This paper develops a conceptual framework integrating four dimensions of success capital—financial, human, social, and spiritual to explain entrepreneurial sustainability among urban micro-entrepreneurs in Terengganu, Malaysia. Grounded in the Resource-Based View (RBV) and Social Capital Theory (SCT), the framework highlights how both internal resources and external relationships shape long-term business resilience. RBV emphasizes the strategic value of tangible assets like financial resources and skills, while SCT underscores the importance of social networks and trust in accessing support and opportunities. By incorporating spiritual capital, a frequently overlooked but culturally significant dimension the model offers a more holistic and context-sensitive perspective on micro-enterprise viability. Each form of capital is treated as an independent contributor to sustainability, advancing both theoretical understanding and practical application in entrepreneurship development. The framework also proposes hypotheses for empirical testing and informs policies and training programs that promote balanced, values-driven enterprise support. Future research is encouraged to validate this model across varied socioeconomic and cultural settings.
Acs, Z. J. (2006). How is entrepreneurship good for economic growth? Innovations: Technology, Governance, Globalization, 1(1), 97–107.
Adler, P. S., & Kwon, S. W. (2002). Social capital: Prospects for a new concept. Academy of Management Review, 27(1), 17–40.
Adomako, S., Danso, A., & Damoah, J. O. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43–61. https://doi.org/10.1080/13691066.2015.1079952
Agbim, K. C. (2019). Social networking and the family business performance: A conceptual consideration. Journal of Entrepreneurship, Management and Innovation, 15(1), 83-122.
Agbim, K. C., Oriarewo, G. O., & Owocho, M. (2013). Factors influencing entrepreneurial intentions among graduates of Nigerian tertiary institutions. International Journal of business and management invention, 2(4), 36-44.
Ahmad, N. H., Rahman, S. A., Rajendran, N. L. K. A., & Halim, H. A. (2020). Sustainable entrepreneurship practices in Malaysian manufacturing SMEs: The role of individual, organisational and institutional factors. World Review of Entrepreneurship, Management and Sustainable Development, 16(2), 153–171.
Al Mamun, A., Muniady, R., & Nasir, A. (2021). Effect of participation in development initiatives on competitive advantages, performance, and sustainability of micro-enterprises in Malaysia. Contemporary Economics, 15(2), 122–137.
Albiol-Sanchez, J., & Teruel, M. (2015). Urban growth and entrepreneurial activity. International Conference on Regional Sciences, Universitat Rovira i Virgili.
Albright, B. S. (2014). Faith and entrepreneurship: The value of spiritual capital. Journal of Biblical Integration in Business, 17(1), 44–56.
Ali, H., Omar, E. N., Nasir, H. A., & Osman, M. R. (2018). Financial literacy of entrepreneurs in the small and medium enterprises. In Proceedings of the 2nd Advances in Business Research International Conference (pp. 31–38).
Ambinari, N. A., & Kholid, M. N. (2022). The determinants of micro and small enterprises performance: An empirical study of millennial and centennial entrepreneurs. Jurnal Minds: Manajemen Ide Dan Inspirasi, 9(1), 143-158.
Apriani, R., Isbaniah, Y., & Harun, R. (2021). The effect of financing and financial literacy on MSMEs’ financial behavior and performance. International Journal of Financial Research, 12(2), 202–212.
Arsyad, M., Hasnidar, H., & Yusuf, S. (2020). The role of microfinance institutions in enhancing micro and small enterprise performance in Indonesia. International Journal of Economics and Financial Issues, 10(1), 204–210.
Astrachan, J. H., Binz Astrachan, C., Campopiano, G., & Baù, M. (2020). Values, spirituality and religion: Family business and the roots of sustainable ethical behavior. Journal of Business Ethics, 1, 3.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5, Part 2), 9–49.
Becker, G. S. (1964). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press.
Beekun, R. I., & Badawi, J. A. (2005). Balancing ethical responsibility among multiple organizational stakeholders: The Islamic perspective. Journal of Business Ethics, 60(2), 131–145.
Bender, M., Biggs, E., & Hovorka, A. (2018). Conceptualizing climate change adaptation and resilience in smallholder agriculture in South Africa. Climate and Development, 10(4), 275–286.
Bosma, N., van Praag, M., Thurik, R., & de Wit, G. (2004). The value of human and social capital investments for the business performance of startups. Small Business Economics, 23(3), 227–236. https://doi.org/10.1023/B:SBEJ.0000032032.21192.72
Bourdieu, P. (1986). The forms of capital. In J. G. Richardson (Ed.), Handbook of theory and research for the sociology of education (pp. 241–258). Greenwood.
