognition. This is why only some entrepreneurs succeed. Therefore, the third and fourth
hypotheses of the research are as follows:

Hypothesis 3 (H3): Entrepreneurial alertness significantly affects the sustainability of SMEs.

Hypothesis 4 (H4): Entrepreneurial alertness, mediated by social media, significantly affects the
sustainability of SMEs.

Although industries have improved recently, an increasing number of companies are

closed and fail to sustain. Business fluctuations and the breakdown of industries have
been observed within all kinds of institutions [88]. Thus, constant changes in business
environment have been considered critical challenges for SMEs to maintain their com-
petitive advantage and survive. If such organizations are not capable of dealing with
this overwhelming situation, they will fail or experience a major fall down [89]. Hence,
they need to implement turn strategies, which help businesses overcome the hardship
and improve accordingly [88]. Entrepreneurial turn refers to the companies’ tendency
to identify and assess respective opportunities in the industry [90]. This concept is the
byproduct of the integration of entrepreneurship and strategy that is characterized by
the organizations’ innovative behavior [73]. Turn strategy is not regarded as a drawback
for a company; in addition, it can redirect the organization from failure to substantial
promotion in the structure if implemented properly [91]. There are several instances of
SEMs that have employed turning as an effective strategy leading to progression while
dealing with external pressure. On the other hand, it is difficult to distinguish actual turns.
Moreover, it should be noted that organizations need to be prepared to pay the price of
these changes caused by turning strategy [92]. Moreover, SMEs may not pursue innovative
opportunities because they are not always viable and might impose negative impacts on
the organization’s position within the market. Turning itself may be a traumatic event in
the life of the SMEs and like similar events—be that the initial founding of a new SMEs
or the generational change in family firms—it could bring about business failure [93]. It
follows that despite all the opportunities they potentially create, exogenous shock periods
may not necessarily be advantageous times for existing firms to turn. Indeed, the difficulty
of forecasting the duration of the crisis has motivated many existing firms to consider
turning, or changing their products, services, customers, or markets [94]. On the face of it,
such changes may seem commendable with the media propagating the stories of successful
turns. In many cases, existing firms have pivoted to capitalize on the changes introduced
by the shocks; for instance, as a pivoting response to the SARS pandemic, Alibaba created
the online shopping platform Taobao Marketplace to supplement its wholesale and B2B
e-commerce sites, as millions of consumers turned to emerging online marketplaces to
safely buy and sell goods amidst health concerns and government shutdown orders [95].
These examples seem to suggest that pivoting while confronting exogenous shocks to
taking advantage of newly created opportunities can be a winning strategy that should be
encouraged. Indeed, information asymmetries created by the shock provide ample room
for profit for an adept entrepreneur. Moreover, dramatic price volatility along with supply
and demand mismatch help pursue low-risk opportunities [93]. Previous research has
Sustainability 2023, 15, 4518 8 of 26

reported the positive role of entrepreneurial turn in the sustainability of SMEs [96,97]. As
a result, in the last decade, the entrepreneurial turn has become a hot research topic in
the strategic entrepreneurship literature [98]. The entrepreneurial turn increases organiza-
tional entrepreneurship activities in businesses [99]. The efficiency of businesses based on
the entrepreneurial turn requires consideration of various variables. Examining internal
(innovation and risk-taking) and external factors (independence and aggressive competi-
tion) is thus important to better understanding the sustainability of businesses based on
entrepreneurial orientation [100,101]. Social media involve a set of software-based digital
technologies usually presented in the form of programs and websites to allow users to
send and receive digital content by providing a digital environment; as such, social media
significantly influence the entrepreneurial turn and, consequently, business sustainabil-
ity [102]. As a result, social media—which includes advertising on social networks and/or
marketing communication with social characteristics—is becoming a larger component of
firms’ marketing budgets. As firms increase their social media activity, the role of content
engineering has become increasingly important [103]. Therefore, to face the fierce business
competition, it is very important for small companies to manage social media for their
growth and profitability. Thus, SMEs prefer to act competitively by strengthening social me-
dia for their survival and growth in a specific era of an uncertain business environment [60].
Companies can quickly identify the new needs of their customers to meet through social
media platforms. This process leads to the identification of new opportunities in relation
to the company’s existing products and services. Therefore, the companies’ focus shifts
while changing their strategies and their products or services in order to design content
with better access and interaction with social media followers [103]. Managers are, thus,
determined to use digital technology for the entrepreneurial turn, where social media
are recognized as a major enabler, a platform, or an ecosystem [104]. Social media can
potentially connect many people easily and free-of-charge. There are numerous benefits to
using social media in developing SMEs, and there are strong driving factors for SMEs to
continue using social media to develop their business, increase product sales, communicate
with consumers, and develop a wider market network. Social media are very helpful as
an interface of information and communication from producers to consumers no matter
the location and distance [105]. According [106], social media networks are a gateway for
companies towards profitability and growth. Companies, especially those that are active in
communications, marketing, and recruitment, are increasingly interested in using social
media for business purposes. Social networking has become a daily practice in the lives of
users as well as SME entrepreneurs. This not only offers vast opportunities but also poses
serious challenges for SMEs [106]. Therefore, the fifth and sixth hypotheses of the research
are as follows:

Hypothesis 5 (H5): Entrepreneurial turn significantly affects the sustainability of SMEs.

Hypothesis 6 (H6): Entrepreneurial turn, mediated by social media, significantly affects the
sustainability of SMEs.

