three. ENTREPRENEURSHIP DURING THE COVID‐19 CRISIS
There is a necessity for businesses to outlive within the short time period by using an entrepreneurial mindset by committing to change that includes innovation. Entities must be versatile so as to survive within the new market conditions. Managers and policymakers must harness the potential of entrepreneurship. Entrepreneurship is considered essential in a vibrant economy because it provides the impetus for financial growth (Anggadwita, Ramadani, Luturlean, & Ratten, 2016). The position of entrepreneurship in society has advanced through the years with a realization that entrepreneurship can have a profit, non‐profit and hybrid kind. Traditionally, entrepreneurship was thought of a purely financial agent, but this modified with acknowledging that entrepreneurship’s social forms are important (Jones, Jones, Williams‐Burnett, & Ratten, 2017). From a public well being perspective, entrepreneurship has been used to construct public‐private partnerships that are important drivers of economic and social change through the COVID‐19 pandemic. Governments are collaborating with private entities on well being issues to access funding and meet societal obligations.
In instances of disaster, entrepreneurs assist enhance product and repair quality and advance new applied sciences. Entrepreneurs are a source of dynamism and make positive that an economy remains aggressive (Santos, Marques, & Ratten, 2019). These abilities are needed in the financial system and act as an incentive for others to behave innovatively. Moreover, entrepreneurs are characterised by their vibrancy and optimistic vitality. They act as risk‐takers by seeing opportunities in the market that others at present do not foresee. Best practices could be implemented, together with making a multidisciplinary stakeholder committee to debate action plans evaluating the disaster at different instances to be able to verify what actions are required.
In the context of COVID‐19 and future crises, entrepreneurship should be used to implement crisis administration methods. Due to the internationalization of the world financial system, there is elevated mobility between international locations. During the COVID‐19 pandemic, this mobility has decreased due to country borders being closed or restricted to sure vacationers. As a outcome, entrepreneurial methods and policies have to be used to find a way to reinvigorate financial progress. Hao et al. (2020: p. 2) state “an organisation faces a disaster as a outcome of internal failures, whereas it confronts a disaster as a end result of uncontrollable exterior factors.” This distinction helps explain why a catastrophe is considered as more extreme than a disaster. The word crisis implies that it may be solved in a short while body, although this doesn’t always happen (Doern, Williams, & Vorley, 2019). While the words “crisis” and “disaster” are regularly used as synonyms, COVID‐19 pandemic is more referred to as a disaster when contemplating organizational effects however as a disaster when considering international ramifications.
3.1. COVID‐19 public policy implications
The need to concentrate on public coverage relating to what governments are doing comes from how COVID‐19 has affected society. Public policy research is a priority due to the elevated interest in how to clear up COVID‐19 related problems. Every aspect of policymaking needs to be examined while details about the COVID‐19 pandemic must be gathered to inform policy theory and apply.
Public coverage includes finding out the way government administrations have applied change. Government officers are centrally concerned in the COVID‐19 policy‐making course of. They operate inside a broader political framework based mostly on prevailing situations. Thus, the buildings of energy and affect are formed by altering environmental circumstances. Policymakers make important decisions based mostly on assumptions concerning the influence of COVID‐19. A core reason for coverage change is to make society more efficient and efficient. Policy that has an entrepreneurial nature is taken into account as extra progressive and futuristic. Therefore, it differs from the precedence policy that was rational, constant, and predictable. The fast method COVID‐19 affected society has resulted in a must make better policies to swimsuit new market situations.
Policy could be based mostly on acceptable analyses in selecting options or based mostly on an evaluation of present guidelines. Policymaking entails selecting what resources must be used and in what time frame. Due to the restricted availability of some assets in the course of the COVID‐19 pandemic, this is necessary. As few public items are equally obtainable to all, choices must be made about how, when, and the place to use sources. This want leads to policymakers implementing decisions about utilization.
Particular policy concepts regarding COVID‐19 similar to working from home have caught on quickly. It was because of the awareness of the high degree of infectiousness of COVID‐19 and how some work can be carried out at home. Advocates of working from house stress how decreased social interaction is supplemented by increased digital engagement. To make positive that insurance policies are carried out in the proper method, it helps to have motivated individuals involved. The neighborhood of practice has to evolve concerning the usage of such policies in society.
