TECHNOLOGY FORESIGHT CAPABILITIES FOR SURVIVAL OF MICRO BUSINESS DURING POST COVID-19

Abstract

The coronavirus (COVID-19) outbreak is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. This caused significant financial losses to the business entrepreneurs especially minority-owned enterprises in the fashion industry. This circumstance has pushed foresight as a prominent concept for organizations operating in this current environment. This study aims to identify the level of technology foresight amongst business survival in local fashion retailers and also to determine the relationship between technology foresight towards business survival in the fashion retail industry during post-Covid-19. This research adopts a quantitative, descriptive, and correlation study.  Data were collected through an online questionnaire, which involved 170 fashion retailers in Bangi, Selangor. A Spearman’s Rho correlation analysis was used to test the hypotheses. The result shows that there is a significant relationship between industry dynamism, environmental scanning, and networking ties toward business survival. This study concludes that micro-business or fashion retail businesses should highlight the importance of technology foresight in their ability interprets environmental changes to assure the company's continued existence over the long term.