three. ENTREPRENEURSHIP DURING THE COVID‐19 CRISIS
There is a need for companies to outlive within the quick time period by utilizing an entrepreneurial mindset by committing to alter that incorporates innovation. Entities must be versatile so as to survive in the new market conditions. Managers and policymakers need to harness the potential of entrepreneurship. Entrepreneurship is considered necessary in a vibrant economic system as it provides the impetus for financial progress (Anggadwita, Ramadani, Luturlean, & Ratten, 2016). The function of entrepreneurship in society has evolved through the years with a realization that entrepreneurship can have a revenue, non‐profit and hybrid kind. Traditionally, entrepreneurship was thought of a purely economic agent, however this changed with acknowledging that entrepreneurship’s social types are essential (Jones, Jones, Williams‐Burnett, & Ratten, 2017). From a public well being perspective, entrepreneurship has been used to build public‐private partnerships that are essential drivers of financial and social change in the course of the COVID‐19 pandemic. Governments are collaborating with private entities on health matters to access funding and meet societal obligations.
In times of disaster, entrepreneurs assist enhance product and repair quality and advance new technologies. Entrepreneurs are a source of dynamism and ensure that an economy remains aggressive (Santos, Marques, & Ratten, 2019). These skills are needed within the financial system and act as an incentive for others to behave innovatively. Moreover, entrepreneurs are characterised by their vibrancy and constructive energy. They act as risk‐takers by seeing alternatives within the market that others at present don’t foresee. Best practices may be implemented, including making a multidisciplinary stakeholder committee to debate motion plans evaluating the crisis at different instances so as to ascertain what actions are required.
In the context of COVID‐19 and future crises, entrepreneurship must be used to implement disaster management methods. Due to the internationalization of the world economy, there’s increased mobility between nations. During the COVID‐19 pandemic, this mobility has decreased because of country borders being closed or limited to sure vacationers. As a outcome, entrepreneurial methods and insurance policies need to be used so as to reinvigorate financial development. Hao et al. (2020: p. 2) state “an organisation faces a disaster because of inner failures, whereas it confronts a disaster due to uncontrollable exterior components.” This distinction helps explain why a disaster is taken into account as extra severe than a crisis. The word disaster implies that it may be solved in a quick while body, though this doesn’t always occur (Doern, Williams, & Vorley, 2019). While the words “crisis” and “disaster” are regularly used as synonyms, COVID‐19 pandemic is more known as a disaster when contemplating organizational results but as a catastrophe when considering international ramifications.
three.1. COVID‐19 public policy implications
The need to concentrate on public coverage concerning what governments are doing comes from how COVID‐19 has affected society. Public coverage research is a priority as a result of elevated curiosity in the way to clear up COVID‐19 associated problems. Every facet of policymaking must be examined while information about the COVID‐19 pandemic must be gathered to inform coverage concept and apply.
Public policy entails finding out the greatest way authorities administrations have implemented change. Government officers are centrally involved in the COVID‐19 policy‐making course of. They operate inside a broader political framework based on prevailing conditions. Thus, the buildings of energy and influence are shaped by altering environmental conditions. Policymakers make critical selections based mostly on assumptions concerning the impact of COVID‐19. A core reason for policy change is to make society more efficient and effective. Policy that has an entrepreneurial nature is taken into account as extra revolutionary and futuristic. Therefore, it differs from the precedence policy that was rational, consistent, and predictable. The speedy way COVID‐19 affected society has resulted in a need to make higher insurance policies to swimsuit new market situations.
Policy could be based mostly on acceptable analyses in choosing alternatives or based mostly on an evaluation of current tips. Policymaking entails selecting what sources ought to be used and in what time frame. Due to the restricted availability of some sources during the COVID‐19 pandemic, this is important. As few public items are equally available to all, choices need to be made about how, when, and the place to make use of sources. This want results in policymakers implementing choices about usage.
Particular coverage ideas regarding COVID‐19 corresponding to working from home have caught on shortly. It was due to the consciousness of the excessive diploma of infectiousness of COVID‐19 and the way some work could be done at home. Advocates of working from house stress how decreased social interplay is supplemented by increased digital engagement. To be certain that policies are implemented in the proper method, it helps to have motivated people involved. The group of apply has to evolve concerning the usage of such insurance policies in society.
