The Impact of COVID-19 on Entrepreneurship Globally
top of page
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

Quarterly Reviews

ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
crossref
doi
open access

Published: 07 September 2020

The Impact of COVID-19 on Entrepreneurship Globally

Inshan Meahjohn, Prakash Persad

University of Trinidad and Tobago

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf

doi

10.31014/aior.1992.03.03.272

Pages: 1165-1173

Keywords: Entrepreneurship, Covid-19, Global Health Crisis, Economy, Business, Finance

Abstract

The pandemic of the Covid-19 virus originated from China in December 2019, and since then it has significantly affected the world’s economy and all sectors of life. This review will highlight the impact of Covid-19 on entrepreneurship. Due to preventive measures taken by governments to limit virus transmission, there was a prodigious disruption socially and economically to entrepreneurship, at different levels, of which small scale businesses and startups were among the most vulnerable. The adverse impact was observed in businesses worldwide and most of the newly formed businesses and startups were compelled to dismiss their employees, leading to issues such as widespread unemployment, lack of productivity, and the downturn of economies. Covid-19 also impacted the global supply chain, which resulted in a contraction of the worldwide economy. Many entrepreneurs and startups faced a significant reduction in revenue due to the impact on the global supply chain of both goods and services. In this article, we have discussed the challenges which entrepreneurs have experienced in the catastrophic time of Covid-19, and the measures taken by them to protect their ventures. It can be concluded that Covid-19 has significantly caused disruption to economies and entrepreneurship, and has posed several unprecedented challenges, however, the absolute impact remains unclear, as more in-depth longitudinal studies are required to better investigate this issue.

References

  1. As, Zoltan J, and Laszlo J Small business economics Szerb. 2007. "Entrepreneurship, economic growth, and public policy." 28 (2-3):109-122.

  2. Ahn, Tae-Uk, Tae-Won J Asia-Pacific Journal of Business Venturing Kang, and Entrepreneurship. 2020. "A Study on Difficulty Factors of Youth Startups for Activating Local Startups."  15 (2):67-80.

  3. Amit, Sajid J South Asia@ LSE. 2020. "Long read: coronavirus and the Bangladesh economy: navigating the global COVID-19 shutdown."

  4. Androniceanu, Armenia J Administratie si Management Public. 2020. "Major structural changes in the EU policies due to the problems and risks caused by COVID-19." (34):137-149.

  5. Arundale, Keith, and Colin Mason. "Riding the COVID-19 Crisis."

  6. Black, Sophie, Will Geoghegan, Matthew Josefy, Regan Stevenson, and Trenton A J Business Horizons Williams. 2020. "The COVID-19 Virtual Idea Blitz: Marshaling social entrepreneurship to rapidly respond to urgent grand challenges."

  7. Baldwin, Richard, and Eiichi J Economics in the Time of COVID-19 Tamura. 2020. "Thinking ahead about the trade impact of COVID-19." 59.

  8. Bartik, Alexander W, Marianne Bertrand, Zoe Cullen, Edward L Glaeser, Michael Luca, and Christopher J Proceedings of the National Academy of Sciences Stanton. 2020. "The impact of COVID-19 on small business outcomes and expectations." 117 (30):17656-17666.

  9. Barua, Suborna J SSRN Electronic Journal https://doiorg/10/ggq92n. 2020. "Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic."

  10. Bennett, Nathan J, Elena M Finkbeiner, Natalie C Ban, Dyhia Belhabib, Stacy D Jupiter, John N Kittinger, Sangeeta Mangubhai, Joeri Scholtens, David Gill, and Patrick Christie. 2020. The COVID-19 Pandemic, Small-Scale Fisheries and Coastal Fishing Communities. Taylor & Francis.

  11. Bodas, Moran, and Kobi J Health Affairs Peleg. 2020. "Self-Isolation Compliance In The COVID-19 Era Influenced By Compensation: Findings From A Recent Survey In Israel: Public attitudes toward the COVID-19 outbreak and self-isolation: a cross-sectional study of the adult population of Israel." 39 (6):936-941.