In today’s competitive world where businesses are moving towards online exchanges [107],
the success of businesses conducted in cyberspace depends on social activities, as well
as preservation, maintenance, and communication with customers [108]. Moreover, the
business strategy for sustainability is a response to stakeholders’ needs. Sustainable in-
vestment leads to sustainable development by providing social benefits [109]. Business
sustainability means economic perspectives, business planning, monitoring, evaluation,
and communication with customers and other stakeholders. An increasing number of meth-
ods and tools have been proposed for business sustainability [110]. Business sustainability
depends on the stability, monitoring, evaluation, and maintenance of commercial relations
by actively participating in social media in the long term. Therefore, the mission of SMEs
is not only communication but also the strengthening of commercial relations and their
Sustainability 2023, 15, 4518 9 of 26

stability. The establishment, strengthening, and continuous improvement in cooperation

between people, as well as the presentation of business ideas based on the competitive
advantage of each business, are thus key topics in the business community that optimize
the status of businesses in cyberspace. In fact, an important factor in business sustainability
is active participation in social media activities, which not only affects entrepreneurial activ-
ities but also provides important resources for business sustainability [111]. Furthermore,
sustainability is an important principle for management and includes human resources’
sustainable contribution to organizational goals and financial performance. This process
is sustainable as it mitigates damage to stakeholders and maximizes the use of business
outcomes [112]. It also helps maintain and improve the well-being of current and future gen-
erations [113] by ensuring the continuity of past, present, and future cultural values [114].
As such, social media can be introduced as a very influential and strong tool to present
opinions and a new and revolutionary field in SMEs. Social media play a pivotal role in
the informed decision making of consumers through their peers [115] and are defined to
persuade consumers and employees to use goods and services [116]. Internet opportunities
establish an environment for online interaction by applying social media. Social media
usage offers practical online options to obtain updated and reliable information [117]. The
wide acceptance of social media assists online information sharing and learning [5]. Social
media usage also allows businesses to supply content and information without requiring a
physical presence [118]. Moreover, it serves as an efficient platform for an organization’s
strategic objectives and performance [7]. SMEs significantly contribute to economic growth
by creating opportunities for employment, exports, and innovation [119]. Still, sustaining
the performance level is critical. Sustainable performance denotes a firm’s environmental
sustainability practices, supported by effective organizational impact management of SMEs
in their environment [10]. Firms should conduct business responsibly while creating profits
for the owners [25]. Social media usage accelerates sustainable performance. Several types
of information can be collected through feedback, communication with users, consumers,
shareholders, and stakeholders, and requirements to sustain the business performance [12].
In addition, social media usage advances business alliances by enabling collaborative
information and knowledge sharing [13], thereby improving firm sustainability [14]. Thus,
social media offer a growing and affordable option for SMEs to help them focus on large
audiences [15]. However, previous research has limited the focus on social media usage and
sustainable firms in developing countries [120]. So, the seventh hypothesis of the research
is as follows:

Hypothesis 7 (H7): Social media significantly affect the sustainability of SMEs.

Most studies have explored the outcomes of entrepreneurial thinking and social media,
but they have neglected the influence of entrepreneurial thinking (entrepreneurial intuition,
entrepreneurial alertness, and entrepreneurial turn) mediated by social media on the
sustainability of SMEs in Iran. Hence, the present study and its conceptual model were
developed based on the literature with a new arrangement. The variables of entrepreneurial
intuition, entrepreneurial alertness, and entrepreneurial turn were considered independent
variables, the sustainability of SMEs as the dependent variable, and social media as the
mediating variable. The conceptual model is depicted in Figure 1.
 intuition, entrepreneurial alertness, and entrepreneurial turn) mediated by social media
on the sustainability of SMEs in Iran. Hence, the present study and its conceptual model
were developed based on the literature with a new arrangement. The variables of entre-
preneurial intuition, entrepreneurial alertness, and entrepreneurial turn were considered
Sustainability 2023, 15, 4518
independent variables, the sustainability of SMEs as the dependent variable, and 10 of 26
social
media as the mediating variable. The conceptual model is depicted in Figure 1.

Figure 1.
Figure The Conceptual
1. The Conceptual Model
Model of
of the
the Study
Study (Source:
(Source: Authors’
Authors’ elaboration).
elaboration).