Research on COVID‐19 policy may be shaped into two completely different however complementary analysis matters: healthcare and scientific practices, and public coverage and societal impacts. Over the past year, there was much discussion on COVID‐19, together with its impact on how businesses can get well. Therefore, it’s time to give attention to current progress to supply a foundation for building research on COVID‐19 management. This research could help in avoiding ineffective administration practices that stop the rebuilding of the global economic system. The method policymakers deal with COVID‐19 may seem to be a matter of good luck as a substitute of deliberate administration practice. In actuality, the ways insurance policies concerning COVID‐19 could be complex and evolve. While a lot analysis exists generally on COVID‐19, a more selective research approach is required to assist policymakers construct momentum on what they know and what they should know concerning COVID‐19.
Policymakers worldwide have been grappling with tips on how to implement policies that defend the health of residents while encouraging economic growth. Such a task is not easy as the contrasting needs of a quantity of stakeholders have to be thought-about. The significance of implementing policies concerning COVID‐19 has been widely recognized as a big approach to alleviate the stress caused by COVID‐19. A glance on the financial situations of nations that have efficiently decreased the an infection rates of COVID‐19 reveals that their efficiency is because of the implementation of efficient insurance policies, thereby advancing a competitive benefit in the global market. Therefore, cooperation between policymakers and enterprise entities can facilitate financial growth and stimulate new economic features. Such cooperation contains collaborative analysis or scientific consultancy concerning COVID‐19‐related issues.
Policymakers are continuously under stress to change, which makes entrepreneurship essential to regional competitiveness. The effectiveness of coverage depends on interactions between business and governmental institutions in the health and scientific system. When this interaction progressively turns into extra lively, business and institutions’ coverage implementation will considerably have an result on the financial system. Policy entrepreneurship and its contribution to COVID‐19 processes increasingly seem high on current governmental agendas. The growing number of actors concerned in COVID‐19 policy is due to the need to search out solutions to COVID‐19 associated problems. Some governments have decentralized policymaking concerning COVID‐19 so as to give native authorities extra autonomy. This approach is useful in responding rapidly and within the appropriate approach to COVID‐19 issues. However, most governments are relying on native information to help policy responses, thereby making coverage implementation extra of neighborhood concern.
The COVID‐19 crisis has disrupted coverage planners’ practices. Policymakers are studying to improvise and be taught new behaviors in order to adapt to changing market situations. There has been the introduction of recent rules and procedures relating to how people stay in society. New policy recommendations have emerged regarding progressive methods society has learned to deal with the changing work, life, and business situations (Weick & Sutcliffe, 2011). Questions have to be answered about the way in which COVID‐19 has impacted coverage planners. Will policymakers permanently change their processes because of lockdown and social distancing, or will they revert to old procedures as quickly as the disaster is over? Will policymakers find implementing COVID‐19 selections a problem and, subsequently, resolve to method choices differently? Will there be new mechanisms similar to working from home and telecommuting used in making policy decisions? These questions are relevant as COVID‐19 has substantially changed the way in which policymakers make choices.
All policies are location‐ and time‐bound. Policies are developed based mostly on what is required in a particular time-frame. Policies are contextual as context issues. The context could be socially driven primarily based on the emergence of new lifestyle practices. The social context includes communities and workplaces. Technology is a context as rising technologies affect life. The most radical technology breakthroughs are associated to digital communication and medical advances. In latest years, there was extra emphasis on artificial intelligence and biotechnology. Rules and regulations provide one other context that relates to public areas. In addition, private areas have their own required set of conduct. Public coverage has tended to try to encourage wholesome and sustainable rules and regulations. Policymakers have needed to improvise in terms of making one of the best use of obtainable assets. Due to the changing nature of COVID‐19, it has turn into obvious that new strategies must be devised by emphasizing practicality and the timeliness of insurance policies. Not all data is understood. Therefore, policymakers need to do the most effective they can in the time they’ve by making certain coverage is relevant and makes efficient use of the available sources.