  12. Brown, Ross, and Augusto J Journal of Business Venturing Insights Rocha. 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance." 14:e00174.

  13. Buhari, Mohamed J American Journal of Economics. 2020. "Stopping Future COVID-19 Like Pandemics from the Source-A Socio-Economic Perspective." 10 (3):115-125.

  14. Cervelló-Royo, R, I Moya-Clemente, MR Perelló-Marín, and G J Journal of Business Research Ribes-Giner. 2020. "Sustainable development, economic and financial factors, that influence the opportunity-driven entrepreneurship. An fsQCA approach." 115:393-402.

  15. Dele-Ijagbulu, Oluwafemi, Menisha Moos, Chukuakadibia J Journal of Entrepreneurship Eresia-Eke, and Innovation in Emerging Economies. 2020. "The Relationship Between Environmental Hostility and Entrepreneurial Orientation of Small Businesses."2393957520931332.

  16. Donthu, Naveen, and Anders J Journal of Business Research Gustafsson. 2020. "Effects of COVID-19 on business and research." 117:284.

  17. Fabeil, Noor Fzlinda, Khairul Hanim Pazim, Juliana J Journal of Economics Langgat, and Business. 2020. "The Impact of Covid-19 Pandemic Crisis on Micro-Enterprises: Entrepreneurs’ Perspective on Business Continuity and Recovery Strategy." 3 (2).

  18. Fairlie, Robert W. 2020. The Impact of COVID-19 on Small Business Owners: Continued Losses and the Partial Rebound in May 2020. National Bureau of Economic Research.

  19. Fernandes, Nuno J Available at SSRN 3557504. 2020. "Economic effects of coronavirus outbreak (COVID-19) on the world economy."

  20. Gössling, Stefan, Daniel Scott, and C Michael J Journal of Sustainable Tourism Hall. 2020. "Pandemics, tourism, and global change: a rapid assessment of COVID-19."1-20.

  21. Guan, Dabo, Daoping Wang, Stephane Hallegatte, Steven J Davis, Jingwen Huo, Shuping Li, Yangchun Bai, Tianyang Lei, Qianyu Xue, and D’Maris J Nature Human Behaviour Coffman. 2020. "Global supply-chain effects of COVID-19 control measures."1-11.

  22. Gupta, Mrinal, Ayman Abdelmaksoud, Mohammad Jafferany, Torello Lotti, Roxanna Sadoughifar, and Mohamad J Dermatologic therapy Goldust. 2020. "COVID‐19 and economy."

  23. He, Hongwei, and Lloyd J Journal of Business Research Harris. 2020. "The Impact of Covid-19 Pandemic on Corporate Social Responsibility and Marketing Philosophy."

  24. Hernández-Sánchez, Brizeida Raquel, Giuseppina Maria Cardella, José Carlos J International Journal of Environmental Research Sánchez-García, and Public Health. 2020. "Psychological Factors that Lessen the Impact of COVID-19 on the Self-Employment Intention of Business Administration and Economics’ Students from Latin America." 17 (15):5293.

  25. Ioannides, Dimitri, and Szilvia J Tourism Geographies Gyimóthy. 2020. "The COVID-19 crisis as an opportunity for escaping the unsustainable global tourism path."1-9.

  26. Keni, Raghuvir, Anila Alexander, Pawan Ganesh Nayak, Jayesh Mudgal, and Krishnadas J Frontiers in public health Nandakumar. 2020. "COVID-19: Emergence, Spread, Possible Treatments, and Global Burden." 8:216.

  27. Kuckertz, Andreas, Leif Brändle, Anja Gaudig, Sebastian Hinderer, Carlos Arturo Morales Reyes, Alicia Prochotta, Kathrin Steinbrink, and Elisabeth SC J Journal of Business Venturing Insights Berger. 2020. "Startups in times of crisis–A rapid response to the COVID-19 pandemic."e00169.

  28. Kumar, Aishwarya, Puneet Kumar Gupta, Ankita J Diabetes Srivastava, Metabolic Syndrome: Clinical Research, and Reviews. 2020. "A review of modern technologies for tackling COVID-19 pandemic."