3. Materials and Methods

3. Materials and Methods
This descriptive–correlational research examined the impact of entrepreneurial think-
This the
ing, with descriptive–correlational
mediation of social media, research examined theof impact
on the sustainability SMEs inof entrepreneurial
Iran. The statistical
thinking,
population comprised 407 SMEs active in the Pardis Technology Park and thein
with the mediation of social media, on the sustainability of SMEs Iran. The
Science and
statistical population comprised 407 SMEs active in the Pardis
Technology Town in Iran. The science park website annually publishes a list of Technology Park and the
active
Science
companies.and Companies
Technology that Town in Iran.
faced The crises
various science inpark
theirwebsite annually
first three years andpublishes
managed a list
to
of active companies. Companies that faced various crises in their
remain in a stable environment constituted the research population. SMEs are considered first three years and
managed to remain in
private companies or ainstitutions
stable environment
to expand constituted
and apply the research population.
innovations SMEs are
and commercialize
considered private companies or institutions to expand and apply
the results of research and development (including the design and production of goods innovations and com-
mercialize the results of research and development (including the design
and services) in high technology [121]. This research has focused on companies providing and production
of goods and
services, services)
producing newin high technology
products [121]. This
or technology, andresearch has focused
conducting applied on companies
research. The
providing
managers of services, producing
the sample SMEs alsonewacknowledged
products or technology,
the necessity and
of conducting
sustainability applied
to escapere-
search. The managers
destruction, decrease of the sample
electricity SMEs also acknowledged
consumption, and protect the theenvironment.
necessity of sustainabil-
According
ity to escape destruction,
to Cochran’s decreasesize
formula, a sample electricity consumption,
of 197 managers whoandhadprotect the environment.
more than five years of
According
experience was estimated. The Pardis Technology Park was establishedmore
to Cochran’s formula, a sample size of 197 managers who had than
in 2001 asfive
the
years
largestoftechnology
experiencepark wasinestimated.
Iran. So far,The Pardis
more thanTechnology Park was
400 technological andestablished
knowledge in 2001
units in
as the largest
advanced technologye.g.,
technologies, park in Iran. So and
information far, more than 400 technological
communication and knowledge
technology (ICT), biotechnol-
units in advanced technologies,
ogy, nanotechnology, new materials,e.g.,mechanics,
information andand communication
automation, technology
have joined this park.(ICT),
The
biotechnology,
Isfahan Science nanotechnology,
and Technology Town,new materials,
as the firstmechanics,
organization andtoautomation, have centers
establish growth joined
and science and technology parks in Iran, also supports the launch and development of
knowledge enterprises and institutions and has taken massive steps in developing the
production and export of knowledge-based products and the sustainable employment
of graduates. Since the private sector cannot withstand fluctuations, attention should be
paid to the sustainability of SMEs in Iran. The simple random sampling method was
adopted since the authors had access to the companies based in these parks because of
their location. The data were collected online and in person via a researcher-made 25-item
questionnaire scored on a 5-point Likert scale (1 = very little, 2 = little, 3 = no opinion,
4 = much, and 5 = very much) in January and February 2022. A Likert scale is a tool for
measuring people’s attitudes. In general, three standard scales have been introduced by
Rennes Likert, namely five-degree, seven-degree, and nine-degree scales. These scales can
be used to express agreement or determine the importance of items. The most common
form of the Likert spectrum is five-degree, which expresses a positive/negative tendency.
The crucial questionnaire items were distributed in person and online. Finally, the data
were statistically analyzed through PLS3 software. It was used since it does not need the
data distribution to be normal and can be used for small samples. Table 1 shows the mean
value, standard deviation, median, minimum and maximum value of each questionnaire
question. Additionally, the questionnaire will be available upon request.
Sustainability 2023, 15, 4518 11 of 26

Table 1. Measurement model evaluation for constructs.

Loadings
Row Variables Questions Mean Median Min Max Stdev
Factor
In order to strengthen my creative ideas, I
0.861 2.51 2.00 1.00 5.00 1.09
relate various information to each other.
I am excited by the knowledge that there are
many unexploited 0.885 2.84 3.00 1.00 5.00 1.11
entrepreneurial opportunities.
Entrepreneurial I undertake methods and solutions to
1
Intuition product problems that build on 0.909 3.07 3.00 1.00 5.00 1.18
my experience.
I searched for product information and ideas
0.843 3.02 3.00 1.00 5.00 1.06
that took the firm into existing product areas.
I discover previously unnoticed
0.739 2.82 3.00 1.00 5.00 1.04
entrepreneurial opportunities.
I always keep an eye out for new business
0.879 2.71 3.00 1.00 5.00 1.01
ideas when looking for information.
I have frequent interactions with others to
0.880 2.51 3.00 1.00 5.00 1.13
acquire new information.
Entrepreneurial I try to be sensitive to new ideas and
2 0.916 2.60 2.00 1.00 5.00 1.22
Alertness opportunities in my daily activities.
I look for new ideas and opportunities when
0.934 2.87 3.00 1.00 5.00 1.31
receiving new information.
I always have ideas for new business. 0.931 2.71 3.00 1.00 5.00 1.09
Assessing the environment in order to
discover opportunities can become the 0.886 3.02 3.00 1.00 5.00 1.06
sustainability of SMEs.
New developments in process of SMEs are
0.823 2.82 3.00 1.00 5.00 1.04
recognized as new opportunities.

Entrepreneurial A survey of target customers in line with the

3 goals of SMEs can lead to the identification 0.742 2.76 2.00 1.00 5.00 1.01
Turn
of new opportunities.
The development of new technologies in
0.879 2.80 3.00 1.00 5.00 1.11
SMEs is recognized as new opportunities.
Change in distribution channels as an
0.896 2.71 3.00 1.00 5.00 1.23
opportunity in SMEs leads to sustainability.
I use social media to gain knowledge and
work-related information to get new 0.733 2.76 3.00 1.00 5.00 1.18
opportunities and ideas.
I use social media to maintain and strengthen
relationships with my colleagues and
0.920 2.67 3.00 1.00 5.00 1.19
interact with others to achieve more creative
ideas and take advantage of opportunities.
4 Social Media
I can obtain a lot of business-related
0.929 2.69 2.00 1.00 5.00 1.21
information through social media.
I use social media to get new information
0.874 2.82 3.00 1.00 5.00 1.23
about customer needs.
I introduce the company’s products and
0.804 2.82 3.00 1.00 5.00 1.16
services to customers through social media.
Sustainability 2023, 15, 4518 12 of 26

Table 1. Cont.

Loadings
Row Variables Questions Mean Median Min Max Stdev
Factor
The quality of employee relations affects the
sustainability of small and medium-sized 0.811 2.64 3.00 1.00 5.00 1.25
enterprises.
Hiring an expert team in the research and
development department leads to the
0.829 2.67 3.00 1.00 5.00 1.05
success and sustainability of small and
medium-sized enterprises.
Sustainability of
5 The use of experienced staff in creative work
SMEs
leads to the sustainability of small and 0.894 2.73 3.00 1.00 5.00 1.17
medium-sized enterprises.
Expert manpower leads to the sustainability
0.921 2.84 3.00 1.00 5.00 1.11
of small and medium-sized enterprises.
Loyal human capital to the company’s goals
and mission leads to the sustainability of 0.890 3.07 3.00 1.00 5.00 1.18
small and medium-sized enterprises.

