Interrogating the challenges and opportunities for entrepreneurs in the Fourth Industrial Revolution: a developing country perspective

Abstract

The world is on the cusp of an epoch known as the Fourth Industrial Revolution (4IR). Despite the much-publicised promise of enhanced productivity, flexibility, efficiency and improved quality, Industry 4.0 is a daunting prospect for less-developed nations without the human labour to cope with and embrace the anticipated technological advancement. The paper explores the various opportunities and challenges associated with entrepreneurship in the fourth industrial revolution in developing countries to ascertain their readiness. An in-depth, systematic literature review was conducted. In doing that, we were mindful of the coverage, and data collection was carried out through a rigorous process to ensure accuracy of findings while keeping in mind the objective of the study (Snyder, 2019).This paper argues for entrepreneurs to rethink and initiate the development of strategies that would make them relevant in the future, through innovation of business models, in preparation for possible disruptions with the evolution of Industry 4.0, while also advocating that more should be done to address the causes of policy and institutional failures.