ABSTRACT
COVID-19 struck the world by storm and has taken its victims along the way. It had also put the whole world on a temporary pause as people tried to manage the virus as best as possible. It has affected people all around the globe and had a huge impact on the global economy. This research will look into how microbusinesses have used social media in order to better face the challenges and changes that came due to the COVID-19 crisis while it will discuss how businesses' perceptions were altered along the way. In particular we are reviewing relevant academic literature surrounding microbusinesses and how they have been affected by COVID-19. The research methods used within this study, and the research results will be stated with reference to primary respondents. We have used a combination of secondary and primary research to develop further understanding of microbusinesses and the impact that COVID-19 has had on organizations in relation to the use of the internet and social media platforms. Limitations of the study will also be identified, and future research areas will be identified.
ABSTRACT
The purpose of this qualitative exploratory case study was to explore how the COVID-19 pandemic impacted small business entrepreneurs in the USA. The coronavirus pandemic started in China, spread across the world, and caused unprecedented health crises and financial and economic disruptions (Brijesh et al., 2020). The COVID-19 pandemic impacted many small businesses leading to severe liquidity problems and substantial financial losses (Williams & Kayaoglu, 2020). The U.S. government developed micro and macroeconomic recovery plans and strategies that focused on the economic revival interventions, boosting national cash flow, increase in spending, and consumption (Thorbecke et al., 2020). The participants in this study were purposefully sampled from the population of 1,000 small businesses in the USA, provided by Data Axle USA. Two data sources were an open-ended questionnaire/survey instrument and an archival documents review. The archival documents were downloaded from the NSBA website. Data analysis was done using Braun and Clarke's thematic analysis process (Ayre & McCaffery, 2022). From the thematic analysis, six themes emerged (a) Supply, Demand, and Trade Deficit Affected Revenue Stream;(b) Trade and Revenue Deficits Led to Business Rightsizing and Closures;(c) Government Help and Small Business Loans;(d) Transition to Internet, Virtual, and Online Business to Survive;(e) Retrenchment and Redundancy Reduction;and (f) Need for Awareness and Preparedness. (PsycInfo Database Record (c) 2023 APA, all rights reserved)
ABSTRACT
In the post-pandemic business environment, small and medium-sized enterprises have experienced historic voluntary employee turnover. One potential contributor to this phenomenon is job satisfaction. Small and medium-sized enterprises serve as the main driver of the global economy, representing 90% of all firms and 70% of the jobs worldwide. This study investigated the relationship between employee development and job satisfaction in the post-pandemic business environment and identified if technology acceptance in the multigenerational workforce moderates the relationship. The study was conducted using a quantitative non-experimental design. Retail workers of SMEs in the state of Florida were surveyed using instruments to measure employee development, technology acceptance, and job satisfaction. The study found that (a) employee development remains a driver of job satisfaction in the post-COVID-19 business environment, and (b) technology acceptance in the multigenerational workforce does not moderate the relationship between the variables. The study's overall findings offer practitioners of SMEs fresh insights into the impact of the rapid deployment of advanced technology on the post-COVID-19 business environment and its implications on job satisfaction in the multigenerational workforce. (PsycInfo Database Record (c) 2023 APA, all rights reserved)
ABSTRACT
The appearance and subsequent diffusion of COVID-19 forced many bars and restaurants across the United States to close their doors and discontinue normal business practices. This included over 8000 craft breweries. As a result of COVID-19 directives, craft breweries were restricted to curbside pick-up and home delivery of the beer they produced, forcing them to rethink and redesign an important part of their business model. The primary purpose of this chapter is to assess how craft breweries responded to the restrictions placed upon them. A historical review of how the 1918-19 influenza pandemic impacted the brewing industry in the United States is also provided. Similarities between how COVID-19 and the 1918-19 influenza pandemics impacted their period's respective brewing industries are identified. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
