Being an entrepreneur post-COVID-19 – resilience in times of crisis: a systematic literature review

Abstract

Purpose The COVID-19 pandemic has had an uncertain impact on the global economy, especially for entrepreneurs and small and medium-sized enterprises that have suffered significant consequences. However, resilience has emerged as an entrepreneurial skill that allows companies to adapt and grow stronger in the face of challenges. Therefore, this paper conducted a literature review to identify the factors that comprise resilience to strengthen training programs for entrepreneurial skills. This study aims to lead to future empirical studies that will provide more understanding and equip professionals with the skills to adapt to crises. Design/methodology/approach A systematic literature review was performed, analyzing studies related to entrepreneurship, resilience and crises. In total, 30 empirical studies were analyzed to determine the facts of the crises, the methodologies used and the actions taken to address them. Findings The review identified resilience factors such as attitudes adopted toward the crisis, the characteristics of the business and the entrepreneur, the relationships with institutions, human and social capital and strategic management. These factors can be considered in training programs for resilient entrepreneurs and by the different actors in the entrepreneurial ecosystem, including the universities and public policymakers, who support them. Originality/value This study provides a literature review that focuses on identifying the resilience factors of entrepreneurs who confronted past crises to know how to apply them to overcome the current situation and contribute to post-COVID-19 entrepreneurship. This paper hopes that the findings motivate others to conduct further empirical studies on entrepreneurship and resilience in times of crisis, especially in developing countries and emerging economies.

Dynamic capabilities, value creation and value capture: Evidence from SMEs under Covid-19 lockdown in Poland

“…Also, Fath et al examined how relationships have influenced SME resilience during the Covid-19 crisis, and suggest that strong ties increase resilience even when there is a negative outlook, as network partners support each other, including through the development of new ties [101]. Portuguez Castro & Gómez Zermeño draw similar conclusions, indicating that social and human capital have increased resilience during the Covid-19 crisis [102].…”

Identifying Entrepreneurial Interest and Skills among University Students

“…Educational programs in entrepreneurship not only help students to start new businesses, but also to develop skills for employability. Their courses focus on providing resources that lead to developing value propositions for startups and ongoing operations [27]. They also seek to develop skills in students [28].…”

Double-Sided Perspective of Business Resilience: Leading SME Rationally and Irrationally During COVID-19

“…COVID-19 forces more than 200 countries to discontinue infection spread through border closures and social distancing. Those practices have led to business failures and the consequent job-losses that particularly affect SMEs (Castro & Zermeño, 2020) and causing serious collapse (Beninger & Francis, 2021). It has created an unforeseen crisis for SMEs (Păunescu & Mátyus, 2020).…”

“…The trans-boundary disturbance of COVID-19 brings an unprecedented test for SME resilience (Bryce, Ring, Ashby, & Wardman, 2020). The term of resilience is an emerging concept that is used for elaborating alertness and economic performance to the extreme changes such as financial recessions and crises (Castro & Zermeño, 2020).…”

“…Based on a systematic literature reviews, Castro and Zermeño (2020) has identified that business resilience can be developed by improving resilience of entrepreneurs as owner and/or managers of SME in five areas:…”