  29. Lata, Preeti. 2020. "Innovative Minds–Student-startup Develops a Prototype of a Ventilator for Covid-19 Patients."

  30. Liguori, Eric, and Christoph Winkler. 2020. From Offline to Online: Challenges and Opportunities for Entrepreneurship Education Following the COVID-19 Pandemic. SAGE Publications Sage CA: Los Angeles, CA.

  31. Liu, Yipeng, Jong Min Lee, Celia J Asian Business Lee, and Management. 2020. "The challenges and opportunities of a global health crisis: the management and business implications of COVID-19 from an Asian perspective."1.

  32. Majumdar, Abhijit, Mahesh Shaw, Sanjib Kumar J Sustainable Production Sinha, and Consumption. 2020. "COVID-19 Debunks the Myth of Socially Sustainable Supply Chain: A Case of the Clothing Industry in South Asian Countries."

  33. Maritz, Alex, Aron Perenyi, Gerrit de Waal, and Christoph J Sustainability Buck. 2020. "Entrepreneurship as the Unsung Hero during the Current COVID-19 Economic Crisis: Australian Perspectives." 12 (11):4612.

  34. Mickiewicz, Tomasz, and Anna Rebmann. 2020. Entrepreneurship as Trust: now publishers.

  35. Narula, Rajneesh J Journal of International Business Policy. 2020. "Policy opportunities and challenges from the COVID-19 pandemic for economies with large informal sectors."1-9.

  36. Nepal, Sanjay K J Tourism Geographies. 2020. "Travel and tourism after COVID-19–business as usual or opportunity to reset?":1-5.

  37. Nicola, Maria, Zaid Alsafi, Catrin Sohrabi, Ahmed Kerwan, Ahmed Al-Jabir, Christos Iosifidis, Maliha Agha, and Riaz J International Journal of Surgery Agha. 2020a. "The socio-economic implications of the coronavirus and COVID-19 pandemic: a review."

  38. Nicola, Maria, Zaid Alsafi, Catrin Sohrabi, Ahmed Kerwan, Ahmed Al-Jabir, Christos Iosifidis, Maliha Agha, and Riaz J International journal of surgery Agha. 2020b. "The socio-economic implications of the coronavirus pandemic (COVID-19): A review." 78:185.

  39. Nishiura, Hiroshi, Hitoshi Oshitani, Tetsuro Kobayashi, Tomoya Saito, Tomimasa Sunagawa, Tamano Matsui, Takaji Wakita, MHLW COVID, and Motoi J medRxiv Suzuki. 2020. "Closed environments facilitate the secondary transmission of coronavirus disease 2019 (COVID-19)."

  40. Nyenhuis, Sharmilee M, Justin Greiwe, Joanna S Zeiger, Anil Nanda, Andrew J The Journal of Allergy Cooke, and Clinical Immunology. in Practice. 2020. "Exercise and Fitness in the age of social distancing during the COVID-19 Pandemic."

  41. The organization, World Health. 2020. COVID-19: operational guidance for maintaining essential health services during an outbreak: interim guidance, 25 March 2020. World Health Organization.

  42. Ozili, Peterson K, and Thankom J Available at SSRN 3562570 Arun. 2020. "Spillover of COVID-19: Impact on the Global Economy."

  43. Padilla, Jorge, and Nicolas J Concurrences Review Petit. 2020. "Competition policy and the Covid-19 opportunity." (2-2020):2-6.

  44. Page, ITEMS J University News. 2020. "COVID-19 and higher education: some issues." 58.

  45. Papadopoulos, Thanos, Konstantinos N Baltas, and Maria Elisavet J International Journal of Information Management Balta. 2020. "The use of digital technologies by small and medium enterprises during COVID-19: Implications for theory and practice."102192.

  46. Parnell, Daniel, Paul Widdop, Alex Bond, Rob J Managing Sports Wilson, and Leisure. 2020. "COVID-19, networks, and sport."1-7.