Burt, R. S. (1997). The contingent value of social capital. Administrative Science Quarterly, 42(2), 339–365.
Chawla, V., & Guda, S. (2010). Individual spirituality at work and its relationship with job satisfaction, propensity to leave and job commitment. Journal of Human Values, 16(2), 157–167.
Chen, M. H., & Chang, Y. Y. (2013). The impact of human capital on new venture performance: The moderating effect of social capital. International Small Business Journal, 31(5), 496–512.
Chiu, C. M., Hsu, M. H., Lai, H., & Chang, C. M. (2006). Re-examining the influence of trust on online repeat purchase intention: The moderating role of habit and its antecedents. Decision Support Systems, 42(2), 324–344.
Coleman, J. S. (1990). Foundations of social theory. Harvard University Press.
Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research Policy, 34(6), 795–816.
Corrêa, V. S., Queiroz, M. M., & Shigaki, H. B. (2021). Social capital and individual entrepreneurial orientation: innovativeness, proactivity, and risk-taking in an emerging economy. Benchmarking: An International Journal, 28(7), 2280-2298.
Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.
Dhrubo, A. M., Lemago, S. T., Brohi, A. A., & Erdem, O. H. (2024). Re-conceptualizing Resources: An Ontological Re-evaluation of the Resource-based View. Philosophy of Management, 23(2), 287-313.
Dickson, P. H., Solomon, G. T., & Weaver, K. M. (2008). Entrepreneurial selection and success: Does education matter? Journal of Small Business and Enterprise Development, 15(2), 239–258.
Dimov, D. (2017). Towards a qualitative understanding of human capital in entrepreneurship research. International Journal of Entrepreneurial Behavior & Research, 23(2), 210–227.
Elsafty, A. S., & Ragheb, M. (2020). The role of human resource management towards employees retention during Covid-19 pandemic in medical supplies sector-Egypt. Business and Management Studies, 6(2), 5059-5059.
Fatoki, O. (2011). The impact of social capital on the success of small and medium-sized enterprises in South Africa. Journal of Social Sciences, 29(3), 193–204. https://doi.org/10.1080/09718923.2011.11892986
Gedajlovic, E., Honig, B., Moore, C. B., Payne, G. T., & Wright, M. (2013). Social capital and entrepreneurship: A schema and research agenda. Academy of Management Perspectives, 27(3), 328–348.
Gonçalves, K. Y., Braghini Junior, A., Silva, D. S., & Lermen, F. H. (2025). Knowledge, skills, abilities and other characteristics (KSAO) for startup management: a comprehensive review of barriers, strategies and a research agenda. Journal of Enterprising Communities: People and Places in the Global Economy.
Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91(3), 481–510.
Guo, B., & Huang, J. (2023). Financial well-being and financial capability among low-income entrepreneurs. Journal of Risk and Financial Management, 16(3), 181.
Guzman, J., & Stern, S. (2020). The state of American entrepreneurship: New estimates of the quantity and quality of entrepreneurship for 32 US states, 1988–2014. American Economic Journal: Economic Policy, 12(4), 212–243.
Hassan, R., Syed, I. A., & Zubair, S. S. (2022). Spiritual capital and resilience: A pathway to entrepreneurial sustainability. Journal of Entrepreneurship in Emerging Economies, 14(3), 533–551. https://doi.org/10.1108/JEEE-06-2021-0211
Hazudin, S. F., Sabri, M. F., Kader, M. A. R. A., Saripin, M. S., & Ridzuan, M. R. (2022). Social capital, entrepreneurial skills, and business performance among rural micro-enterprises in times of crisis. Knowledge and Performance Management, 6(1), 75-86.
Herrero, I. (2018). How familial is family social capital? Analyzing bonding social capital in family and nonfamily firms. Family Business Review, 31(4), 441–459.
Hitt, M. A., Bierman, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of Management Journal, 44(1), 13–28.
Johannisson, B., Ramírez-Pasillas, M., & Karlsson, G. (2002). The institutional embeddedness of local inter-firm networks: A leverage for business creation. Entrepreneurship & Regional Development, 14(4), 297–315.
Kamarudin, K. H., & Rashid, M. F. (2024). Micro-entrepreneurs’ adoption of ICT for rural development: Evidence from small-scale pottery business of Kuala Kangsar, Malaysia. Scientific Papers Series Management, Economic Engineering in Agriculture and Rural Development.
https://www.researchgate.net/publication/379834097
Lin, N. (2001). Social capital: A theory of social structure and action. Cambridge University Press.