3.2. Overview of articles within the current journal concern
This special journal problem on “COVID‐19 and entrepreneurship” contains nine articles. The first article titled “Overview article: COVID‐19 and entrepreneurship: Future analysis directions” by Vanessa Ratten offers an summary of a number of the issues the world is at present going through on account of the COVID‐19 pandemic. It is thereby highlighting how the world has changed and the way it can encourage a more entrepreneurial spirit to cope with this change. The second article titled “The resilience of the cooperative model: How do cooperatives deal with the COVID‐19 crisis?” by Adrien Billiet, Frédéric Dufays, Stefanie Friedel, and Matthias Staessens further discusses the COVID‐19 pandemic by offering a model incorporating resilience. It supplies a method for cooperatives to deal with change by focusing on their core actions. The third article titled “Prosocial expertise improvement in kids and social value creation throughout COVID‐19” by Ahmad Arslan, Lauri Haapanen, and Shlomo Tarba take the view that social value creation could be encouraged in occasions of crisis. It is thereby enabling extra cooperative conduct to emerge. The fourth article titled “The case of gross sales within the automotive business in the course of the COVID‐19 pandemic” by Fabian Hoeft focuses on strategic implications of the disaster. Thus, it offers some management instruments that can be useful to navigate in occasions of disaster. The fifth article titled “Healthcare Enterprises and Public Policies on COVID‐19: Insights from the Greek Rural Areas” by Nikolaos Apostolopoulos, Panagiotis Liargovas, Pantelis Sklias, and Sotiris Apostolopoulos focuses on the healthcare industry implications of the COVID‐19 pandemic. It focuses on rural areas which are coping with useful resource shortages. The sixth article titled “The Impact of COVID‐19 on the Technology Sector: A case of TATA Consultancy Services” by Lazaros Ntasis, Konstantinos Koronios, and Theodoros Pappas analyses the modifications apparent within the technology sector on account of the COVID‐19 pandemic. It highlights the huge shift to digital technology utilization. The seventh article titled “Repercussions of COVID‐19 on Small Restaurant Entrepreneurs: The Indian context” by Shinu Vig and Richa N. Agarwal focuses on the hospitality sector. It highlights the numerous impression that the COVID‐19 has on small enterprise and restaurant entrepreneurs. The eighth article titled “Covid‐19: SMEs challenges and responses with creativity, innovation, and entrepreneurship” by Esha Thukral analyses the pressures that small‐ and medium‐size enterprises face in the course of the COVID‐19 crisis. The ninth article titled “Agri‐food sector and entrepreneurship during the COVID‐19 crisis: A systematic literature evaluate and analysis agenda” by Nikolaos Apostolopoulos, Vanessa Ratten, Dimitrios Petropoulos, Panagiotis Liargovas, and Eleni Anastasopoulou present an evaluation and suggestions for future research on the topic of COVID‐19 and entrepreneurship. The tenth article titled “Touristic preferences of hostel friends throughout COVID‐19 occasions: the case of Oporto” by Fernando Tavares, Olavo Condurú, Eulalia Santos, and Vasco Taveres focuses on the impact of COVID‐19 on the hospitality and tourism sector. The eleventh article titled “The Role of the Fourth Sector within the context of the COVID‐19 Pandemic” by Vanessa Martins, Marisa Ferreira, and Vitor Braga analyses the influence of the non‐profit sector in the course of the COVID‐19 pandemic.
3.3. Future research instructions
The circumstances and timing are right for analysis on COVID‐19, entrepreneurship, and coverage. Despite some challenges, the research on COVID‐19 may produce many advantages. New theories and exams might come up. The implicit assumptions in current analysis must be examined in light of the COVID‐19 crisis. The COVID‐19 context presents a novel condition to check theories and provides numerous research opportunities (Wenzel, Stanske, & Lieberman, 2020).