Research on COVID‐19 policy may be shaped into two completely different but 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 recuperate. Therefore, it is time to give consideration to current progress to offer a basis for constructing research on COVID‐19 management. This analysis may assist in avoiding ineffective management practices that cease the rebuilding of the worldwide economic system. The way policymakers cope with COVID‐19 may appear to be a matter of fine luck as an alternative of deliberate management follow. In actuality, the ways policies concerning COVID‐19 may be complex and evolve. While a lot research exists normally on COVID‐19, a more selective analysis strategy is required to help policymakers construct momentum on what they know and what they should know regarding COVID‐19.
Policymakers worldwide have been grappling with how to implement policies that defend the health of citizens while encouraging financial development. Such a task isn’t straightforward as the contrasting needs of multiple stakeholders have to be thought of. The importance of implementing policies relating to COVID‐19 has been widely recognized as a major way to alleviate the stress brought on by COVID‐19. A glance at the economic situations of nations which have successfully decreased the infection charges of COVID‐19 reveals that their efficiency is as a outcome of implementation of effective insurance policies, thereby advancing a competitive benefit in the international market. Therefore, cooperation between policymakers and business entities can facilitate economic development and stimulate new economic features. Such cooperation contains collaborative analysis or scientific consultancy concerning COVID‐19‐related points.
Policymakers are constantly underneath strain to vary, which makes entrepreneurship essential to regional competitiveness. The effectiveness of coverage is decided by interactions between enterprise and governmental establishments within the health and scientific system. When this interplay progressively turns into more active, business and establishments’ policy implementation will considerably affect the economy. Policy entrepreneurship and its contribution to COVID‐19 processes more and more appear excessive on present governmental agendas. The rising variety of actors concerned in COVID‐19 policy is as a outcome of need to search out solutions to COVID‐19 related problems. Some governments have decentralized policymaking relating to COVID‐19 so as to give native authorities extra autonomy. This strategy is beneficial in responding quickly and within the appropriate approach to COVID‐19 problems. However, most governments are relying on native knowledge to support coverage responses, thereby making policy implementation extra of community concern.
The COVID‐19 crisis has disrupted coverage planners’ practices. Policymakers are studying to improvise and be taught new behaviors to find a way to adapt to altering market situations. There has been the introduction of latest rules and procedures regarding how individuals reside in society. New coverage suggestions have emerged concerning innovative methods society has learned to cope with the altering work, life, and business situations (Weick & Sutcliffe, 2011). Questions need to be answered about the best way COVID‐19 has impacted policy planners. Will policymakers completely change their processes due to lockdown and social distancing, or will they revert to old procedures once the disaster is over? Will policymakers discover implementing COVID‐19 decisions a trouble and, therefore, decide to strategy selections differently? Will there be new mechanisms similar to working from house and telecommuting utilized in making policy decisions? These questions are related as COVID‐19 has considerably modified the means in which policymakers make decisions.
All insurance policies are location‐ and time‐bound. Policies are developed based mostly on what’s required in a specific timeframe. Policies are contextual as context issues. The context may be socially pushed based on the emergence of latest way of life practices. The social context includes communities and workplaces. Technology is a context as emerging applied sciences influence lifestyles. The most radical expertise breakthroughs are associated to digital communication and medical advances. In recent years, there was extra emphasis on artificial intelligence and biotechnology. Rules and rules provide another context that relates to public areas. In addition, non-public spaces have their own required set of conduct. Public policy has tended to try to encourage wholesome and sustainable guidelines and laws. Policymakers have had to improvise in phrases of making one of the best use of available assets. Due to the changing nature of COVID‐19, it has turn into apparent that new strategies have to be devised by emphasizing practicality and the timeliness of insurance policies. Not all data is thought. Therefore, policymakers must do the most effective they’ll in the time they have by making certain coverage is related and makes environment friendly use of the obtainable resources.
3.2. Overview of articles in the current journal problem
This special journal concern on “COVID‐19 and entrepreneurship” contains 9 articles. The first article titled “Overview article: COVID‐19 and entrepreneurship: Future analysis directions” by Vanessa Ratten offers an overview of a few of the points the world is presently facing on account of the COVID‐19 pandemic. It is thereby highlighting how the world has changed and how it can encourage a more entrepreneurial spirit to deal with this change. The second article titled “The resilience of the cooperative mannequin: How do cooperatives cope with the COVID‐19 crisis?” by Adrien Billiet, Frédéric Dufays, Stefanie Friedel, and Matthias Staessens further discusses the COVID‐19 pandemic by offering a mannequin incorporating resilience. It offers a means for cooperatives to handle change by specializing in their core actions. The third article titled “Prosocial expertise development in youngsters and social value creation during COVID‐19” by Ahmad Arslan, Lauri Haapanen, and Shlomo Tarba take the view that social value creation can be encouraged in instances of crisis. It is thereby enabling extra cooperative behavior to emerge. The fourth article titled “The case of sales in the automotive trade in the course of the COVID‐19 pandemic” by Fabian Hoeft focuses on strategic implications of the disaster. Thus, it offers some administration tools that might be useful to navigate in instances 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 business implications of the COVID‐19 pandemic. It focuses on rural areas which are dealing with 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 changes obvious in the know-how sector because of the COVID‐19 pandemic. It highlights the massive shift to digital expertise 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 significant impact 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 disaster. 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 analysis and suggestions for future analysis as regards to COVID‐19 and entrepreneurship. The tenth article titled “Touristic preferences of hostel friends during COVID‐19 times: 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.