Lukiyanto, K., & Wijayaningtyas, M. (2020). Technology adoption as an innovation in entrepreneurial marketing dimension allowing to improve micro and small businesses’ performance.
Miller, D. (2019). The resource-based view of the firm. In Oxford research encyclopedia of business and management.
Moscare-Balanquit, D. L. (2021). Examining the contribution of valuable and rare resources and capabilities to performance of micro enterprises. International Review of Management and Marketing, 11(3), 22.
Muhammad, N., Saeed, S., & Rahman, A. U. (2022). Determinants of sustainable entrepreneurship in micro-enterprises: Evidence from developing economies. Sustainability, 14(1), 399. https://doi.org/10.3390/su14010399
Ndofor, H. A., Sirmon, D. G., & He, X. (2021). Utilizing resource-based theory to understand strategic entrepreneurship: A multilevel review. Academy of Management Perspectives, 35(2), 265–287. https://doi.org/10.5465/amp.2018.0079
Ndubisi, N. O. (2007). Relationship marketing and customer loyalty. Marketing Intelligence & Planning, 25(1), 98–106.
Newbert, S. L. (2007). Empirical research on the resource-based view of the firm: An assessment and suggestions for future research. Strategic Management Journal, 28(2), 121–146.
Nordin, N., Siti-Nabiha, A. K., & Kamalia, Z. (2019). Microfinancing influence on micro-entrepreneurs’ business growth: Mediating role of psychological and social capital. Journal of Entrepreneurship, Business and Economics, 7(2), 130–161.
Petružis, G. (2018). Applying a resource-based view to the competitive advantage of small and micro-sized firms. Socialiniai tyrimai, 41(1), 68-77.
Portes, A. (1998). Social capital: Its origins and applications in modern sociology. Annual Review of Sociology, 24(1), 1–24.
Ratten, V. (2020). Coronavirus (COVID-19) and entrepreneurship: Changing life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516. https://doi.org/10.1080/08276331.2020.1790167
Rauch, A., & Rijsdijk, S. A. (2013). The effects of general and specific human capital on long?term growth and failure of newly founded businesses. Entrepreneurship Theory and Practice, 37(4), 923–941. https://doi.org/10.1111/j.1540-6520.2011.00487.x
Saeed, S., Gimenez-Jimenez, D., Calabrò, A., & Kraus, S. (2024). Preparing the successor through familial support and legitimacy: a multilevel framework. Entrepreneurship & Regional Development, 1-24.
Song, Y., Liu, L., Wang, Y., & Zhou, Y. (2022). Social capital, entrepreneurial resilience and firm performance: Evidence from small businesses in China. Journal of Business Research, 139, 1720–1731. https://doi.org/10.1016/j.jbusres.2021.10.069
Tambunan, T. T. H. (2019). Recent evidence of the development of micro, small and medium enterprises in Indonesia. Journal of Global Entrepreneurship Research, 9(1), 18. https://doi.org/10.1186/s40497-018-0140-4
Umar, U. H., Baita, A. J., Hamadou, I., & Yakubu, S. I. (2025). Digital finance and SME financial inclusion in Africa. African Journal of Economic and Management Studies. Advance online publication. https://doi.org/10.1108/AJEMS-08-2023-0323
Wang, J., Chang, H., & Li, W. (2018). Research on the Influence of Social Capital on the Entrepreneurial Performance in the Small Micro-Enterprises. In International Conference on Social Sciences, Arts and Humanities.
Zaato, S. G., Ismail, M., Nawi, N. C., Uthamaputran, S., & Aziz, M. I. (2023). Women Micro-Enterprises Performance, Role of Social Capital, Locus of Control and Institutional Support on Entrepreneurial Orientation Nexus. A Conceptual Perspective. International Journal of Business and Management.
Zahra, S. A., Newey, L. R., & Li, Y. (2022). On the frontiers: Entrepreneurship as a mechanism for resilience and recovery in the face of external shocks. Academy of Management Perspectives, 36(1), 1–18. https://doi.org/10.5465/amp.2020.0253
Zhang, D., & Fang, Y. (2022). Are environmentally friendly firms more vulnerable during the COVID-19 pandemic?. Journal of Cleaner Production, 355, 131781.
Awang, N., Samsurijan, M. S., Zahri, F. ‘Alia, Awang, N., Ambak, A., & Zahri, M. ‘Adli. (2025). The Four Capitals of Success: A Conceptual Framework for Sustainable Micro-Entrepreneurship in Terengganu. International Journal of Academic Research in Business and Social Sciences, 15(6), 1212-1226.
Copyright: © 2025 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode