Chaos and complexity: entrepreneurial planning during pandemic

ABSTRACT

Entrepreneurs are argued to have higher foresight, ability to handle complex situations, and superior planning. This qualitative study attempted to validate these assertions in the pandemic context of COVID19. The pandemic created a complex and chaotic business environment. The information was available to businesspersons of the region before a quarter. Did they show adequate foresight to assimilate information and respond to the crisis? How complex was the situation for planning? What entrepreneurial characteristics were demonstrated? A qualitative study design sought and analyzed business owner's responses to these questions. Though the findings are not generalizable, it indicated inadequate but reactive response. Secondly, the challenge of reduced cash flow prompted cost cutting as an operational response. The plan of winning trust in transactions was also an operational response. A few perceived pandemic as an opportunity for product innovation. Business owners demonstrated empathy toward their employees. Interestingly, most business owners indicated fluidity and inadequate information as a barrier for planning. Information acquisition, seeking help from network, responding to imminent events, wait and watch, were predominant operational responses, whereas innovation and shifting of sectors were strategic responses considered by few entrepreneurs. The perception of superior entrepreneurial abilities in anticipating events, planning, strategizing, and handling complexity was less evidenced in this study.