4. Results
4.1. Descriptive Statistics
The quantitative data analysis showed that 67% of the respondents were men and
33% were women; 37% held a PhD and 63% held a master’s degree; 53% were single and
47% were married; and 21% had five, 63% had 5–10, and 16% had more than 10 years
of experience.

4.2. Inferential Statistics

The goodness model of fit was assessed at three levels: measurement (reliability and
validity), structural (t-test, R2 , and Q2 ), and a general model (GoF, NFI, and SRMR).

4.3. The Fit of the Measurement Model

The content and face validity of the questionnaire were checked and confirmed by
nine executive and scientific experts. Structural equation modeling (SEM) was also used to
measure its construct validity (convergent and divergent validity). The average variance
extracted (AVE) index was used to assess convergent validity, and the square root of AVE
was utilized to evaluate divergent validity [122]. The average standard deviation extracted
for the variables in this variance was higher than 0.5, indicating high validity. Cronbach’s
alpha was used to determine the internal consistency of the instrument and test its reliability.
For inferential analysis, SEM was adopted to determine the causal relationship between
the variables in SmartPLS 3. Studies on multivariate data analysis techniques such as
SEM suggest a minimum sample size required to ensure model robustness [123]. Based
on Table 2, all the variables’ Cronbach’s alpha and composite reliability were above 0.7,
indicating the homogeneity of questionnaire variables.
Sustainability 2023, 15, 4518 13 of 26

Table 2. Variables, Cronbach’s alpha, composite reliability, and convergent validity.

Row Variables Questions Cronbach’s Alpha Composite Reliability Rho_A AVE

1 Entrepreneurial Intuition 1–5 0.902 0.908 0.928 0.722
Entrepreneurial
2 6–10 0.947 0.947 0.959 0.825
Alertness
3 Entrepreneurial Turn 11–15 0.901 0.911 0.927 0.718
4 Social Media 16–20 0.917 0.924 0.939 0.755
5 Sustainability of SMEs 21–25 0.919 0.923 0.939 0.757

Since the extracted square root of AVE was more than the correlation among variables,
divergent validity was only acceptable if the values on the main diagonal were higher than
the values underneath [124]. The square roots of AVE more than a minimum of 0.5 were
acceptable and, therefore, the variables had divergent validity (Table 3). Since all scales
were investigated by the self-report method to make sure no common method bias existed
in the research, [125] proposed that the proposed model could be considered bias-free if
all VIFs, on account of a full collinearity test, were similar to or below 3.3 [125]. Accord-
ingly, the VIF values for entrepreneurial intuition (VIF = 3.094), Entrepreneurial Alertness
(VIF = 3.213), Entrepreneurial Turn (VIF = 2.501), Social Media (VIF = 3.120), and Sus-
tainability of SMEs (VIF = 3.188) were less than 3.3, showing that the model was free of
common method bias.

Table 3. Divergent validity.

Variables 1 2 3 4 5
Entrepreneurial alertness 0.921
Entrepreneurial Intuition 0.886 0.916
Entrepreneurial Turn 0.778 0.782 0.908
Social Media 0.85 0.793 0.847 0.869
Sustainability of SMEs 0.847 0.679 0.813 0.783 0.851

Thus, based on the output of the SmartPLS 3 (Tables 2 and 3), the measurement
models had proper validity (convergent and divergent) and reliability (confidence or
rho_A, composite reliability coefficient, and Cronbach’s alpha).

4.4. The Fit of the Structural Model

The ordinary least squares (OLS) was employed for structural goodness of fit. In this
method, a t-value higher than 1.96 is considered significant and reliable [110].
Based on the results of this criterion, the values obtained for the path of entrepreneurial
intuition to the sustainability of SMEs were equal to 6.452; therefore, entrepreneurial
intuition had a significant effect on the sustainability of SMEs considering social media as
a mediator variable, 6.527. The path of entrepreneurial alertness had a significant effect
on the sustainability of SMEs, 2.309; the path of entrepreneurial alertness had a significant
effect on the sustainability of SMEs considering social media as a mediator variable, 0.625.
Entrepreneurial turn also had a significant effect on the sustainability of SMEs, 3.735;
the path of entrepreneurial turn had a significant effect on the sustainability of SMEs
considering social media as a mediator variable, 6.893. Furthermore, social media had a
significant effect on the sustainability of SMEs, 4.274. The critical value of six out of seven
paths was more than the critical value 1.96 at a 95% confidence level, which indicates the
significance of paths, the fit of the structural model, and the confirmation of the six research
hypotheses (See Figure 2).
 ering social media as a mediator variable, 6.893. Furthermore, social media had a signifi-
cant effect on the sustainability of SMEs, 4.274. The critical value of six out of seven paths
was more than the critical value 1.96 at a 95% confidence level, which indicates the signif-
Sustainability 2023, 15, 4518 14 of 26
icance of paths, the fit of the structural model, and the confirmation of the six research
hypotheses (See Figure 2).

