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.
Highlights
Prior research has shown that economic crises can help entrepreneurs to build entrepreneurial resilience [10,62]
Examples of entrepreneurial learning [64] during the COVID-19 crisis which we identified in our data range from innovation in supply chain—business processes and business models—to digitalization, and crisis management
The findings in our study may guide these entrepreneurs in their own journey to build entrepreneurial resilience as we have revealed how other growth-oriented entrepreneurs have dealt with the COVID-19 crisis
Summary
Situation of Public the waves, based on the number of daily infections as well as daily hospitalizations, differed from onethe country to another. Those two parameters were theimpact, main drivers for. Even though emergence of COVID-19 has a worldwide the evolution o political, social, and economic measures taken to prevent the virus from expanding and the waves, based on the number of daily infections as well as daily hospitalizations, dif avoid large economic downturns. In order to explain the relevance of our data period, we link the timing of our data ical,collection social, and measures taken toepidemiological prevent the virus fromover expanding and avoid witheconomic the evolution of the Flemish situation time.
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