Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being

Ute Stephan; Przemyslaw Zbierowski; Ana Pérez-Luño; Anna Klausen; Marisleidy Alba Cabañas; Edgard Barki; Alexandre Benzari; Claudia Bernhard-Oettel; Janet Boekhorst; Arobindu  Dash; Adnan Efendic; Constanze Eib; Pierre-Jean Hanard; Marian Holienka; Tatiana Iakovleva; Satoshi  Kawakatsu; Saddam Khalid; Zuzana Kovacicová; Michael Leatherbee; Jun Li; Sharon Parker; Jingjing Qu; Francesco Rosati; Sreevas Sahasranamam; Marcus A. Y.  Salusse; Tomoki Sekiguchi; Nicola Thomas; Olivier Torres; Mi Hoang Tran; Dominika Wach; MK Ward; Johan Wiklund; Amanda Jasmine  Williamson; Mohsin Zahid

Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being

Ute Stephan, Przemyslaw Zbierowski, Ana Pérez-Luño, Anna Klausen, Marisleidy Alba Cabañas, Edgard Barki, Alexandre Benzari, Claudia Bernhard-Oettel, Janet Boekhorst, Arobindu Dash, Adnan Efendic, Constanze Eib, Pierre-Jean Hanard, Marian Holienka, Tatiana Iakovleva, Satoshi Kawakatsu, Saddam Khalid, Zuzana Kovacicová, Michael Leatherbee, Jun LiSharon Parker, Jingjing Qu, Francesco Rosati, Sreevas Sahasranamam, Marcus A. Y. Salusse, Tomoki Sekiguchi, Nicola Thomas, Olivier Torres, Mi Hoang Tran, Dominika Wach, MK Ward, Johan Wiklund, Amanda Jasmine Williamson, Mohsin Zahid

Strategy, Intl Mgt & Entrepreneurship

Research output: Book/Report › Report

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Abstract

Small and medium-sized enterprises (SMEs including the self-employed) account for 90% of businesses globally and provide 70% of employment worldwide. These businesses, typically entrepreneur led, are threatened by the Covid-19 pandemic, meaning that millions of jobs are at risk. This report presents insights from a global study conducted during the pandemic in 2020. We surveyed over 5,000 entrepreneurs in 23 countries that represent 3/4 of the world’s economic output.
Most entrepreneurs faced significant challenges threatening the survival of their businesses. We also see resiliencein how entrepreneurs navigated the crisis through being agile, adaptive, and exploring new opportunities, utilizing
government support, giving back to society, and even harbouring growth ambitions beyond the pandemic.
Entrepreneurs’ mental well-being dropped by 12% in the pandemic presenting another threat to their businesses. We chart stressors and well-being resources including social support and self-care strategies that entrepreneurs engaged
to stay productive.
We close the report (1) by reflecting on five trends for the post-Covid economy and formulate actionable policy recommendations of how entrepreneurs and SMEs can be supported in light of these trends (digitalisation; ‘local’
focus, inclusive business models, developing personal and business resilience), and (2) offer five practical steps for entrepreneurs to protect their well-being.

Original language	English
Number of pages	62
Publication status	Published - Apr 2021

Publication series

Name	King's Business School Impact Papers

Keywords

entrepreneurship
COVID-19
Business
crisis
Resilience
wellbeing
MENTAL HEALTH
Recovery
policy recommendations
government support
Volunteering
charity
growth ambitions
job creation
optimism
opportunities
coping

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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KCL_KBS_Covid_4_Global_study_Entrepreneurs-Resilience-april 2021fFinal published version, 3.52 MBLicence: Unspecified

Cite this

Stephan, U., Zbierowski, P., Pérez-Luño, A., Klausen, A., Alba Cabañas, M., Barki, E., Benzari, A., Bernhard-Oettel, C., Boekhorst, J., Dash, A., Efendic, A., Eib, C., Hanard, P.-J., Holienka, M., Iakovleva, T., Kawakatsu, S., Khalid, S., Kovacicová, Z., Leatherbee, M., ... Zahid, M. (2021). Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being. (King's Business School Impact Papers).

