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PurposeThere is a large literature about crisis entrepreneurship, spanning from necessity, natural disaster and long-term conflict entrepreneurship. This paper situates pandemic entrepreneurship as a unique form of crisis entrepreneurship.Design/methodology/approachThe authors utilize the Kirznerian and Schumpeterian theories of entrepreneurship to understand pandemic entrepreneurship. Using evidence from the US COVID-19 pandemic, the authors argue that pandemics impact both the “identification” and “action” moments of entrepreneurship.FindingsThe Kirznerian identification moment becomes much more uncertain for entrepreneurs because of fluctuating conditions, such as public health conditions, new potential variants of the virus causing the pandemic, shifting government mandates and rules and so forth. The Schumpeterian action moment becomes more challenging because of the necessity of physical distancing and because, generally, all crises raise the cost of entrepreneurial action. That said, the authors still document considerable entrepreneurship during pandemics as entrepreneurs adapt to the increased uncertainty and costs by rely upon local and customary knowledge.Research limitations/implicationsThis research finds that entrepreneurs, depending upon the crisis, face differing constraints. Specifically in times of pandemic, entrepreneurs face difficulty recognizing opportunities because of shifting conditions and acting upon opportunities because of financial and political constraints. This research thus implies that there are large opportunities for alleviation of such constraints if there were to be future variants or pandemics.Practical implicationsPractically speaking, this research affects how people study entrepreneurship. By recognizing the differing constraints that pandemic entrepreneurs face, the authors can better understand the last several years, and can also prepare better policy wise for future pandemics or further variants of COVID-19.Social implicationsSocially, entrepreneurship can be a large factor in recovery from disasters and crises. By recognizing and perhaps alleviating constraints that pandemic entrepreneurs face, future crises could have better responses and recoveries.Originality/valueAlthough several studies have examined entrepreneurship during the COVID-19 pandemic, the extant literature on pandemic entrepreneurship remains relatively underdeveloped and has not yet focused on what distinguishes pandemic entrepreneurship from other forms of crisis entrepreneurship. The authors highlight what pandemic entrepreneurship has in common with other forms of crisis entrepreneurship and pinpoint the various ways that is distinct.

Although much of the nascent scholarship on COVID-19 has highlighted the tremendous health, economic, and social consequences of the pandemic, what has been underappreciated is the loss of commercial friendships due to the pandemic. Markets are social spaces where individuals can meet and form meaningful connections. But, because many market interactions that would have taken place in person before the pandemic moved remote and online, or were cancelled altogether, the COVID-19 pandemic has limited the ability of market participants to form and maintain meaningful social bonds. Indeed, we argue that COVID-19 is a disruptor of the formation and continuance of these commercial relationships. Specifically, we find that throughout the COVID-19 pandemic: (1) commercial interactions have become more anonymous and less personalized; (2) the formation and maintenance of commercial friendships are hindered because of the transition to virtual platforms, which are imperfect substitutes for in person connections; (3) during lockdowns, individuals spend more time interacting with closer ties rather than weaker ties; and (4) during the pandemic commercial settings are less likely to serve as social arenas.

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