Being an entrepreneur post-COVID-19 – resilience in times of crisis: a systematic literature review

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Abstract

Purpose

The COVID-19 pandemic has had an uncertain impact on the global economy, especially for entrepreneurs and small and medium-sized enterprises that have suffered significant consequences. However, resilience has emerged as an entrepreneurial skill that allows companies to adapt and grow stronger in the face of challenges. Therefore, this paper conducted a literature review to identify the factors that comprise resilience to strengthen training programs for entrepreneurial skills. This study aims to lead to future empirical studies that will provide more understanding and equip professionals with the skills to adapt to crises.

Design/methodology/approach

A systematic literature review was performed, analyzing studies related to entrepreneurship, resilience and crises. In total, 30 empirical studies were analyzed to determine the facts of the crises, the methodologies used and the actions taken to address them.

Findings

The review identified resilience factors such as attitudes adopted toward the crisis, the characteristics of the business and the entrepreneur, the relationships with institutions, human and social capital and strategic management. These factors can be considered in training programs for resilient entrepreneurs and by the different actors in the entrepreneurial ecosystem, including the universities and public policymakers, who support them.

Originality/value

This study provides a literature review that focuses on identifying the resilience factors of entrepreneurs who confronted past crises to know how to apply them to overcome the current situation and contribute to post-COVID-19 entrepreneurship. This paper hopes that the findings motivate others to conduct further empirical studies on entrepreneurship and resilience in times of crisis, especially in developing countries and emerging economies.

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Most cited references 90

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The psychological impact of quarantine and how to reduce it: rapid review of the evidence

Samantha K. Brooks, Rebecca K Webster, Louise E. Smith … (2022)

Summary The December, 2019 coronavirus disease outbreak has seen many countries ask people who have potentially come into contact with the infection to isolate themselves at home or in a dedicated quarantine facility. Decisions on how to apply quarantine should be based on the best available evidence. We did a Review of the psychological impact of quarantine using three electronic databases. Of 3166 papers found, 24 are included in this Review. Most reviewed studies reported negative psychological effects including post-traumatic stress symptoms, confusion, and anger. Stressors included longer quarantine duration, infection fears, frustration, boredom, inadequate supplies, inadequate information, financial loss, and stigma. Some researchers have suggested long-lasting effects. In situations where quarantine is deemed necessary, officials should quarantine individuals for no longer than required, provide clear rationale for quarantine and information about protocols, and ensure sufficient supplies are provided. Appeals to altruism by reminding the public about the benefits of quarantine to wider society can be favourable.