Abstract
What strategies do business leaders and aspiring entrepreneurs use to recover from adversity and start businesses in uncertain times? Things have changed recently when it comes to understanding what influences company decisions in challenging times. According to the findings of our recent research, certain human attributes are important to the success of entrepreneurs in the face of adversity. Resilience is also essential for entrepreneurs. Long-term economic development and increased private sector activity both depend on new enterprises, goods, services, and employment being created. Entrepreneurs are economic actors that provide the essential and desirable commodities and services as the lubricant that keeps the economy turning, whether they operate inside an existing organization or create a new firm. Entrepreneurs and aspiring entrepreneurs must: 1) participate in business development training to build their belief in their entrepreneurial resilience; 2) seek out networking events, special lectures, and mentoring opportunities to learn from others who have been resilient in difficult times; and 3) be active in their entrepreneurial pursuits, practice business acumen. Keywords: Entrepreneurship Characteristic; personal characteristics; Business Resilience; Crisis management; Covid-19; SMEs; Entrepreneurial personality characteristics; Entrepreneurial Resilience; SMEs business survival; entrepreneurship mindset. DOI: 10.7176/EJBM/13-18-04 Publication date: September 30 th 2021
Highlights
The outbreak of unknown pneumonia was reported in December 2019 in Wuhan, Hubei Province of China
The Covid19 pandemic was declared in March 2020 due to the fast-spreading nature of the virus and had taken up half of the world at that time
Entrepreneur and Entrepreneurship The entrepreneurship action and investigation of the development of social entrepreneurs’ act as catalysts to organizations (Williams & Shepherd, 2016). These entrepreneurs are leaders in their environment and can develop collective emotional energy in the favour of the creation of new institutional facilities which are effective for the communities that are impacted by disasters
Summary
The outbreak of unknown pneumonia was reported in December 2019 in Wuhan, Hubei Province of China. The pandemic has developed an all-around economic and social crisis caused by a high level of uncertainty and recession It has hit the small and medium-sized organizations and has developed new challenges and threats for such businesses as they had failed to prepare for this phase and lack investment in long-term resilience or developing a competitive edge. It has developed a Global Health crisis that is impacting industries of all sizes in nature and has disrupted the business processes, economic trades, and supply chain (Nicola et al, 2020)
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