How Startups and Entrepreneurs Survived in Times of Pandemic Crisis: Implications and Challenges for Managing Uncertainty

ABSTRACT

The recent pandemic crisis has greatly impacted startups, and some changes are expected to be long-lasting. Small businesses usually have fewer resources and are more vulnerable to losing customers and investors, especially during crises. This study investigates how startups' business processes were affected and how entrepreneurs managed this sudden change brought by the COVID-19 outbreak. Data were analyzed using qualitative research methods through in-depth interviews with the co-founders of eighteen startups. Results show that the three core business processes affected by the COVID-19 crisis were marketing and sales, logistics and operations, and organizational support. The way to succeed is to be flexible, agile, and adaptable, with technological knowledge focusing on digital channels to find novel opportunities and innovate. Additionally, resilience, self-improvement, education, technology readiness and adoption, close relationship with customers and other stakeholders, and incubation experience seem to shield startups against pandemic crisis outbreaks.