The Role of Entrepreneurial Thinking Mediated by Social Media on the Sustainability of Small and Medium-Sized Enterprises in Iran

Abstract

This study lends new insights into the hitherto-unexplored relationship between entrepreneurial 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 via the simple random method. The data were collected using a 5-point Likert scale questionnaire with 25 questions, the reliability and validity of which had been examined and confirmed. The data were analyzed in SmartPLS 3. The results revealed that entrepreneurial thinking plays a pivotal role in managerial decisions and is a crucial factor in the sustainability of SMEs in Iran. Managers, as creators and reformers of the internal business environment, can establish and enhance a strong link between business sustainability and employees’ ability to acquire entrepreneurial thinking.

1. Introduction

Sustainability is now part of business worldwide [1]. Small and medium-sized enterprises (SMEs) communicate with, affect, and are affected by their physical, biological, and social environment [2]. Business sustainability enables business management analysis and 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 is evident that business sustainability is central to economic development, stability, and transition through sanctions [5]. It is crucial to pay attention to business sustainability due to the increased failure rate of SMEs [6].

Moreover, applying the principles of sustainable development to the corporate governance of businesses allows SMEs to achieve some of their goals, including environmental protection, social rights, and economic prosperity. The outcomes of these goals are reflected in the sustainable development report, which is helpful for stakeholder-related decision making [7].

Consequently, today’s complex businesses demand dynamism and continuous transformation because the rapid technological evolution has shortened the life cycle of businesses [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 guaranteeing 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 enthusiasm 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 promoted. 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 communication 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 opportunities 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 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 markets 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 mindset. 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 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 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’ decision 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 experience [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 encourage 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 turbulent 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 internationally [66]. Consequently, social media highlights the ability to experiment and uncover new ideas (knowledge development) and employ such ideas (knowledge exploitation) [67]. 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 conditions, and modify and update knowledge structures necessary to recognize opportunities [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 opportunity) [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 others [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 entrepreneurs enjoy a high level of entrepreneurial alertness when detecting entrepreneurial opportunities [33,83]. Various theories discuss the determinants of entrepreneurial opportunity recognition process, emphasizing the personal characteristics of an entrepreneur, e.g., entrepreneurial alertness [10]. Social media are important in entrepreneurial opportunity 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 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 confidence 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 competitive 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 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 organizational 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 competition) 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 sustainability [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 media 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 investment 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 methods 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 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 activities 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 generations [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.

3. Materials and Methods

This descriptive–correlational research examined the impact of entrepreneurial thinking, with the mediation of social media, on the sustainability of SMEs in Iran. The statistical population comprised 407 SMEs active in the Pardis Technology Park and the Science and Technology Town in Iran. The science park website annually publishes a list of active companies. Companies that faced various crises in their first three years and managed to remain in a stable environment constituted the research population. SMEs are considered private companies or institutions to expand and apply innovations and commercialize the results of research and development (including the design and production of goods and services) in high technology [121]. This research has focused on companies providing services, producing new products or technology, and conducting applied research. The managers of the sample SMEs also acknowledged the necessity of sustainability to escape destruction, decrease electricity consumption, and protect the environment. According to Cochran’s formula, a sample size of 197 managers who had more than five years of experience was estimated. The Pardis Technology Park was established in 2001 as the largest technology park in Iran. So far, more than 400 technological and knowledge units in advanced technologies, e.g., information and communication technology (ICT), biotechnology, nanotechnology, new materials, mechanics, and automation, have joined this park. The Isfahan Science and Technology Town, as the first organization to establish growth centers 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. Measurement model evaluation for constructs.