This paper explores the relationships among micro- and small-sized enterprises' (MSEs) willingness to borrow from internet financial services (IFS) and the related impacts of coronavirus disease 2019 (COVID-19) and then analyses the mediating effects of their beliefs on the advantages and disadvantages of IFS. We further analyse the differences produced by the moderator effects of MSEs' enterprise variables (sector, operating years, entrepreneur's education, profit margin, and employee number) on the above relationships. We collected 632 valid reports by developing an online questionnaire in China and employing judgement sampling of MSEs with fewer than 50 employees and annual operating income less than RMB 5 million. Then, we analysed the findings with partial least squares structural equation modelling. The results show that COVID-19 significantly impacted most Chinese MSEs and that most Chinese MSEs tend to borrow via IFS, but the amount and period of MSEs' willingness to borrow should not be affected by the impacts of COVID-19 on MSEs. Rather, the explanation concerns the greater unfamiliarity or uncertainty concerning IFSs relative to traditional financial instruments. Moreover, MSEs' understanding of IFS's advantages and disadvantages has significant adverse mediating effects on the relationship between MSEs' willingness to borrow via IFS and the impacts of COVID-19. Furthermore, the enterprise variables of MSEs, namely, their industry type, entrepreneur's education, number of employees, profit margin, and operating years, have significant moderating effects on these relationships. The results have implications for the government's comprehensive supervision system for IFS risks, IFS firms' enterprise performance, risk survey, and information disclosure systems, and the development of customer-specific and easy-to-use marketing strategies for IFS firms. (PsycInfo Database Record (c) 2023 APA, all rights reserved)
ABSTRACT
This study is based on an understanding of the state of development of small tourism businesses in Almaty, one of the oldest settlements located along the Great Silk Road. The aim of the study was to obtain accurate data on the current state of development of small tourism businesses in Almaty and to identify problems and prospects. In the course of the research, 655 questionnaire responses from business owners and managers meeting the selection criteria were selected and rigorously monitored over a period of 3 months. As a result of the study, the most important problems of small tourism businesses in Almaty were identified, which include: 75.7% of respondents lacked knowledge about tourism activities;53.6% of entrepreneurs do not conclude contracts with employees;82% of business representatives do not have marketing plans;and, as a consequence, inability to obtain loans from banks;and the consequences of the war in Ukraine. However, we also saw some positive trends in the survey: the willingness of respondents to overcome the consequences and the crisis of the covid pandemic-19;motivation to develop their own business;28.7% of young entrepreneurs;74.7% of individual entrepreneurs invest in small tourism businesses. Thus, this study is an auxiliary tool for solving the problem of sustainable development of tourism infrastructure of Almaty, service activities, problems arising in small tourism business.
ABSTRACT
The outbreak of the COVID-19 Pandemic has devastated economic activities around the world. The tourism industry is facing severe challenges, such as reduced tourist flow and the lack of tourist consumption at destinations. Recreational farms are one of the business types of agricultural tourism in Taiwan and have the characteristics of small and medium-sized agriculture businesses. The operator is facing an uncertain environment in the epidemic market, and the operator's dynamic capability is considered to be effective in coping with the current environment. In this study, 20 selected recreational farms were interviewed to explore how operators use dynamic capabilities to make responses. The results show that recreational farms have the three elements of dynamic capabilities: sense, seize, and transform, to change farm marketing channels and develop new products or services to respond to the new market. Recreational farm operators adopted resource optimization, computerization, and cost control strategies to respond to the market.
ABSTRACT
The aim of this paper is to identify and analyze the four core driving forces that shaped the complex picture of rural tourist businesses. These driving forces are marketability, participatory, crisis mitigation and sustainability. This study focused on the scholarly perspective to study and analyze the rural tourism businesses' literature and its link with these four driving forces. By using the bibliometric analysis technique and VosViewer as a visualization tool, the results revealed that less than 50% of rural tourism literature was concerned with local businesses. Regarding the four driving forces, sustainability was the most linked force with the rural tourism businesses' scientific production. Contrarily, a relatively small body of the rural tourism businesses' literature discussed marketability, participatory and crisis mitigation, despite their significant role in the development of these local rural businesses. In addition, the results of this study showed the interest of rural tourism articles in the crisis mitigation pillar, especially recently after the COVID-19 pandemic.
