Fostering Entrepreneurial Competence: The Role of Online Learning in Management Development for Economic Advancement

Despite researchers and policymakers recognising SMEs’ significant role in the European economy, balancing success and failure is challenging due to the mismatch between adequate financial support and skilled human resources. The importance of SMEs for the economy is determined by population, employment capacity, and contribution to economic growth. However, SMEs face significant challenges as they compete with corporations seeking investment opportunities. Simultaneously, the combination of these factors generates financial pressures on companies. Developing specific managerial competencies becomes a solution for young SMEs as these practices help run the company effectively and avoid potentially high levels of failure associated with this sector. Considering that traditional training was significantly impacted during the COVID-19 pandemic, leading to an accelerated shift towards online resources, the reviewed literature identified a lack of research examining the impact of online learning on management team development in SMEs to achieve performance improvements, social stability, and economic resilience. This paper addresses the research gap by integrating a case study examining the Irish technological sector and how entrepreneurs can develop management teams through online learning. The research findings reveal the requirement to embed learning theories in online learning to equip entrepreneurs with critical managerial skills for company growth.