Figure 2. The
Figure2. The t-statistic
t-statistic (Source:
(Source: Authors’
Authors’ elaboration).
elaboration).
Sustainability 2023, 15, 4518 15 of 26
Values
Valuesabove
above0.4
0.4for
forfactor loading
factor coefficients
loading indicate
coefficients a good
indicate fit for
a good fit the
for measurement
the measure-
model (see Figure 3).
ment model (see Figure 3).
R2 is the second measure to guarantee the fitness of the structural model, which was
calculated as well. The values were 0.19, 0.33, and 0.67, showing weak, moderate, and
strong values, respectively [126]. This criterion was 0.864 for the sustainability of SMEs
and 0.915 for social media, demonstrating the good and strong fit of the structural model.
Q2 values were calculated for dependent variables and demonstrated the model’s predic-
tive validity. The values can be 0.35 (strong effect), 0.15 (moderate effect), and 0.02 (weak
effect) [127]. This criterion was 0.797 for the sustainability of SMEs and 0.845 for social
media, revealing the high and acceptable fit of the structural model.
The impact factor for entrepreneurial intuition on the sustainability of SMEs was
0.951; the impact factor of entrepreneurial intuition, mediated by social media, on the sus-
tainability of SMEs was 0.460; the impact factor of entrepreneurial alertness on the sus-
tainability of SMEs was 0.261; the impact factor of entrepreneurial alertness, mediated by
social media, on the sustainability of SMEs was 0.050; the impact factor of entrepreneurial
turn on the sustainability of SMEs was 0.496; the impact factor of entrepreneurial turn,
mediated by social media, on the sustainability of SMEs was 0.492; and the impact factor
of social media on the sustainability of SMEs was 0.752. Figure 3 depicts that the highest
impact factor belongs to entrepreneurial intuition (See Figure3).

Figure 3.
Figure 3. The
The model
model of
of the
the path
path coefficient and RR22 (Source:
coefficient and (Source: Authors’ elaboration).

R2 is the of
4.5. Goodness second measure to guarantee the fitness of the structural model, which was
Fit (GOF)
calculated as well. The values were
The general model comprises 0.19,
both 0.33, and 0.67,
measurement andshowing weak,
structural moderate,
models. and
GOF values
strong values, respectively [126]. This criterion was 0.864 for the sustainability of SMEs and
can be 0.1 (weak effect), 0.25 (moderate effect), or 0.36 (strong effect). The calculated value
for the general model was 0.906, revealing a strong goodness of fit.

GOF = √𝑎𝑣𝑒𝑟𝑎𝑔𝑒(𝐶𝑜𝑚𝑚𝑜𝑛𝑎𝑙𝑖𝑡𝑦) × 𝑎𝑣𝑒𝑟𝑎𝑔𝑒(𝑅2 ) (1)

Standardized root mean square residual (SRMR) values were also calculated. Views
Sustainability 2023, 15, 4518 15 of 26

0.915 for social media, demonstrating the good and strong fit of the structural model. Q2
values were calculated for dependent variables and demonstrated the model’s predictive
validity. The values can be 0.35 (strong effect), 0.15 (moderate effect), and 0.02 (weak
effect) [127]. This criterion was 0.797 for the sustainability of SMEs and 0.845 for social
media, revealing the high and acceptable fit of the structural model.
The impact factor for entrepreneurial intuition on the sustainability of SMEs was
0.951; the impact factor of entrepreneurial intuition, mediated by social media, on the
sustainability of SMEs was 0.460; the impact factor of entrepreneurial alertness on the
sustainability of SMEs was 0.261; the impact factor of entrepreneurial alertness, mediated
by social media, on the sustainability of SMEs was 0.050; the impact factor of entrepreneurial
turn on the sustainability of SMEs was 0.496; the impact factor of entrepreneurial turn,
mediated by social media, on the sustainability of SMEs was 0.492; and the impact factor
of social media on the sustainability of SMEs was 0.752. Figure 3 depicts that the highest
impact factor belongs to entrepreneurial intuition (See Figure 3).

4.5. Goodness of Fit (GOF)

The general model comprises both measurement and structural models. GOF values
can be 0.1 (weak effect), 0.25 (moderate effect), or 0.36 (strong effect). The calculated value
for the general model was 0.906, revealing a strong goodness of fit.
q
GOF = average(Commonality) × average( R2 ) (1)

Standardized root mean square residual (SRMR) values were also calculated. Views
vary among scholars as to this measure. Some believe that these values must be lower
than 0.05, whereas others deem values below 0.08 acceptable. Generally, values less than
0.1 reveal an acceptable fit [127]. The normed fit index (NFI) was also measured, and the
results showed acceptable fit (Table 4).

Table 4. Goodness of Fit Indices.

SRMR NFI
Acceptable Values 0.10≥ 0.9≤
Calculated Values 0.085 0.903

The Sobel test was performed to investigate the mediating role of social media. The
value of 4.277 obtained in this test, which was higher than the base value of 1.96, suggests
the mediating role of social media. Considering that the coefficient of mediating and
independent variables was equal to 0.334 and the coefficient of dependent and mediating
variables was equal to 0.752, the path coefficient of dependent and independent variables
was equal to 0.570 (a = 0.334; b = 752; c = 570). Moreover, the standard error of the path
of independent and mediating variables was 0.073 and the standard error of dependent
and mediating variables was 0.061 (Sa = 073 and Sb = 061). Hence, it can be said that the
VAF value was equal to 0.544. This indicates the partial effect of the mediating variable of
social media.
VAF = ( a × b) / ( a × b) + c (2)

4.6. Hypothesis Testing

The t-statistic was used to evaluate the relationships between the variables. This re-
search used seven sub-hypotheses to measure the main hypothesis. The results of the PLS3
software showed that the t-test related to all these six sub-hypotheses was confirmed(See
Table 5). Additionally, the impact factor was used to measure the impact of the variables.
The results of the coefficient of paths indicated that the path of entrepreneurial intuition
had a greater impact on the sustainability of SMEs than other paths.
Sustainability 2023, 15, 4518 16 of 26

Table 5. T-test and Hypothesis Test Results.