ABSTRACT
Things can change quickly in life. The security of one moment can quickly become impermanent before we have a chance to realize it. This is certainly the case with the crisis that has resulted from the global outbreak of the coronavirus (COVID-19). Millions of people globally have been infected, and thousands have already died from the outbreak. The general public is advised to remain socially distant from one another and to regularly wash their hands. The global economy has gone into freefall, and a recession, if not a depression, now seems likely. Panic buying in the shops is common practice. No one knows what tomorrow holds. © 2021 International Council for Small Business.
ABSTRACT
Small and micro-enterprises cannot be wished away. This became more clear in the fight for survival during the COVID-19 pandemic. The impact of this pandemic on small and micro-enterprises has challenged both government and the private sector to rethink their approaches to support these enterprises. The study was aimed at examining the impact of COVID-19 on small and micro-enterprises in South Africa. A desk research design was used to collect the data. The discussion included the government's response to address the pandemic's impact on small and micro-enterprises. The plight of small business practitioners, as a consequence of the lockdown, are also reported on in the findings of the study. Recommendations of the study are to revisit the regulatory environment that should enable small businesses to thrive, strengthen skills development, and speed up the transfer of knowledge of the digital economy to small and micro-enterprise practitioners.
ABSTRACT
Rural entrepreneurs are significant business groups, being the contributors to the nation's economy. They are the creators of job opportunities, but they are facing great challenges during the COVID-19 pandemic crisis. The objective of this research is to explore the impact of the pandemic on rural entrepreneurs. The current research was carried out at the Rural Community Centre (RCC) of Kg. Jelintoh, Gopeng, Perak, Malaysia. Being the most active RCC in conducting entrepreneurship programmes in 2019, that centre was chosen for this study. This exploration research utilised qualitative approach which involved an in-depth interview by using a semi-structured interview format with seven rural entrepreneurs. They were selected through a purposive sampling from the list of rural entrepreneurs. The data were analysed using a thematic analysis method. The results revealed two main themes of the impacts. The first theme was business operation which includes operation disruption, decrease in demand, shortage of logistic supply, and operation closure. The second theme involves business finance that consists of cash flow problems, unexpected increase in production cost, and access to economic stimulus package. The findings from this research provide good inputs to relevant agencies in assisting the rural entrepreneurs to resume their businesses. It is recommended that all types of rural businesses to be allowed to run their normal operations, ensure the smoothness of logistics supply, being offered with financial aids, reduce the production cost, and create an easy-access entry to economic stimulus package.
ABSTRACT
Due to an unprecedented threat from COVID-19, the World Health Organization recommended the introduction of physical distancing measures, such as quarantine and social isolation. These measures have severely affected some sectors of the economy, hampering the development of many economic activities, especially retail. In this context, this article investigated strategies for the dissemination, commercialisation and distribution of goods during the COVID-19 pandemic, particularly related to small companies that were not yet fully integrated with digital technologies. We perceived a forced digital transformation, disclosure on social networks, negotiating sales through text messaging applications, electronic payments and motorcycle and bicycle delivery service. The combination of different technologies has supported small businesses in times of pandemic, since commercialisation in digital media has been one of the main solutions for the prevention of bankruptcy, particularly for physical companies. Copyright © 2022 Inderscience Enterprises Ltd.
ABSTRACT
The purpose of the paper is to find out how COVID-19 has affected the sector of SMEs, especially in terms of its access to finance. In doing so we hypothesize that problems arising from both supply side and demand side of the business, have additionally restrained SMEs' access to finance, thus putting their short-to-medium term position to a threat. Research methodology includes descriptive statistical analysis of the results of a company survey of Croatian enterprises with respect to their current access to finance and expectations for the future. The survey was carried out on a sample of 40 small and medium sized companies in Split-Dalmatia County. The findings show that companies do not perceive many of the business risks as particularly threatening to their businesses. Still, this survey reveals a presence of a series of risks closely related to the current situation caused by COVID-19. These include increasing production costs resulting from rising costs of labor, capital, raw materials and other inputs (e.g. transport and logistics services), followed by increasing tax burden and stagnating productivity. Together with increasing costs, a fall in demand on both domestic and foreign markets, as well as a resulting decrease in sales, announce further problems that call for a strong policy response in the future. The main contribution of the paper is the finding that besides the problem of access to finance, the COVID-19 crisis has revealed other serious obstacles for SMEs which threaten to endanger the market position and competiveness of small business in the long run. By far the most serious problems for Croatian SMEs are that of a structural nature which include increasing costs and decreasing productivity. This research has additionally accentuated some serious obstacles from external environment which threaten to restraint SMEs' capacity to restructure and keep their competitive edge.
