Entrepreneurial resilience and self-efficacy during global crisis: study of small businesses in a developing economy

ABSTRACT

Purpose>Entrepreneurship and entrepreneurs have become increasingly important around the globe considering its positive impact on productivity and employment by economic theoreticians, analysts and researchers. The purpose of this paper is to study the entrepreneurial resilience and self-efficacy of founders of small businesses in India during the global crisis.Design/methodology/approach>Qualitative research method is adopted for analyzing the data collected through a structured questionnaire. In total, 72 small entrepreneurs participated in the study. For analysis of the responses, thematic content analysis is carried out using a four steps method. Codes are generated from the data, which are used to formulate sub-categories. The sub-categories are arranged into a thematic framework by the researchers.Findings>The paper proposes a framework as an outcome of the study, which is discussed in detail in later sections. The framework comprises of four broad areas, namely, modifications (process/product/business model);impact on functional areas;technology adoption;and sources of business continuation. The linking of these is also presented in a pictorial representation.Originality/value>This paper provides meaningful insights on entrepreneurial resilience and self-efficacy of small businesses in turbulent times. The theoretical contribution is in form of a proposed framework and an addition in the literature of entrepreneurial resilience for the developing economies. The findings can be used for the practical and policy implications, which may lead toward offering better understanding and clarity to the stakeholders. It may also show trajectory to authorities for formulating long-term strategies for the survival of small businesses in the region.