Row Path T-Test Effect Size p-Value < 0.05 Test

1 Entrepreneurial Intuition–Sustainability of SMEs 6.452 0.951 0.016 Verified
Entrepreneurial Intuition–Social
2 6.527 0.46 0.039 Verified
Media–Sustainability of SMEs
Entrepreneurial Alertness–Sustainability
3 2.309 0.261 0.019 Verified
of SMEs
Entrepreneurial Alertness–Social
4 0.625 0.05 0.009 Rejected
Media–Sustainability of SMEs
5 Entrepreneurial Turn–Sustainability of SMEs 3.735 0.496 0.005 Verified
Entrepreneurial Turn–Social
6 6.893 0.492 0.021 Verified
Media–Sustainability of SMEs
7 Social Media–Sustainability of SMEs 4.274 0.752 0.017 Verified

As depicted in Figure 3, the coefficients had a good significance level, and thus the
construct validity, item structure, and path coefficients were all confirmed.

5. Discussion
SMEs are always exposed to risks that can challenge their profitability or even survival.
The platform of SMEs should be such that these risks are properly managed. If SMEs are
derailed with every challenge, they can have no hope of success. The importance of success
has made the concept of sustainability more valuable.
The first hypothesis, i.e., the impact of entrepreneurial intuition on the sustainability
of SMEs, and the second hypothesis, i.e., the impact of entrepreneurial intuition, mediated
by social media, on the sustainability of SMEs, were confirmed. The possession of en-
trepreneurial intuition by people who enjoy entrepreneurial thinking increases their ability
to recognize opportunities for entrepreneurial activities. Furthermore, marketing through
intuition about the structure of cost and revenues, as well as strategic thinking, establishes
strategic links to create income streams, thereby contributing to the continuity and sustain-
ability of SMEs in turbulent environments [128]. Moreover, according to [63], the growth
of new businesses directly affects the economic growth and prosperity of countries [63],
and according to [29], the dynamic atmosphere of new businesses in Iran is due to rapid
expansion and the immense development of social media [29]. Theoretically, SME actors
can increase sales by properly utilizing social media as an instance of promotional measures
to maintain business sustainability in future [105]. Thus, social media become an interactive
method between producers and customers through communicating information, creating
value, sharing knowledge, and demonstrating ethics related to products and services [129].
Thus, social media use is the most practical instrument for combining, comparing, and as-
sessing information for entrepreneurial opportunities. Social networking sites help people
acquire information to find great possibilities and enterprises [66]. Entrepreneurs should
employ such resources to shape their entrepreneurial prospects and introduce new busi-
ness [130]. Resistance to a fundamental opportunity occurs when the organization has
not made use of the idea that was achieved through improvisation, which creates distrust
towards improvisation and pessimism about intuition. Such an idea is soon abandoned
because it looks primitive. Evidently, decisions will be effective and productive when the
decision-maker can make the choice accurately and optimally. In changing, turbulent, and
critical environments where reliable information is scarcely available, there is limited time
to acquire information. Naturally, in such conditions, there is a dire need for creativity
and innovation in the decision-making process, and this highlights the need for intuition.
When the necessary information is not available and there is no clear or accurate solution to
the problem, managers can use their intuitive power and boldly do what they think is the
right action in that situation. Therefore, to respond to environmental changes and severe
Sustainability 2023, 15, 4518 17 of 26

competition and to achieve greater productivity, using rational methods does not seem
reasonable anymore, and methods that can be implemented in complex environmental
conditions are essential.
The third hypothesis, i.e., the effect of entrepreneurial alertness on the sustainability of
SMEs was confirmed, but the fourth hypothesis, i.e., the effect of entrepreneurial alertness,
mediated by social media, on the sustainability of SMEs, was rejected. Alertness promotes
strategic agility, i.e., the ability to maintain competitiveness in a turbulent environment,
through effective information management. According to [78], entrepreneurial alertness
enhances one’s ability to undertake entrepreneurial activities in the organization [131]. A
key factor for entrepreneurial success is the recognition of entrepreneurial opportunities.
Therefore, entrepreneurs who believe in their success and abilities are more likely to seek
new opportunities because they consider their success contingent upon identifying and
effectively exploiting these opportunities. Managers who bring together employees with
similar interests through social media can improve job performance by facilitating knowl-
edge sharing among members [131]. In addition, creating face-to-face situations that allow
people to get to know one another through social media will lead to a more effective way
of sharing, which increases trust among colleagues. Therefore, the outset of the process
of opportunity searching and discovering is related to the person’s experience, which
originates in the job and normal activities, work-related technology, vocational training,
social relations, and personal recreation. This knowledge includes information about cus-
tomers’ needs. Most customers cannot express their needs for undeveloped solutions, and
this is where the importance of alertness becomes apparent. Familiarity with customers’
problems makes a person better recognize the solutions created by new technology for
every problem and need. Therefore, managers who are familiar with customers’ problems
recognize potential solutions to customers’ needs faster, and this recognition becomes an
advantage for the sustainability of their business. Additionally, according to [72], whenever
an unusual or unexpected phenomenon occurs, alertness allows entrepreneurs to change
their mental patterns to adapt to inconsistent information [72]. It also allows people to get
out of routine mental patterns and a set of conventional frameworks. The dimension of
evaluation and judgment is an important part of entrepreneurial alertness and expands
entrepreneurs’ boundaries [72]. As a cognitive factor, social networks determine the level
of alertness. Higher levels of alertness can lead to the understanding of entrepreneurial
opportunities using distinct ideas and knowledge. As a behavioral factor, alertness is
the key to detecting entrepreneurial opportunities [132]. Entrepreneurs can identify new
opportunities by constantly scanning the work environment. According to [133], alertness
involves “creative and imaginative action” affecting the discovery of potentials in the future
market [133] (p. 10). Environmental factors are related to social media usage because they
facilitate communicating with customers to collect market-related information. In the early
stage of entrepreneurship with dynamic open innovation, social network is considered the
key component [84]. Using advanced technology and social network services might change
market trends and create new combinations of information [85]. It has been shown that
knowledge obtained from social networks leads to new information and opportunities [134].
According to [135], determining the market value of new technological evolutions helps op-
portunity recognition. They further asserted that frequent user–customer communication
in new technology is essential to discovering entrepreneurial opportunities. Social media
improves the alertness of market changes and customer behavior, which results in meeting
customers’ demands. The study by [124] in Iran revealed that sustainability-based inno-
vation improves performance by increasing businesses’ awareness of opportunities [136].
According to Kolb (1984), the collected information can be integrated into prior knowledge
through socializing, allowing individuals to search for the proper information, avoid errors,
and identify more opportunities [137]. Start-ups and young entrepreneurs are heavily
influenced by social media and sense trends and opportunities. As found in our study,
social media use works better in creating new opportunities. Similarly, highly alerted
entrepreneurs can assess market evolutions using social media. Failure to confirm this
Sustainability 2023, 15, 4518 18 of 26