@book{bc6bb6e3053b411d8a54137cf1605abc,

title = "Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being",

abstract = "Small and medium-sized enterprises (SMEs including the self-employed) account for 90% of businesses globally and provide 70% of employment worldwide. These businesses, typically entrepreneur led, are threatened by the Covid-19 pandemic, meaning that millions of jobs are at risk. This report presents insights from a global study conducted during the pandemic in 2020. We surveyed over 5,000 entrepreneurs in 23 countries that represent 3/4 of the world{\textquoteright}s economic output. Most entrepreneurs faced significant challenges threatening the survival of their businesses. We also see resiliencein how entrepreneurs navigated the crisis through being agile, adaptive, and exploring new opportunities, utilizinggovernment support, giving back to society, and even harbouring growth ambitions beyond the pandemic.Entrepreneurs{\textquoteright} mental well-being dropped by 12% in the pandemic presenting another threat to their businesses. We chart stressors and well-being resources including social support and self-care strategies that entrepreneurs engagedto stay productive. We close the report (1) by reflecting on five trends for the post-Covid economy and formulate actionable policy recommendations of how entrepreneurs and SMEs can be supported in light of these trends (digitalisation; {\textquoteleft}local{\textquoteright}focus, inclusive business models, developing personal and business resilience), and (2) offer five practical steps for entrepreneurs to protect their well-being.",

keywords = "entrepreneurship, COVID-19, Business, crisis, Resilience, wellbeing, MENTAL HEALTH, Recovery, policy recommendations, government support, Volunteering, charity, growth ambitions, job creation, optimism, opportunities, coping",

author = "Ute Stephan and Przemyslaw Zbierowski and Ana P{\'e}rez-Lu{\~n}o and Anna Klausen and {Alba Caba{\~n}as}, Marisleidy and Edgard Barki and Alexandre Benzari and Claudia Bernhard-Oettel and Janet Boekhorst and Arobindu Dash and Adnan Efendic and Constanze Eib and Pierre-Jean Hanard and Marian Holienka and Tatiana Iakovleva and Satoshi Kawakatsu and Saddam Khalid and Zuzana Kovacicov{\'a} and Michael Leatherbee and Jun Li and Sharon Parker and Jingjing Qu and Francesco Rosati and Sreevas Sahasranamam and Salusse, {Marcus A. Y.} and Tomoki Sekiguchi and Nicola Thomas and Olivier Torres and Tran, {Mi Hoang} and Dominika Wach and MK Ward and Johan Wiklund and Williamson, {Amanda Jasmine} and Mohsin Zahid",

year = "2021",

month = apr,

language = "English",

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}

Stephan, U , Zbierowski, P, Pérez-Luño, A, Klausen, A, Alba Cabañas, M, Barki, E, Benzari, A, Bernhard-Oettel, C, Boekhorst, J, Dash, A, Efendic, A, Eib, C, Hanard, P-J, Holienka, M, Iakovleva, T, Kawakatsu, S, Khalid, S, Kovacicová, Z, Leatherbee, M, Li, J, Parker, S, Qu, J, Rosati, F, Sahasranamam, S, Salusse, MAY, Sekiguchi, T, Thomas, N, Torres, O, Tran, MH, Wach, D, Ward, MK, Wiklund, J, Williamson, AJ & Zahid, M 2021, Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being. King's Business School Impact Papers.