The current article seeks to provide a roadmap on the literature linking the COVID‐19 pandemic to entrepreneurship and public coverage, thereby offering helpful future research instructions which may be needed in this new area of analysis. This task just isn’t an easy one because of the latest nature of the COVID‐19 pandemic and public policy planners’ want to contribute to entrepreneurial solutions. While the topic of COVID‐19 has acquired constant media consideration, its linkage to the entrepreneurship and public policy literature stays restricted. There is an pressing need for researchers and public policymakers to join forces to construct new scientific literature on COVID‐19. It could be helpful within the current financial circumstances and serves to help handle future crises. Being COVID‐19 a coronavirus, it will doubtless give rise to a household of recent viruses sooner or later. COVID‐19 is a subject that has an interdisciplinary nature as a end result of its financial, health and social ramifications. It is a contentious matter because of the advanced ways it has affected society. The current article goals to information direct researchers and public policymakers towards understanding how entrepreneurship can address the problems raised by COVID‐19 by focusing on the most critical questions and matters regarding the pandemic.
3.4. Digital transformation
Research on COVID‐19 and entrepreneurship can pave the way for more in‐depth insights about disaster management through digital transformation. The subject is experiencing a phase of exponential progress because of the acknowledgment that entrepreneurship is particularly needed in disaster occasions. At the core of the curiosity around COVID‐19 and entrepreneurship is digital transformation. Digital transformation is outlined as “a course of that goals to improve an entity by triggering significant modifications to its properties via combinations of data, computing, communication and connectivity technologies” (Vial, 2019: p. 118). The COVID‐19 disaster has necessitated the digital transformation of society but significantly relating to healthcare. In the healthcare sector, a number of stakeholders have utilized digital transformation to introduce innovations such as paperless transactions. This enables operational efficiency and enables health care suppliers to implement a more patient‐centered strategy. The design of digital progress strategies has tended to be based on the use of proper metrics and goals. The information methods technology has been enhanced as a approach to observe real‐time information. These developments have revolutionized the health sector and created new enterprise alternatives. The issues associated to the COVID‐19 crisis may be addressed utilizing digital technology to preserve folks’s psychological and physical wellbeing. All industrial contexts have changed on account of digital disruption. The use of digital solutions allows better connectivity inside society that has coincided with the fourth industrial revolution primarily based on the systematic interconnection of all entities via technical means.
Scholars are inspired to conduct extra research into how digital transformation has been utilized during the COVID‐19 disaster. The curiosity within the matter is no surprise; given the way in which the pandemic has affected society. There has been a particular emphasis on analytical information processing capabilities to grasp the impression of COVID‐19. While entrepreneurship can have a social or non‐profit nature, in most cases, it is financially motivated. The entrepreneurial alternatives derived from the COVID‐19 crisis may be exploited by utilizing the out there sources in society. Furthermore, as COVID‐19 is a health crisis, entrepreneurs have to manage the institutional setup in regions. Entrepreneurs are connecting alternatives with innovations related to healthcare‐based digital transformation showing consciousness about how enterprise may be conducted in an online surroundings.
The concept of digital transformation is complicated as it’s a multi‐dimensional phenomenon that impacts entities differently depending on the context. It is a brand new analysis paradigm as a result of it introduces a multi‐faceted perspective on the utilization of digital technology in society. Most administration and entrepreneurship students would agree that the digital transformation we are present process due to the COVID‐19 crisis is unparalleled in historical past. It is a superb time to rethink the completely different views that co‐exist digital technology to develop the sphere. Due to the extremely fragmented research landscape relating to digital know-how, it’s helpful to take a broad approach as to the way it has and continues to happen. The lack of the literature on COVID‐19 and entrepreneurship is the principle reason that motivated to put in writing this article. It is believed that additional research is critical to light up the intricate relationship between COVID‐19, entrepreneurship and public policy.
The want for more research on COVID‐19 and entrepreneurship derives from the highly sensible relevance of the subject. Organizations are increasingly alert to the plethora of opportunities enabled by digital transformation and entrepreneurship. There is more emphasis as a outcome of COVID‐19 crisis prioritizing investments based on digital technology. However, a lot analysis remains to be accomplished reading how to embrace a digital mindset because of the COVID‐19 crisis. Digital know-how offers a method to augment innovation processes by making them simpler to implement. This result is helpful in the aggressive international economy that’s based mostly on multi‐sided ecosystems and digital platforms.
