Determinants of GIG Business Prospects for Achieving Financial Resilience: High Order SEM Analysis

The determinants of GIG business prospects for achieving financial resilience among 280 entrepreneurs in Rajasthan were investigated using convenient sampling. Through our analysis, we operationalized financial resilience using indicators such as income stability, savings accumulation, ability to withstand financial shocks, and overall economic well-being. Our findings underscore the critical role of independent variables in shaping GIG workers' financial resilience. Access to Resources emerged as a significant determinant, highlighting the importance of capital, tools, networks, and training opportunities in enhancing GIG business prospects and financial resilience. Additionally, Technological Factors played a crucial role, with the utilization of technology platforms, tools, and digital skills impacting GIG's business efficiency, reach, and competitiveness. Moreover, the Regulatory Environment significantly influenced GIG workers' financial resilience, emphasizing the implications of labor laws, tax policies, and regulatory frameworks governing GIG platforms. Furthermore, Social Support Networks emerged as a vital factor, with the availability of familial, peer, or professional support networks contributing to GIG workers' financial, emotional, and informational well-being.