ABSTRACT
This study analyzes how the resources and capabilities of the owner-manager influence the firm's capacity to survive during crises. We conceptualize that only the deliberate use of available resources (bricolage) can enhance this capacity, and that "making-do" behaviors mediate the influence of the owner's social and human resources on the firm's capacity to survive crises. Based on a sample of 462 Chilean owner-managed small and medium enterprises (SME), we test our hypotheses using a complementary partial least squares-structural equation modeling (PLS-SEM) and fuzzy set-qualitative comparative analysis (fsQCA) approach. The results indicate that when founders deliberatively use their social and cognitive resources, they enhance the firm's capacity to survive in crisis environments. The fsQCA results complement these outcomes by showing that low levels of survival capacity are related to low levels of bricolage and founders' ties. (PsycInfo Database Record (c) 2023 APA, all rights reserved)
ABSTRACT
The COVID-19 pandemic has caused unprecedented losses for small businesses in cities across the globe. Policymakers have relied on a wide range of measures to support firms and sustain business continuity. However, significant concerns have been expressed about the degree of equity in the distribution and efficiency of government assistance during the pandemic disruption. Drawing on the case of the Paycheck Protection Program (PPP) and its implementation in inland Southern California, this study examines the spatial distribution of PPP loans at the neighborhood level. Based on spatial regressions and in-depth interviews with small businesses, banks, government agencies, and nonprofit organizations, the study finds that, in terms of their total number and value, the PPP loans have roughly succeeded in reaching their small business targets. However, communities with higher shares of pandemic-vulnerable businesses or higher levels of socioeconomic vulnerability are less likely to have received PPP loans. There have also been spatial spillover effects of community vulnerability when it comes to receiving PPP loans at the neighborhood level. The correlation between fewer PPP loans and community vulnerability also reflects both short-term needs and longstanding challenges facing entrepreneurship and business development in socioeconomically disadvantaged communities. Moreover, small business resilience and community resilience are inseparable, and thus government business assistance must be considered in the context of local communities. [ABSTRACT FROM AUTHOR] Copyright of Environment & Planning A is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
ABSTRACT
Covid-19 has significantly disrupted and devastated the world's economy. Data from Malaysia shows that more than 30,000 companies have closed their operations since the movement control order (MCO) implementation due to Covid-19 that began in March 2020. However, the effects on small businesses are especially severe, mainly due to the higher vulnerability levels and lower resilience related to their size. This study provides an empirical analysis of the key drivers leading to the business resilience of small businesses in Malaysia that have survived the Covid-19 pandemic. Data from 215 small businesses were collected physically and online across Malaysia from May 2021 to December 2021. Structural Equation Modeling (SEM) using Smart PLS 3.2.4 was used to analyse the data, whereby nine hypotheses were tested in the current study. The results showed that technology acceptance, government support, and financial literacy significantly influence business resilience among small businesses in Malaysia. The results also indicated that financial literacy moderates the relationship between compliance cost and government support with business resilience. Thus, the findings revealed three important determinants of small businesses' resilience framework, namely technology acceptance, government support, and financial literacy. The study recommends a dynamic, resilient framework to adopt in the "new normal" situation for the successful navigation of small businesses in the future. Moreover, the study provides insight into the key drivers for business resilience factors that small businesses must be concerned with, as the framework can be used to deal with not only the global pandemic but also uncertain conditions. Copyright © 2023– All Rights Reserved.
