Entrepreneurial resilience in the face of crisis: A study of how entrepreneurs navigate economic uncertainty
University of Edinburgh MA Social Policy and Economics, United Kingdom.
Research Article
World Journal of Advanced Research and Reviews, 2024, 24(02), 2757-2765
Article DOI: 10.30574/wjarr.2024.24.2.3576
Publication history:
Received on 13 October 2024; revised on 23 November 2024; accepted on 26 November 2024
Abstract:
This research explores entrepreneurial resilience as a critical determinant of business survival and growth in the face of economic crises. Focusing on small and medium enterprises (SMEs), it examines how entrepreneurs adapt to financial instability, market disruptions, and supply chain vulnerabilities caused by events such as the 2008 global financial crisis and the COVID-19 pandemic. By integrating concepts from resilience theory and crisis management, the study identifies strategies that enable entrepreneurs to sustain operations, manage stress, and innovate during challenging times. Using qualitative and quantitative methods, the study investigates financial recovery tactics such as cost control, resource reallocation, and external funding. It highlights the role of innovation, including digital transformation and product diversification, in fostering adaptability. Emotional resilience, leadership adaptability, and team cohesion are also explored as critical factors that support decision-making and motivation under pressure. The findings emphasize the importance of government interventions such as subsidies and grants in sustaining SME operations during crises. By linking entrepreneurial behaviour with organizational outcomes, the study offers actionable insights for policymakers, business advisors, and entrepreneurs. It concludes that entrepreneurial resilience is not only a survival mechanism but also a driver of long-term growth and competitiveness in turbulent economic environments.
Keywords:
Entrepreneurial resilience; SMEs; Crisis management; Financial recovery; Supply chain disruptions; Emotional resilience; Economic uncertainty
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0