Agility or Wait-and-See? How the Covid-19 Crisis Impacts Entrepreneurs’ Well-being across Countries

Abstract

We study how entrepreneurs and their well-being are impacted by crises and which entrepreneurs are able to safeguard their well-being. We examine the impact of the Covid-19 pandemic in a multilevel study of 3,149 entrepreneurs from 20 countries and draw attention to entrepreneur agility (flexible and adaptive action) both as a crisis response strategy and as a possible way for entrepreneurs to protect their well-being. We find that agile entrepreneurs, especially those that recognized new opportunities for their business in the pandemic, had better well-being during the pandemic (life satisfaction and vitality). Our findings offer further insights into agility as a response to adversity and whether it is enabled by cultural contexts supporting agility and entrepreneurs’ human capital.