Chapter 11: Strategic Management Practices for Sustainability: A Study of Micro-entrepreneurs of Wellness Industry in Mysore District

The global wellness industry is seeing a major shift in its relevance and growth post COVID-19. The fast-growing wellness industry is driven by organizations of all sizes and scope: large, medium, small and micro enterprises offering a range of services from holistic wellness offerings to focused services, such as beauty, spa, alternative therapy, gym and physical fitness. While we have heterogeneous businesses on the supply side, we have the entire global population on the demand side. Due to the size of the market and growth potential, the competition in wellness service space is intense. In such a situation, it is a challenge to register growth and sustain the same. The challenge is more pronounced for micro-entrepreneurs due to their limited resources and reach. It calls for a strategic approach to managing the businesses to endure the competition and succeed. Hence, wellness businesses are adopting Strategic Management Practices (SMPs) in greater numbers. However, not all strategies work. The purpose of this study is to analyze the impact of significant SMPs adopted by micro-entrepreneurs on business sustainability in the wellness industry. Responses of 392 microentrepreneurs from the wellness industry are recorded and analyzed for the SMPs adopted by them for the economic, environmental and social sustainability of their businesses. The study identified various strategic approaches that are implemented by micro-entrepreneurs in Mysore District and studied the impact SMPs had on sustainability factors of the wellness industry. A model is proposed to support the study. The results conclude that the application of a good amount of SMPs in the form of strategic entrepreneurship enhances the sustainability of a venture as well as the industry, aiding transformation from an unorganized to an organized sector and better regulations.