three.3. Future research instructions
The circumstances and timing are proper for analysis on COVID‐19, entrepreneurship, and coverage. Despite some challenges, the research on COVID‐19 might produce many benefits. New theories and tests could come up. The implicit assumptions in current research must be examined in mild of the COVID‐19 disaster. The COVID‐19 context presents a unique situation to test theories and provides quite a few research alternatives (Wenzel, Stanske, & Lieberman, 2020).
The current article seeks to offer a roadmap on the literature linking the COVID‐19 pandemic to entrepreneurship and public policy, thereby offering useful future research instructions that are needed on this new area of research. This task just isn’t a straightforward one due to the current nature of the COVID‐19 pandemic and public coverage planners’ desire to contribute to entrepreneurial options. While the subject of COVID‐19 has obtained constant media attention, its linkage to the entrepreneurship and public policy literature stays limited. There is an pressing need for researchers and public policymakers to hitch forces to construct new scientific literature on COVID‐19. It would be helpful within the current financial situations and serves to help manage future crises. Being COVID‐19 a coronavirus, it’ll probably give rise to a household of latest viruses in the future. COVID‐19 is a topic that has an interdisciplinary nature as a outcome of its economic, well being and social ramifications. It is a contentious topic due to the complicated ways it has affected society. The current article goals to guide direct researchers and public policymakers towards understanding how entrepreneurship can address the problems raised by COVID‐19 by specializing in essentially the most critical questions and issues regarding the pandemic.
3.four. Digital transformation
Research on COVID‐19 and entrepreneurship can pave the method in which for more in‐depth insights about disaster management via digital transformation. The matter is experiencing a section of exponential progress because of the acknowledgment that entrepreneurship is particularly wanted in disaster times. At the core of the curiosity round COVID‐19 and entrepreneurship is digital transformation. Digital transformation is outlined as “a course of that goals to enhance an entity by triggering important changes to its properties by way of mixtures of knowledge, computing, communication and connectivity technologies” (Vial, 2019: p. 118). The COVID‐19 crisis has necessitated the digital transformation of society however particularly regarding healthcare. In the healthcare sector, a number of stakeholders have utilized digital transformation to introduce improvements corresponding to paperless transactions. This enables operational effectivity and permits well being care providers to implement a extra patient‐centered method. The design of digital development strategies has tended to be primarily based on the usage of proper metrics and targets. The data systems expertise has been enhanced as a way to track real‐time data. These developments have revolutionized the health sector and created new enterprise opportunities. The issues related to the COVID‐19 crisis could be addressed using digital know-how to preserve individuals’s mental and physical wellbeing. All industrial contexts have modified as a outcome of digital disruption. The use of digital options allows better connectivity within society that has coincided with the fourth industrial revolution based mostly on the systematic interconnection of all entities via technical means.
Scholars are inspired to conduct extra analysis into how digital transformation has been utilized in the course of the COVID‐19 crisis. The curiosity in the topic is not surprising; given the way the pandemic has affected society. There has been a specific emphasis on analytical data processing capabilities to grasp the influence of COVID‐19. While entrepreneurship can have a social or non‐profit nature, typically, it is financially motivated. The entrepreneurial alternatives derived from the COVID‐19 disaster could be exploited through the use of the obtainable resources in society. Furthermore, as COVID‐19 is a health disaster, entrepreneurs have to handle the institutional setup in areas. Entrepreneurs are connecting opportunities with innovations associated to healthcare‐based digital transformation exhibiting consciousness about how business can be performed in a web-based surroundings.
