Strategies for Small Business Resilience and Technological Adaptation Towards Embracing Industry 5.0 in Nigeria

Abstract

The advent of Industry 5.0 that combines advanced technologies like robotics, artificial intelligence, and cyber-physical systems seamlessly would be an opportunity and challenge for small businesses. This chapter looks at the vulnerabilities that small businesses may have to face during this technological paradigm shift and gives strategic ways in which these risks can be mitigated. It then digs into the fundamental tenets of Industry 5.0 by assessing the importance of technology adoption and adaptation in ensuring resilience as well as competitiveness among small businesses. Additionally, EdTech and other innovative technologies have been identified within this chapter to assist in upskilling and reskilling owners of small enterprises & their employees thus developing a culture of continuous learning plus innovation.Finally, this chapter outlines a full roadmap that small enterprises can follow to adopt industry 5.0 by giving them practical strategies and suggestions on how they can remain viable and sustainable in the face of technology-driven business world.