Identifying Key Success Factors for Bangladeshi Social Media Entrepreneurs to Increase User Engagement, Foster Innovation and Optimize Monetization to Achieve Long-term Sustainability and Growth

Abstract

This study aims to provide essential insights into the crucial elements that lead to entrepreneurial success in this fascinating and fast-changing field through a thorough assessment of the body of current literature and a qualitative study of successful social media entrepreneurs. It has the objective of identifying key success factors for social media entrepreneurs in terms of user engagement, innovation and monetization strategies so that they can ensure business growth and long-term sustainability for their companies. The best impact of social media on entrepreneurship is that it helps entrepreneurs to identify the target audience, maintain regular interaction with them and identify their demands. Social media is a good platform to collect consumer data which can be used to design effective consumer service policies, quality operational management plans and better research & development facilities for the business. This results in better profitability, long-term growth and a huge competitive advantage in the target market. The key objective of this study was to identify the key success factors for social media entrepreneurs in terms of user engagement, innovation and monetization strategies for ensuring business growth and long-term sustainability. The findings of this research suggest that the increasing popularity of social media has become a great opportunity for entrepreneurs to ensure better consumer engagement and long-term sustainability for their ventures. A strong social media presence ensures a better position for a business in the industry where it is operating and contributes to the growth of the business. Successful entrepreneurs make effective use of social media to maintain regular communication with their consumers and identify their demands.