The idea of digital transformation is complicated as it is a multi‐dimensional phenomenon that affects entities differently relying on the context. It is a brand new research paradigm as a outcome of it introduces a multi‐faceted perspective on using digital know-how in society. Most administration and entrepreneurship students would agree that the digital transformation we are undergoing due to the COVID‐19 disaster is unparalleled in history. It is a superb time to rethink the completely different views that co‐exist digital technology to develop the field. Due to the highly fragmented research landscape concerning digital technology, it’s helpful to take a broad approach as to how it has and continues to happen. The lack of the literature on COVID‐19 and entrepreneurship is the principle reason that motivated to write this text. It is believed that further analysis is necessary to illuminate the intricate relationship between COVID‐19, entrepreneurship and public coverage.
The want for extra research on COVID‐19 and entrepreneurship derives from the highly sensible relevance of the topic. Organizations are increasingly alert to the plethora of opportunities enabled by digital transformation and entrepreneurship. There is extra emphasis because of the COVID‐19 crisis prioritizing investments based mostly on digital know-how. However, much research stays to be accomplished reading tips on how to embrace a digital mindset because of the COVID‐19 disaster. Digital know-how offers a method to augment innovation processes by making them easier to implement. This result is useful in the competitive world financial system that’s based mostly on multi‐sided ecosystems and digital platforms.
Research on COVID‐19 and entrepreneurship can help perceive how policy points concerning digital technology are resolved. Concerning a future research agenda, studies are wanted that discover the facility relations concerning policy implementation. It would facilitate data sharing about the intermediaries and mechanisms policymakers utilize. More analysis might study the relationship between policy and society, which may extra precisely capture the effects of the COVID‐19 disaster.
Leadership is a attribute valued by policymakers because of the COVID‐19 crisis. The need for quick and rapid motion meant that leaders who may take these essential steps had been valued in society. Leaders who dithered or did not act lead to the area facing a better stage of COVID‐19 related issues. While appearing decisively, leaders nonetheless needed to show respect of authority demonstrating their want for stakeholder engagement in matters associated to COVID‐19. Influential leaders had been those that foresaw the influence COVID‐19 was having on society and took strategic motion. A fruitful context to check theory‐based predictions on COVID‐19 information is to give attention to cross‐cultural management. The outcomes obtained will allow a better understanding of whether or not leadership habits varies throughout cultures or is similar.
Although there is a lot information out there on COVID‐19, there are numerous analysis areas not extensively addressed by researchers within the strategy and business literature. The analysis gap is principally because of the newness of the info and the uncertainty concerning the disaster length. While several studies are emerging on COVID‐19, there are emerging topic areas that may stimulate future analysis. For this text, the important topic areas discussed are strategy, supply‐side points, demand‐side points, networks, efficiency, and context. Each of those topic areas needs to be researched additional concerning how leaders can contribute to existing literature while building new knowledge.
Tax incentives and other aid forms to mitigate the financial influence of the virus on companies. In December 2020, the United Kingdom grew to become the first country to approve the use of a COVID‐19 vaccine. Other countries are prone to comply with their lead and approve the use of the vaccine. Life before COVID‐19 won’t ever be the same again due to the societal modifications which have occurred. However, the governments have responded to COVID‐19 in a special way with some countries closing their borders and significantly limiting motion while other countries have remained open and downplayed the impact of the virus. Governments have also had to weigh up the economic versus social results of insurance policies concerning the virus. Due to concern in regards to the health system’s capability to deal with the medical treatment of COVID‐19 patients, governments have carried out stay‐at‐home orders. While useful in stopping the unfold of the disease, this policy has financial results in curbing enterprise activity. The COVID‐19 disaster has already curbed world GDP growth. To decrease the impact of the COVID‐19 pandemic on the economic system, governments have offered financial stimulus in welfare payments and tax decreases.
3.6. Business impact
During the COVID‐19 crisis, companies have tried to preserve their money circulate by cutting nonessential expenses. This behavior helps in saving money and in maximizing the use of existing assets. Businesses have tried to renegotiate contracts with suppliers and landlords in order to reduce losses from the crisis. Such reactions have been supplemented by governments introducing laws banning evictions in the course of the crisis. Other methods include modifying existing business models so as to keep or grow income. In addition to all these sorts of actions, it could assist alleviate losses by looking at new business alternatives. By investigating in new development ventures, it might be easier to re‐orientate a business to completely different market circumstances.
Each trade sector within the economy has its means of dealing with the crisis, together with different motion sorts. Most businesses try to speed up digital transformation by specializing in the utilization of digital platforms. Changing the way they provide products and services to a digital enterprise model. Digital marketing has now turn out to be an essential a part of a enterprise’s strategy in the course of the crisis. Moreover, digital communication permits companies to disseminate data in a web-based format. It enables flexibility when it comes to making companies adaptable and proactive within the crisis. As it’s unclear how lengthy the crisis will last for, it is helpful to have a versatile strategy that permits a business to alter direction on short notice.