hypothesis in today’s changing conditions weakens the process of changes and causes a de-
crease in people’s belonging to their business environment. For this reason, the introduction
of new values and ideas through social media can lead to the transformation of businesses.
Therefore, the formation of new cultures leads to the transformation of businesses, because
different relationships and interactions are formed, which in some cases reduce a person’s
belonging to his business. Therefore, the constant use of social media will never replace the
facts. Rather, it acts as a facilitator of experiences. Therefore, social media can be used to
take advantage of opportunities. Because the opportunities are shaped by accessing new
information and recombining resources, an innovative entrepreneur with entrepreneurial
alertness exploits social media in scanning, searching, and connecting information in the
markets. Managers of SMEs can increase their entrepreneurial success by participating in
training workshops offered by unions and guilds to learn different skills (e.g., supplying
new products and services and new methods of producing products and services) and
learning about processes used globally to increase various dimensions of prior knowledge.
They are also advised to look at problems differently, break previous mental structures, ex-
ploit new ideas, use creative techniques, and acquire decision making and problem-solving
skills to promote entrepreneurs’ entrepreneurial alertness. These factors create a sense of
self-awareness and mastery over the environment and its latent opportunities.
The fifth hypothesis, i.e., the effect of entrepreneurial turn on the sustainability of
SMEs, and the sixth hypothesis, i.e., the effect of entrepreneurial turn, mediated by social
media, on the sustainability of SMEs were confirmed. Entrepreneurial turn allows people
to take action to discover or create entrepreneurial opportunities by changing their ways
at the right moment. The results also revealed that the interface between the decline and
turn of SMEs is the CEO or top management team because, in any business, the CEO
or top managers are the main decision-makers, and their understanding of the decline
and its severity is of particular importance. As they pay attention to their as well as
the organization stakeholders’ interests, they can adopt the best and most appropriate
strategy for the company’s turn, and these strategies can be implemented sequentially or
integratively [138]. All managers should know that organizational decline is a phenomenon
that sooner or later afflicts all businesses and can be easily resolved if detected in time.
Therefore, according to [99], managers should always monitor the company’s internal and
external environment to identify weaknesses and environmental threats [99]. As soon as the
decline of the company is recognized, they should look for its main reasons. The internal
troubleshooting team of businesses should always seek to identify these factors. According
to the results, the external factors of decline depend on the industry’s environment, and
the company should react to any alterations with continuous environmental monitoring.
Company managers are advised to take heed when adopting strategies of turn because the
actions taken by companies to get out of decline are not the same and may differ from one
company to another. The role of senior managers’ perception and ability in the process of
turn is important; therefore, company managers should always improve their knowledge
and ability to face dire situations and, if needed, seek help from external consultants to
improve the situation.
The seventh hypothesis, i.e., the effect of social media on the sustainability of SMEs,
was also confirmed. Social media improve business performance in changing environments
by offering entrepreneurial opportunities. Social media are known as supportive assets that
are valuable for entrepreneurs and contribute to the growth of SMEs. Researchers state that
sharing rich information on social media promotes the level of actions related to knowledge
sharing within the business. These media also greatly affect employees’ socialization.
According to [139], technological innovations such as social media have strengthened
SMEs and their abilities in various areas, from developing business models and marketing
techniques to enhancing demand prediction, novel management and training applications,
and boosting knowledge sharing, creativity, cooperation, and communication [139]. The
findings of [140] in Iran show that customer participation in social media creates innovation
for SMEs, which ultimately leads environmental sustainability [140]. According to [141],
Sustainability 2023, 15, 4518 19 of 26

human resources are the key element in achieving an effective and sustainable competitive
advantage [141]. Therefore, the human capital in every business, which represents its extent
of knowledge, creativity, experience, and technical skills, is of paramount importance. In
this regard, social media are tools that can promote the human capital of businesses. In fact,
people who greatly benefit from social media receive knowledge and information that can
be applied to solve the problems other people face; in this way, they improve their career
and business performance, as well as sustainability, in a competitive environment.