  47. Philippidis, Alex. 2020. 5 COVID-19 Test Developers to Watch: The coronavirus pandemic compels diagnostics companies to bring new assays, technologies to market. Mary Ann Liebert, Inc. 140 Huguenot Street, 3rd Floor, New Rochelle, NY ….

  48. Price, Roz. 2020. "Impacts of COVID-19 Regulatory Measures on Small-scale and Informal Trade in Zimbabwe."

  49. Ratten, Vanessa J International Journal of Entrepreneurial Behavior, and Research. 2020. "Coronavirus disease (COVID-19) and sports entrepreneurship."

  50. Ratten, Vanessa J International Journal of Sociology, and Social Policy. 2020. "Coronavirus (covid-19) and social value co-creation."

  51. Ratten, Vanessa J Journal of Small Business, and Entrepreneurship. 2020. "Coronavirus (covid-19) and entrepreneurship: changing life and work landscape."1-14.

  52. Rizou, Myrto, Ioannis M Galanakis, Turki MS Aldawoud, Charis M J Trends in Food Science Galanakis, and Technology. 2020. "Safety of foods, food supply chain, and environment within the COVID-19 pandemic."

  53. Sadeghi, Vahid Jafari, Jean-Marie Nkongolo-Bakenda, Robert B Anderson, and Léo-Paul J International Business Review Dana. 2019. "An institution-based view of international entrepreneurship: A comparison of context-based and universal determinants in developing and economically advanced countries." 28 (6):101588.

  54. Scott, Benjamin K, Geoffrey T Miller, Stephanie J Fonda, Ronald E Yeaw, James C Gaudaen, Holly H Pavliscsak, Matthew T Quinn, Jeremy C J Telemedicine Pamplin, and e-Health. 2020. "Advanced Digital Health Technologies for COVID-19 and Future Emergencies."

  55. Sedlacek, Petr, and Vincent Sterk. 2020. "Startups and Employment Following the COVID-19 Pandemic: A Calculator."

  56. Sergi, Bruno S, Elena G Popkova, Aleksei V Bogoviz, and Julia V Ragulina. 2019. "Entrepreneurship and economic growth: the experience of developed and developing countries." In Entrepreneurship and Development in the 21st Century. Emerald publishing limited.

  57. Shahidi, Fereidoon J Journal of Food Bioactives. 2020. "Does COVID-19 Affect Food Safety and Security?" 9.

  58. Shane, Scott J Economic Commentary. 2011. "The great recession’s effect on entrepreneurship." (2011-04).

  59. Sharma, Abhinav, and Juan Luis J Annals of Tourism Research Nicolau. 2020. "An open market valuation of the effects of COVID-19 on the travel and tourism industry."

  60. Shinghal, Kshitij, Amit Saxena, and Rajul Misra. "ENTREPRENEURSHIP AND COVID-19."

  61. Sohrabi, Catrin, Zaid Alsafi, Niamh O’Neill, Mehdi Khan, Ahmed Kerwan, Ahmed Al-Jabir, Christos Iosifidis, and Riaz J International Journal of Surgery Agha. 2020. "World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19)."

  62. Sterk, Vincent, and Petr Sedláček. 2020. "Startups and Employment Following the COVID-19 Pandemic: A Calculator."

  63. Swinnen, Johan, and John McDermott. 2020. COVID-19 and global food security: Intl Food Policy Res Inst.

  64. Syriopoulos, Konstantinos J Journal of the International Academy for Case Studies. 2020. "The Impact of Covid-19 on Entrepreneurship and SMEs." 26 (2):1-2.

  65. Vaccaro, Alexander R, Charles L Getz, Bruce E Cohen, Brian J Cole, and Chester J J The Journal of the American Academy of Orthopaedic Surgeons Donnally III. 2020. "Practice management during the COVID-19 pandemic."

  66. Veselovská, Lenka J Problems, and Perspectives in Management. 2020. "Supply chain disruptions in the context of the early stages of the global COVID-19 outbreak." 18 (2):490.

  67. Yeo, Tee Joo. 2020. Sport and exercise during and beyond the COVID-19 pandemic. SAGE Publications Sage UK: London, England.

bottom of page