Abstract
Covid-19 exposed various existing business organizations and start-ups to sustenance risk. The dynamics of the business environment changed drastically at an unprecedented rate wherein resilient organizations survived the blow. There is an increased need of exploring new dimensions of business models which serve the socio-economic motive for communal development thinking beyond profits but are agile to adopt latest technology and innovations serving the bottom of the pyramid. The study exhibits the resilience and agility of social enterprises during current challenging times of pandemic Covid-19 through a case study approach. The research throws light on actions and strategies adopted by social enterprises working in the handloom sector of central India for supporting the marginalized community with short term and longterm strategic measures discussing the challenges faced by three social enterprises (handlooms). It also discusses the strategic importance of social entrepreneurship in developing economies in such challenging times to provide sustainable value creation and social upliftment.
Highlights
Businesses across the globe and different arenas were severely impacted in the last year
Organizational perspectives have to be recreated based on social and economical goals drifting towards agility of mission, technological designs and resilience to face the challenges posed by sudden economic shifts (Bacq and Lumpkin, 2020)
The study follows a case study approach to study the response to situations created due to covid-19 pandemic by existing social enterprises in the handlooms sector, as it caters to women and rural employment creating a multiplier effect in the local community development
Summary
Businesses across the globe and different arenas were severely impacted in the last year. Business Resilience is the capability of a business organization to withstand, overcome, strive and adapt to the various internal/ external risks and unanticipated business environmental changes These organizations are quick and adopt innovative disruptive approaches to continue the business operations, safeguarding the resources and brand equity through efficient risk management strategies. Companies at large are trying to navigate through the rough waters and concerns arising from uncertainties in the business environment and expectations of stakeholders whether customers, investors, government or society at large These environmental shifts of business have mandated structural changes in the business model following the risk-return pattern of the organization and industry. The recent pandemic of covid-19 has given multitude shocks to labour intensive industries and supply chains It has hit the textile sector, automobile, retail and many other sectors to name a few necessitating path breaking strategies for surviving the uncertain times through better risk assessment and management. Organizations that were quick to respond, shifted dramatically towards more advanced business models which incorporate technology, efficient talent resource pool and innovative business processes/operations continue to survive and leverage the brand value
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