Many nations have imposed restrictions on individuals working nearby and on social congregations. Even with these restrictions being eliminated in countries with low transmission rates, there has been a elementary shift in the way people stay and work. As a result of these restrictions, labor‐intensive firms, mainly factories, have needed to shut down or decrease work hours. The COVID‐19 crisis has resulted in an infinite loss of human life, and psychologically impacted individuals worldwide. No amount of crystal ball gazing can determine the complete effects of the disaster on people. The world is probably going not to come out of it unscathed but quite be affected for years to come back.
Small businesses are more location‐dependent than massive companies. They are a fundamental engine for financial growth and make use of a substantial proportion of the workforce. Therefore, it might be helpful for further analysis to give attention to how small enterprise coped through the COVID‐19 crisis. Differentiating small versus large businesses to be able to understand the way in which a disaster affected their technique. Small companies in several industries similar to retail, tourism, and manufacturing have to be studied intimately. The results would produce information on how networks, family members, and government entities have helped small enterprise regulate to the new market situations. The use of policies for small enterprise to survive has been highlighted, however extra evidence about its position in sustaining small businesses is needed. Besides, the position of education based on government‐sponsored programs to assist small businesses requires extra research enabling an assessment of how policies have been efficient. There continues to be a lot to be learnt about the challenges of small business during the COVID‐19 crisis.
The unfolding financial disaster resulting from this crisis has impacted businesses in a big method. In specific, retail companies have been considerably affected by the shift to online operations and decreased opening hours. The impact on enterprise has been most observable with the tourism and hospitality trade shut down. Due to the emphasis on providers and human interaction, the tourism business has had to devise new operating ways by making certain that human interplay happens safely. The tourism industry has encountered severe challenges with how to answer altering market circumstances. The prolonged nature of the crisis has meant there is uncertainty about whether or not and if the market changes. All stakeholders within the tourism industry, including prospects, employees, government, suppliers, and policymakers, have been affected.
3.7. Social inclusiveness
Due to the lockdowns necessitated by the COVID‐19 disaster, weak populations had been especially affected. An upsurge in mental well being issues, but on the positive facet resulted in homeless individuals being offered shelter. It can be fascinating to look at how communities grew to become more inclusive as a result of COVID‐19 crisis. Alternatively, it might also be helpful to analysis how unequal access to requirements in the course of the crisis‐affected society. For example, because of the need for online studying poorer members of society that did not have web access have been disadvantaged.
Moreover, there was much media consideration placed on gender inequity through the disaster because of working and studying from house policies. Thus, the seemingly positive policy of working from residence can negatively impression these needing childcare or eldercare. Future analysis might handle the role of social inclusiveness in implementing COVID‐19 associated policies. It might also look at community‐based and social forms of entrepreneurship to deal with inequity within the COVID‐19 disaster.
The social disruption attributable to the COVID‐19 pandemic is devastating with growing ranges of mental illness and poverty. As a result, COVID‐19 represents a challenge to the global society in responding to public health and social needs. Informal workers are significantly susceptible as they aren’t formally recognized as members of the worldwide financial system. This process makes it onerous to grasp the impression of COVID‐19 on the casual financial system relating to misplaced wages and productivity. Many casual staff lack access to well being care and social protection. During lockdowns and intervals of low financial progress, they do not have access to essential providers.
The fragility of the worldwide financial system primarily based on open borders has been laid naked by the disaster. No longer are people and companies capable of conduct frequent and easy transactions as a outcome of trade restrictions. During the crisis travel, bans and social distancing necessities have crushed companies resulting in bankruptcies as businesses could not cowl fastened prices. As retail shops closed and the number of COVID‐19 infections climbed, businesses have been urged to suppose in an entrepreneurial method.
Few studies have focused on the position of technique in response and administration of the COVID‐19 pandemic. Due to the sudden and unexpected nature of the disaster, businesses trended to not have strategic plans to know the way to reply strategically. The lack of strategic plans meant for most businesses that their response behavior was reactive rather than proactive. This kind of response modified once companies became more comfortable with the model new market circumstances. The method COVID‐19 became a source of aggressive advantage for companies needs to be examined for a number of reasons, including the need to perceive how continuous studying impacted company technique. The query is how companies learnt in the course of the disaster and utilized it to extend their competitive advantage in the marketplace. Existing technique literature may require a reconfiguration to be able to take into account new views. Research with a strategic perspective shall be valued as it’s going to make clear creating enterprise alternatives because of the COVID‐19 crisis.