Research on COVID‐19 and entrepreneurship may help perceive how coverage points regarding digital know-how are resolved. Concerning a future research agenda, studies are needed that explore the facility relations relating to policy implementation. It would facilitate knowledge sharing concerning the intermediaries and mechanisms policymakers utilize. More analysis may look at the relationship between policy and society, which can more accurately capture the results of the COVID‐19 crisis.
Leadership is a attribute valued by policymakers due to the COVID‐19 crisis. The need for fast and rapid action meant that leaders who may take these essential steps have been valued in society. Leaders who dithered or didn’t act lead to the region facing the next degree of COVID‐19 associated issues. While performing decisively, leaders still needed to show respect of authority demonstrating their need for stakeholder engagement in matters associated to COVID‐19. Influential leaders had been those who foresaw the influence COVID‐19 was having on society and took strategic motion. A fruitful context to test theory‐based predictions on COVID‐19 information is to concentrate on cross‐cultural management. The outcomes obtained will allow a better understanding of whether or not management behavior varies across cultures or is similar.
Although there is much knowledge out there on COVID‐19, there are many research areas not widely addressed by researchers within the technique and enterprise literature. The research hole is mainly as a end result of newness of the data and the uncertainty concerning the disaster size. While several studies are rising on COVID‐19, there are rising matter areas that may stimulate future research. For this text, the important topic areas mentioned are strategy, supply‐side issues, demand‐side issues, networks, efficiency, and context. Each of those subject areas must be researched further concerning how leaders can contribute to present literature whereas constructing new information.
Tax incentives and different reduction types to mitigate the financial impression of the virus on companies. In December 2020, the United Kingdom grew to become the primary country to approve the use of a COVID‐19 vaccine. Other international locations are prone to comply with their lead and approve the use of the vaccine. Life before COVID‐19 will never be the identical once more due to the societal modifications which have occurred. However, the governments have responded to COVID‐19 in one other way with some international locations closing their borders and considerably restricting motion while different international locations have remained open and downplayed the impact of the virus. Governments have additionally needed to weigh up the economic versus social effects of policies concerning the virus. Due to concern in regards to the well being system’s capacity to deal with the medical therapy of COVID‐19 patients, governments have implemented stay‐at‐home orders. While helpful in stopping the spread of the illness, this coverage has economic results in curtailing enterprise exercise. The COVID‐19 crisis has already curbed international GDP growth. To lower the impression of the COVID‐19 pandemic on the economic system, governments have provided economic stimulus in welfare payments and tax decreases.
three.6. Business influence
During the COVID‐19 disaster, companies have tried to preserve their cash circulate by chopping nonessential bills. This behavior helps in saving cash and in maximizing the use of existing resources. Businesses have tried to renegotiate contracts with suppliers and landlords so as to scale back losses from the disaster. Such reactions were supplemented by governments introducing legislation banning evictions in the course of the disaster. Other strategies embody modifying current enterprise models so as to keep or grow revenue. In addition to all these varieties of actions, it could possibly assist alleviate losses by looking at new business alternatives. By investigating in new progress ventures, it can be easier to re‐orientate a enterprise to completely different market situations.
Each industry sector in the financial system has its means of coping with the crisis, including different motion types. Most businesses are attempting to accelerate digital transformation by focusing on the use of digital platforms. Changing the greatest way they provide services to a digital enterprise model. Digital advertising has now become a vital part of a business’s technique in the course of the crisis. Moreover, digital communication permits companies to disseminate info in an internet format. It permits flexibility when it comes to making businesses adaptable and proactive in the crisis. As it is unclear how long the disaster will last for, it’s useful to have a flexible method that allows a enterprise to change course on short notice.
Many international locations have imposed restrictions on individuals working nearby and on social congregations. Even with these restrictions being removed in countries with low transmission rates, there has been a elementary shift in the finest way people stay and work. As a result of these restrictions, labor‐intensive firms, primarily factories, have needed to shut down or reduce work hours. The COVID‐19 disaster has resulted in an enormous lack of human life, and psychologically impacted individuals worldwide. No amount of crystal ball gazing can decide the complete effects of the disaster on people. The world is in all probability going to not come out of it unscathed however rather be affected for years to return.
