The Entrepreneurial Landscape and Impacts of Covid-19

Abstract

Numerous sources of data that are traditionally used by small businesses and entrepreneurship researchers, primarily from government entities, have not caught-up with actual conditions on the ground. COVID-19's impact on the social and economic picture around the globe has been like watching a train wreck taking place on "Main Street" in slow motion. Doomsday "preppers" and at least some of their prognostications and suggestions moved towards the mainstream, having greater acceptance than before. One of the more popular books on Amazon, covering the topic of canning and preserving foods, was on backorder for at least several weeks, and as of the time of this writing, it has been months since one could easily acquire canning supplies such as jar lids on retailers' shelves. There were shortages on major websites of sewing machines, elastic, and other materials-even those that are substitute goods such as coffee filters, when individuals and groups engaged in making their own masks. Panic buying also wiped out inventories of hand sanitizers, disinfecting aerosol sprays, bleach, toilet paper, and numerous other products that consumers felt they might need, including guns and ammunition. A vast majority of businesses have not fared well. Hospitality, tourism, and the restaurant industries have been hit hard, and there are also disparate impacts among certain demographic groups relative to small-business owners. Bad actors are also hard at work, launching scams. Many have essential items for resale on websites such as Craigslist and eBay. This research presents a systematic review of the impact of COVID-19 on small businesses. It further examines the phenomenon in a broader socioeconomic and cultural context.