Entrepreneurship, Innovation, and Crisis: SME Responses to the COVID-19 Pandemic

The book Entrepreneurship, Innovation, and Crisis: SME Responses to the COVID-19 Pandemic explores how SMEs responded to the COVID-19 pandemic, including government support and strategies for survival and development. It is valuable for researchers, academics, policymakers, and students interested in crises, entrepreneurship, SMEs, and strategic management.

Format: Hardback
Length: 180 pages
Publication date: 09 August 2022
Publisher: Taylor & Francis Ltd

Entrepreneurship, innovation, and crisis: SME responses to the COVID-19 pandemic

This book aims to address the conditions for the operations of SMEs during the time of the COVID-19 pandemic, as well as the governmental support for entrepreneurs in industries such as tourism, manufacturing, recycling, education, and printing, as well as the creative industry. Through the presentation of various strategies for the functioning and development of companies under crisis conditions, along with new management approaches for coping with them, this book discusses the conditions for the operations of SMEs during the time of the COVID-19 pandemic, as well as the support for entrepreneurs offered by the governments of different countries.

This approach will allow our results to be useful for a wide audience, making it especially valuable to researchers, academics, policymakers, and advanced students interested in crises, entrepreneurship, small and medium-sized enterprises, and strategic management.

The COVID-19 pandemic has posed significant challenges to small and medium-sized enterprises (SMEs) worldwide. SMEs are the backbone of many economies, accounting for a significant portion of employment and economic growth. However, the pandemic has disrupted their operations, leading to a decline in revenue, increased uncertainty, and financial difficulties.

In response to these challenges, SMEs have adopted various strategies to survive and thrive during the pandemic. Some of these strategies include:

Digital transformation: SMEs have embraced digital technologies to adapt to the new normal. This has involved the adoption of online platforms, e-commerce, and digital marketing to reach new customers and increase sales.

Innovation: SMEs have been encouraged to innovate and develop new products or services to meet the changing needs of their customers. This has involved investing in research and development, and collaborating with other companies or institutions to develop new solutions.

Financial management: SMEs have focused on improving their financial management practices to manage their cash flow and reduce financial risks. This has involved implementing cost-cutting measures, negotiating with suppliers, and seeking government support.

Government support: Governments around the world have offered various support programs to SMEs during the pandemic. This has included grants, loans, and tax relief to help SMEs cope with the financial impact of the pandemic.

Collaboration: SMEs have also collaborated with other companies, institutions, and government agencies to share resources and expertise. This has involved forming alliances, joint ventures, and partnerships to improve their competitiveness and resilience.

Despite these efforts, SMEs continue to face challenges during the pandemic. Some of these challenges include:

Supply chain disruptions: The pandemic has caused disruptions in global supply chains, leading to delays in the delivery of goods and materials. This has affected SMEs that rely on imports or exports.

Cash flow constraints: SMEs have faced cash flow constraints due to the decline in revenue and increased costs associated with implementing COVID-19 safety measures. This has made it difficult for them to pay their employees and maintain their operations.

Uncertainty: The pandemic has created a lot of uncertainty in the business environment, making it difficult for SMEs to plan for the future. This has led to a decrease in investment and innovation.

Digital divide: SMEs that do not have access to digital technologies or do not have the skills to use them effectively are at a disadvantage compared to their competitors. This has made it difficult for them to adapt to the new normal.

To address these challenges, SMEs need to continue to adopt innovative strategies and seek government support. Governments can play a crucial role in supporting SMEs by providing financial assistance, implementing policies that promote innovation and collaboration, and investing in digital infrastructure.

In conclusion, the COVID-19 pandemic has posed significant challenges to SMEs, but they have also shown resilience and adaptability. By adopting innovative strategies, collaborating with other companies, and seeking government support, SMEs can survive and thrive during the pandemic. Governments can play a crucial role in supporting SMEs by providing financial assistance, implementing policies that promote innovation and collaboration, and investing in digital infrastructure.

Weight: 521g
Dimension: 229 x 152 (mm)
ISBN-13: 9781032247212