Small businesses are extra location‐dependent than large companies. They are a basic engine for economic development and employ a substantial share of the workforce. Therefore, it might be helpful for further research to concentrate on how small enterprise coped through the COVID‐19 disaster. Differentiating small versus large businesses so as to understand the way a disaster affected their strategy. Small companies in several industries corresponding to retail, tourism, and manufacturing need to be studied intimately. The outcomes would produce information on how networks, relations, and government entities have helped small enterprise regulate to the new market circumstances. The use of policies for small business to outlive has been highlighted, but more evidence about its function in sustaining small companies is needed. Besides, the function of training primarily based on government‐sponsored programs to assist small businesses requires extra research enabling an assessment of how insurance policies have been effective. There is still much to be learnt in regards to the challenges of small business during the COVID‐19 disaster.
The unfolding economic catastrophe resulting from this crisis has impacted businesses in a big way. In specific, retail businesses have been significantly affected by the shift to online operations and decreased opening hours. The effect on enterprise has been most observable with the tourism and hospitality industry shut down. Due to the emphasis on providers and human interaction, the tourism industry has had to devise new working methods by making certain that human interplay happens safely. The tourism trade has encountered severe challenges with how to respond to changing market circumstances. The extended nature of the disaster has meant there’s uncertainty about whether and if the market modifications. All stakeholders in the tourism industry, including customers, workers, authorities, suppliers, and policymakers, have been affected.
three.7. Social inclusiveness
Due to the lockdowns necessitated by the COVID‐19 crisis, weak populations were especially affected. An upsurge in mental health issues, but on the optimistic facet resulted in homeless people being supplied shelter. It could be attention-grabbing to examine how communities turned more inclusive because of the COVID‐19 crisis. Alternatively, it would even be useful to analysis how unequal access to necessities through the crisis‐affected society. For example, because of the want for on-line studying poorer members of society that did not have internet entry were disadvantaged.
Moreover, there has been a lot media consideration placed on gender inequity during the crisis due to working and studying from residence policies. Thus, the seemingly positive policy of working from house can negatively influence these needing childcare or eldercare. Future analysis may address the role of social inclusiveness in implementing COVID‐19 related insurance policies. It could additionally examine community‐based and social types of entrepreneurship to deal with inequity within the COVID‐19 disaster.
The social disruption brought on by the COVID‐19 pandemic is devastating with growing levels of psychological illness and poverty. As a outcome, COVID‐19 represents a challenge to the global society in responding to public well being and social needs. Informal staff are notably weak as they aren’t formally identified as members of the worldwide economic system. This process makes it onerous to understand the influence of COVID‐19 on the casual economy regarding misplaced wages and productiveness. Many informal staff lack access to well being care and social protection. During lockdowns and intervals of low economic development, they don’t have access to important providers.
The fragility of the global financial system primarily based on open borders has been laid bare by the crisis. No longer are people and companies able to conduct frequent and easy transactions as a outcome of commerce restrictions. During the disaster journey, bans and social distancing requirements have crushed companies resulting in bankruptcies as businesses couldn’t cowl fixed prices. As retail stores closed and the variety of COVID‐19 infections climbed, companies have been urged to think in an entrepreneurial method.
Few research have focused on the function of strategy in response and management of the COVID‐19 pandemic. Due to the sudden and unforeseen nature of the disaster, businesses trended to not have strategic plans to know tips on how to reply strategically. The lack of strategic plans meant for most companies that their response behavior was reactive somewhat than proactive. This type of response changed as soon as companies became extra comfy with the new market conditions. The means COVID‐19 turned a supply of aggressive benefit for companies needs to be examined for several reasons, together with the need to perceive how steady studying impacted corporate strategy. The question is how companies learnt during the disaster and utilized it to extend their aggressive benefit in the market. Existing strategy literature could require a reconfiguration in order to keep in mind new views. Research with a strategic perspective shall be valued as it’ll shed light on creating enterprise alternatives because of the COVID‐19 crisis.