The Impact of the COVID-19 Crisis on Growth-Oriented SMEs: Building Entrepreneurial Resilience

Abstract

This study explores how the COVID-19 pandemic has forced Flemish growth-oriented entrepreneurs to build entrepreneurial resilience. We rely on a research framework that consists of a “challenge-reaction-learning loop” to empirically investigate how entrepreneurial resilience is built in times of the COVID-19 crisis. To investigate this complex entrepreneurial learning process, we use data that have been collected during the first and second wave of the COVID-19 pandemic. By using several datapoints, we could identify (1) the specific challenges growth-oriented firms are facing as a result of the COVID-19 crisis; (2) how these entrepreneurs reacted to these challenges; and (3) what they learned during the first and second wave of the pandemic and how they perceive the future. By making this entrepreneurial learning process explicit and dividing it into an iterative “challenge-reaction-learning loop”, this study is relevant for all entrepreneurs, as it contains several interesting lessons learned. We also contribute to academic literature as we provide future researchers a tangible framework to further elucidate how entrepreneurial resilience is built in times of crisis.

Resiliencia y competitividad empresarial: Una revisión sistemática, período 2011 – 2021

“…Cabe señalar la respuesta frente a situaciones de incertidumbre, como el impacto de la crisis del Covid-19. En ese marco, Schepers et al (2021), orientan su estudio al desarrollo de capacidades operativas y dinámicas. Los resultados indicaron que las empresas encaminadas al crecimiento, así como a la competitividad, cambiaron su enfoque de supervivencia a corto plazo a un crecimiento a largo plazo.…”

“…Claramente frente a un factor exógeno como la crisis de la Covid-19, las capacidades mencionadas pueden ser fortalezas a nivel organizacional a fin de responder a su adaptabilidad y progreso. Al aporte definido por los autores Schepers et al (2021), se suma el término homeostasis; es decir, el efecto de rebotar e ir hacia adelante, lo que implica alcanzar sostenibilidad y crecimiento. No obstante, se tiene en cuenta que frente a factores externos existen desafíos específicos para las organizaciones, no es lo mismo considerar las estrategias en lecciones anteriores aprendidas, frente a una situación actual.…”

The effects of social capital on entrepreneurial resilience of SME from China: A moderated mediation model of entrepreneurial passion and Confucian traditional golden-mean thinking

“…The focus of entrepreneurial resilience research has been shifted with the change in crises (Pascucci et al, 2021 ). Flexibility emphasizes “rapid adaptation to environmental changes” (Schepers et al, 2021 ). Agility focuses on “quickly identifying opportunities (Mignenan, 2021 ), changing direction (Iyengar et al, 2021 ), and avoiding conflict (Branicki et al, 2018 ).” Robustness is more concerned with maintaining function in the face of interference (Li et al, 2022 ).…”

Cabaran dan Kelangsungan Pengusaha Makanan Kecil dalam Pandemik Covid-19

“…Seseorang dapat membina daya tahan melalui perkembangan seharian yang disebabkan oleh peristiwa yang tidak dijangka dalam hidup mereka. Ketahanan difahami sebagai proses di mana individu, komuniti, atau entiti peringkat makro menyesuaikan diri dengan keadaan kontekstual baru (Schepers et al, 2021).…”