Row	Variables	Questions	Loadings Factor	Mean	Median	Min	Max	Stdev
1	Entrepreneurial Intuition	In order to strengthen my creative ideas, I relate various information to each other.	0.861	2.51	2.00	1.00	5.00	1.09
		I am excited by the knowledge that there are many unexploited entrepreneurial opportunities.	0.885	2.84	3.00	1.00	5.00	1.11
		I undertake methods and solutions to product problems that build on my experience.	0.909	3.07	3.00	1.00	5.00	1.18
		I searched for product information and ideas that took the firm into existing product areas.	0.843	3.02	3.00	1.00	5.00	1.06
		I discover previously unnoticed entrepreneurial opportunities.	0.739	2.82	3.00	1.00	5.00	1.04
2	Entrepreneurial Alertness	I always keep an eye out for new business ideas when looking for information.	0.879	2.71	3.00	1.00	5.00	1.01
		I have frequent interactions with others to acquire new information.	0.880	2.51	3.00	1.00	5.00	1.13
		I try to be sensitive to new ideas and opportunities in my daily activities.	0.916	2.60	2.00	1.00	5.00	1.22
		I look for new ideas and opportunities when receiving new information.	0.934	2.87	3.00	1.00	5.00	1.31
		I always have ideas for new business.	0.931	2.71	3.00	1.00	5.00	1.09
3	Entrepreneurial Turn	Assessing the environment in order to discover opportunities can become the sustainability of SMEs.	0.886	3.02	3.00	1.00	5.00	1.06
		New developments in process of SMEs are recognized as new opportunities.	0.823	2.82	3.00	1.00	5.00	1.04
		A survey of target customers in line with the goals of SMEs can lead to the identification of new opportunities.	0.742	2.76	2.00	1.00	5.00	1.01
		The development of new technologies in SMEs is recognized as new opportunities.	0.879	2.80	3.00	1.00	5.00	1.11
		Change in distribution channels as an opportunity in SMEs leads to sustainability.	0.896	2.71	3.00	1.00	5.00	1.23
4	Social Media	I use social media to gain knowledge and work-related information to get new opportunities and ideas.	0.733	2.76	3.00	1.00	5.00	1.18
		I use social media to maintain and strengthen relationships with my colleagues and interact with others to achieve more creative ideas and take advantage of opportunities.	0.920	2.67	3.00	1.00	5.00	1.19
		I can obtain a lot of business-related information through social media.	0.929	2.69	2.00	1.00	5.00	1.21
		I use social media to get new information about customer needs.	0.874	2.82	3.00	1.00	5.00	1.23
		I introduce the company’s products and services to customers through social media.	0.804	2.82	3.00	1.00	5.00	1.16
5	Sustainability of SMEs	The quality of employee relations affects the sustainability of small and medium-sized enterprises.	0.811	2.64	3.00	1.00	5.00	1.25
		Hiring an expert team in the research and development department leads to the success and sustainability of small and medium-sized enterprises.	0.829	2.67	3.00	1.00	5.00	1.05
		The use of experienced staff in creative work leads to the sustainability of small and medium-sized enterprises.	0.894	2.73	3.00	1.00	5.00	1.17
		Expert manpower leads to the sustainability of small and medium-sized enterprises.	0.921	2.84	3.00	1.00	5.00	1.11
		Loyal human capital to the company’s goals and mission leads to the sustainability of small and medium-sized enterprises.	0.890	3.07	3.00	1.00	5.00	1.18

shows the mean value, standard deviation, median, minimum and maximum value of each questionnaire question. Additionally, the questionnaire will be available upon request.

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. 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
2	Entrepreneurial Alertness	6–10	0.947	0.947	0.959	0.825
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

, all the variables’ Cronbach’s alpha and composite reliability were above 0.7, indicating the homogeneity of questionnaire variables.

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. 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

). 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]. Accordingly, 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 Sustainability of SMEs (VIF = 3.188) were less than 3.3, showing that the model was free of common method bias.

Thus, based on the output of the SmartPLS 3 (Table 2 and Table 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).

Values above 0.4 for factor loading coefficients indicate a good fit for the measurement 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 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.

$$\mathrm{GOF}=\sqrt{average\left(Commonality\right)\times average\left(R^2\right)}$$

(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. 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.

$$\mathrm{VAF}=\left(a\times b\right) / \left(a\times b\right)+c$$

(2)

4.6. Hypothesis Testing

The t-statistic was used to evaluate the relationships between the variables. This research 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. 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
2	Entrepreneurial Intuition–Social Media–Sustainability of SMEs	6.527	0.46	0.039	Verified
3	Entrepreneurial Alertness–Sustainability of SMEs	2.309	0.261	0.019	Verified
4	Entrepreneurial Alertness–Social Media–Sustainability of SMEs	0.625	0.05	0.009	Rejected
5	Entrepreneurial Turn–Sustainability of SMEs	3.735	0.496	0.005	Verified
6	Entrepreneurial Turn–Social Media–Sustainability of SMEs	6.893	0.492	0.021	Verified
7	Social Media–Sustainability of SMEs	4.274	0.752	0.017	Verified

). 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.

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 entrepreneurial 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 sustainability 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 assessing 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 business [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 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 knowledge 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 customers’ 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 opportunity 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 innovation 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 hypothesis in today’s changing conditions weakens the process of changes and causes a decrease 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, exploit 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], 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 assortment 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 economic 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 advantages 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 thinking. 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 problems 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 rational 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 development, 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 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 sustainable 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 entrepreneurial 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. Therefore, 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 establishment 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.