6. Conclusions
The sustainability of businesses plays an important role in economic development.
For this reason, it is very important to pay attention to the sustainability of a business
due to the increase in the failure rate of small and medium businesses. Entrepreneurship
plays a major role in economic development. Iran’s economy is dealing with an assort-
ment of challenges in the current situation, and the sustainability of SMEs is critical to
handling these challenges. By discovering new opportunities and designing measures
to exploit them, entrepreneurs direct the market production process and resolve the eco-
nomic and social needs of society. Thus, the emergence of new ideas and the creation of
business opportunities are central issues in entrepreneurship. An entrepreneurial mindset
provides a way of thinking about business and its opportunities that captures the advan-
tages of uncertainty. These advantages are captured when people search for and try to
use high-potential opportunities that are generally associated with an uncertain business
environment. Furthermore, entrepreneurial thinking is vital in shaping strategic think-
ing. To manage disturbances, respond to environmental requirements, and maintain the
sustainability of SMEs, it is necessary to fundamentally alter managers’ mindsets. Social
media engagement is influenced by the business environment. Networks and social media
have led to communication and participation among the employees of an organization,
and these networks have provided a proper opportunity for business. Given that today’s
business environment is dependent on computer-based technology, the existence of social
media provides the possibility of constructive conversations. Accordingly, social media
have prepared the ground for interaction between people in society and companies. As a
result, the community that is established in social media has created value and stability
in small and medium businesses. Furthermore, implementing social media in businesses
could lead to a reduction in marketing costs. One is less likely to observe heavy advertising
and branding budgets through mass and print media in the social media environment. The
use of social networks provides the possibility for businesses to obtain valuable data from
their audience and visitors in order to analyze and review them.
The speed of communication, environmental instability, the unpredictability of prob-
lems and their complexity, and the lack of access to sufficient information increase managers’
dissatisfaction with their decision-making process. In a situation where unexpected changes
are on the rise, intuition will play a major role in the decision-making process. While ra-
tional analysis is still used for analysis, the hidden role of knowledge and intuition in
management research in intuitive decision making may be ignored, and these are all signs
of the emergence of postmodern conditions: conditions that cast doubt on all management
principles. These issues demonstrate the inadequacy of traditional principles due to the
difficulty of analyzing decision making that may conflict with managers’ intuitive views.
Meanwhile, what needs even greater attention from businesses is to identify and nurture
managers with appropriate characteristics in different ways. SMEs, as organizations that
play a vital role in the economic cycle of countries and serve economic growth and de-
velopment, need managers who can take the company into environmental uncertainty
based on their practical experience and knowledge and executive expertise, these managers
should also make timely decisions and take reasonable risks to achieve sustainability and
responses to turbulent environments on time. Based on the results regarding the impact
of entrepreneurial thinking on the sustainability of SMEs with the mediation of social
media, it is necessary to include topics related to entrepreneurship and the identification
Sustainability 2023, 15, 4518 20 of 26

of entrepreneurial opportunities in the curriculum of active groups, including business

players, to further develop entrepreneurship in the country. The recognition of suitable
opportunities for sustainability in turbulent environments can be enhanced by increasing
people’s experience and knowledge; improving the level of training for entrepreneurial
thinking and sustainability; promoting awareness of customers’ needs and appropriate
ways to serve them; and improving the ability to properly identify and forecast the market
according to awareness of supply and demand trends. Additionally, the use of sustain-
able development principles in the corporate governance of businesses makes small and
medium businesses achieve some goals in the field of economic growth, and the results
of these goals are reflected in the sustainable development report, which is useful as it
used for decisions related to beneficiaries. In this regard, businesses that want to grow and
flourish must constantly think about their capabilities and analyze the opportunities ahead.
Therefore, having entrepreneurial thinking makes it possible to create new ideas and take
innovative actions in small and medium businesses. As a result, having entrepreneurial
thinking will allow maintaining and improving the position of businesses and creating a
sustainable competitive advantage for them in a competitive environment. Since Iran’s
economic conditions are facing many challenges, the sustainability of small and medium
businesses is important to overcome these challenges. However, this can only be achieved
if small and medium businesses can first internalize the entrepreneurial thinking process.
Therefore, according to the fact that the model is based on intuition, alertness and en-
trepreneurial turn and are a subset of the dimensions of entrepreneurial thinking. Such a
way of entrepreneurial participation in the path of sustainable development leads to a win–
win game for entrepreneurs on the one hand and society and the economic environment
on the other hand. It is by examining the relationship between business and maintaining
the economic environment that the relationship between entrepreneurship and business
sustainability can be analyzed. On the other hand, policies and market opportunities that
support sustainability business can lead to the creation of new enterprises and economic
activities. For this reason, we seek the survival of businesses through sustainability. There-
fore, through entrepreneurial thinking, it is possible to increase and improve performance,
economic growth, and, ultimately, survival through sustainability.

Suggestions and Limitations

The following recommendations are put forward to managers, policymakers, and
SME owners:
• In the implementation of entrepreneurship thinking programs, participants’ ability to
identify opportunities should be strengthened by offering interactive learning opportunities.
• Games can be played to promote the spirit of exploration and quest and increase the
ability to communicate and evaluate.
• Managers can promote creative thinking to intensify adaptability and the establish-
ment of new initiatives to assist businesses dealing with crises.
Despite its novelty, this study had some limitations. To begin with, the analysis was
performed on SMEs in Iran which affects the generalizability of the results due to cultural
differences. Second, this study was carried out on a group of SMEs. Future studies should
extend the existing model to include other components such as opportunity recognition
and prior knowledge, and target a larger statistical population.

Author Contributions: Conceptualization, M.T., E.H., V.R., B.B.-Z. and S.M.S.; methodology, M.T.
and E.H.; software, M.T. and E.H.; validation, V.R., S.M.S. and B.B.-Z.; formal analysis, M.T. and
E.H.; investigation, M.T., E.H., V.R., B.B.-Z. and S.M.S.; resources, M.T., E.H., V.R., B.B.-Z. and S.M.S.;
data curation, M.T. and E.H.; writing—original draft preparation, M.T. and E.H.; writing—review
and editing, M.T., E.H. and V.R.; visualization, M.T. and E.H.; supervision M.T. and E.H.; project
administration, M.T. All authors have read and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Sustainability 2023, 15, 4518 21 of 26

Institutional Review Board Statement: Not applicable.

Informed Consent Statement: Not applicable.
Data Availability Statement: Not applicable.
Acknowledgments: We sincerely thank all those who helped researchers in this study.
Conflicts of Interest: The authors declare no conflict of interest.

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