ABSTRACT
We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heterogeneities persisting through the end of 2020. (2) At businesses that remained open, concerns about demand shocks outweighed concerns about supply shocks though the relative importance of supply shocks grew over time. (3) In response to the pandemic, almost a quarter of the firms reduced their prices with price reductions concentrated among businesses facing financial constraints and demand shocks;almost no firms raised prices. (4) Only a quarter of small businesses had access to formal sources of financing at the start of the pandemic, and access to formal financing affected how firms responded to the pandemic. (5) Increased household responsibilities affected the ability of managers and employees to focus on their work, whereas increased business responsibilities impacted their ability to take care of their household members. This effect persisted through December 2020 and was particularly strong for women and parents of school-aged children. We discuss how these facts inform our understanding of the economic effects of the COVID-19 pandemic and how they can help design policy responses to similar shocks. © 2022 INFORMS.
ABSTRACT
This research aimed to investigate learning strategies for survival adaptation and develop guidelines for Mo Lam entrepreneurs. Qualitative research was employed by collecting data through interviews and group discussion, including the band's owners and executives, the band's members, musicians, performers, and audiences. The learning successful of Mo Lam business owners were, confident in their performance ability, creative and capable of using technology in their performances, determined to work hard to achieve targets, and involved at all steps of the planning. Concerning the factors for successful survival strategies, the entrepreneurs reported having used various techniques to help them accommodate the need to surviving. By pressing the like and share buttons, online viewers help spread the brand's name. Money transfers were sparked by the internet Mo Lam business, which reduced business costs and made material movement easier. Furthermore, the web business aided in the prevention of epidemics by allowing audiences to communicate with one another. Most crucially, online performance enabled entrepreneurs to generate company returns with minimal expenditure, while crime and conflict rates were theoretically reduced as a result of online performances.
ABSTRACT
Due to an unprecedented threat from COVID-19, the World Health Organization recommended the introduction of physical distancing measures, such as quarantine and social isolation. These measures have severely affected some sectors of the economy, hampering the development of many economic activities, especially retail. In this context, this article investigated strategies for the dissemination, commercialisation and distribution of goods during the COVID-19 pandemic, particularly related to small companies that were not yet fully integrated with digital technologies. We perceived a forced digital transformation, disclosure on social networks, negotiating sales through text messaging applications, electronic payments and motorcycle and bicycle delivery service. The combination of different technologies has supported small businesses in times of pandemic, since commercialisation in digital media has been one of the main solutions for the prevention of bankruptcy, particularly for physical companies.
ABSTRACT
Learning outcomes: ▪ Identify and explain the factors that contribute to the success of a restaurant business. ▪ Analyse different sources of entrepreneurial finance. ▪ Identify and explain local entrepreneur's expectations from a funding agency. ▪ Evaluate investment decision-making criteria for entrepreneurial funding agencies. Case overview/synopsis: Kartikey Rajput, the promoter of a food park Urban Chowk, was waiting for the Covid regulations in the country to be relaxed. The entrepreneur in him found a business opportunity to provide hygienic food with a beautiful ambience and floated a food park (Urban Chowk) with the support of his wife Nikita Agrawal in 2017 and the second edition amidst Covid in 2020. The business model was well-appreciated by food vendors as well as customers. Rajput could see future growth potential in urban India. But his aggressive business plan to open five food parks in different cities in the next three years was disrupted due to the Covid pandemic. The expansion required huge investments, and post-pandemic challenges were plenty. The decision to go beyond Ahmedabad required the selection of cities besides the major challenge of the financing choice. The new cities might have huge footfall potential but finding the right location at the right price was a different challenge. Rajput was also concerned with the sources of getting the required finances. The entrepreneur was contemplating and evaluating the alternative sources of finance available to a start-up. Complexity academic level: This case is appropriate for a graduate and post-graduate level programme in the courses like entrepreneurial finance, entrepreneurship and strategy. This case can also be used in an executive programme on management and Management Development Programmes (MDPs) on entrepreneurship or entrepreneurial finance. Supplementary materials: Teaching notes are available for educators only. Subject Code: CSS 1: Accounting and Finance. © 2022, Emerald Publishing Limited.