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AU - Stephan, Ute

AU - Zbierowski, Przemyslaw

AU - Pérez-Luño, Ana

AU - Klausen, Anna

AU - Alba Cabañas, Marisleidy

AU - Barki, Edgard

AU - Benzari, Alexandre

AU - Bernhard-Oettel, Claudia

AU - Boekhorst, Janet

AU - Dash, Arobindu

AU - Efendic, Adnan

AU - Eib, Constanze

AU - Hanard, Pierre-Jean

AU - Holienka, Marian

AU - Iakovleva, Tatiana

AU - Kawakatsu, Satoshi

AU - Khalid, Saddam

AU - Kovacicová, Zuzana

AU - Leatherbee, Michael

AU - Li, Jun

AU - Parker, Sharon

AU - Qu, Jingjing

AU - Rosati, Francesco

AU - Sahasranamam, Sreevas

AU - Salusse, Marcus A. Y.

AU - Sekiguchi, Tomoki

AU - Thomas, Nicola

AU - Torres, Olivier

AU - Tran, Mi Hoang

AU - Wach, Dominika

AU - Ward, MK

AU - Wiklund, Johan

AU - Williamson, Amanda Jasmine

AU - Zahid, Mohsin

PY - 2021/4

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N2 - Small and medium-sized enterprises (SMEs including the self-employed) account for 90% of businesses globally and provide 70% of employment worldwide. These businesses, typically entrepreneur led, are threatened by the Covid-19 pandemic, meaning that millions of jobs are at risk. This report presents insights from a global study conducted during the pandemic in 2020. We surveyed over 5,000 entrepreneurs in 23 countries that represent 3/4 of the world’s economic output. Most entrepreneurs faced significant challenges threatening the survival of their businesses. We also see resiliencein how entrepreneurs navigated the crisis through being agile, adaptive, and exploring new opportunities, utilizinggovernment support, giving back to society, and even harbouring growth ambitions beyond the pandemic.Entrepreneurs’ mental well-being dropped by 12% in the pandemic presenting another threat to their businesses. We chart stressors and well-being resources including social support and self-care strategies that entrepreneurs engagedto stay productive. We close the report (1) by reflecting on five trends for the post-Covid economy and formulate actionable policy recommendations of how entrepreneurs and SMEs can be supported in light of these trends (digitalisation; ‘local’focus, inclusive business models, developing personal and business resilience), and (2) offer five practical steps for entrepreneurs to protect their well-being.

AB - Small and medium-sized enterprises (SMEs including the self-employed) account for 90% of businesses globally and provide 70% of employment worldwide. These businesses, typically entrepreneur led, are threatened by the Covid-19 pandemic, meaning that millions of jobs are at risk. This report presents insights from a global study conducted during the pandemic in 2020. We surveyed over 5,000 entrepreneurs in 23 countries that represent 3/4 of the world’s economic output. Most entrepreneurs faced significant challenges threatening the survival of their businesses. We also see resiliencein how entrepreneurs navigated the crisis through being agile, adaptive, and exploring new opportunities, utilizinggovernment support, giving back to society, and even harbouring growth ambitions beyond the pandemic.Entrepreneurs’ mental well-being dropped by 12% in the pandemic presenting another threat to their businesses. We chart stressors and well-being resources including social support and self-care strategies that entrepreneurs engagedto stay productive. We close the report (1) by reflecting on five trends for the post-Covid economy and formulate actionable policy recommendations of how entrepreneurs and SMEs can be supported in light of these trends (digitalisation; ‘local’focus, inclusive business models, developing personal and business resilience), and (2) offer five practical steps for entrepreneurs to protect their well-being.

KW - entrepreneurship

KW - COVID-19

KW - Business

KW - crisis

KW - Resilience

KW - wellbeing

KW - MENTAL HEALTH

KW - Recovery

KW - policy recommendations

KW - government support

KW - Volunteering

KW - charity

KW - growth ambitions

KW - job creation

KW - optimism

KW - opportunities

KW - coping

M3 - Report

T3 - King's Business School Impact Papers

BT - Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being

ER -

Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs' challenges, resilience, and well-being

Abstract

Publication series

Keywords

UN SDGs

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