An analysis of success factors of digital entrepreneurs in Western Province, Sri Lanka

Abstract

The nature of uncertainty in entrepreneurial activities and methods for coping with uncertainty have changed as a result of digital technology. Many businesses in Sri Lanka have failed within a few years of their founding, despite the efforts of entrepreneurs. There has been little study done on the prospects, difficulties, and key success elements of digital entrepreneurship. The goal of this study was to pinpoint the key success factors (CSFs) that govern how well digital business is implemented. The literature review identified relationship competency, IT business process integration competency, and competency in digital business strategy as antecedents of E-business success. Data was gathered by utilizing a questionnaire and was acquired using quantitative research techniques. E-business success was measured using reflective and formative items on e-efficiency, e-business lock in and e-business novelty. Partial Least Squares Structured Equation Modelling (PLS-SEM) was used to assess a randomly chosen sample of 120 digital entrepreneurs in Western Province, Sri Lanka. It was discovered that there is a strong correlation between e-business performance and competency in digital business strategy, IT business process integration, and both. These variables explained 34% of the variation of the e-business success. The report makes some recommendations for steps that entrepreneurs and the government should take to succeed in digital commerce in light of its results.