This article investigates both the negative and positive impacts of a crisis on Entrepreneurial Ventures. The behaviour of Entrepreneurial Ventures during the COVID-19 pandemic crisis is studied by undertaking a Systematic Literature Review (SLR) using Bibliometrics of 154 related publications. After analyzing the literature, the behaviour of Entrepreneurial Ventures during the crisis is synthesized and presented as a Phenomenon Structure Diagram, which highlights a combination of Entrepreneurial Actions (EAs) and Entrepreneurial Orientations (EOs), with Entrepreneurial Supports (ESs) employed by them to manage the crisis. This combination of EAs and EOs with ESs is contingent on the surrounding environment, and they aid in minimizing the risk of failure as well as leverage new opportunities. We propose and develop a conceptual model that a combination of EAs and EOs with ESs, referred to as Entrepreneurial Interventions, can better manage a crisis or disaster and improve organizational resilience. This multi-disciplinary study contributes towards theory development that Entrepreneurial Interventions can be made as a crisis and disaster management strategy.
Managing a crisis or disaster in organizations and businesses is an emerging research area [32,39,40,60,83,98,165,167,199,202]. Crisis management is primarily considered as a response to adversity to bring back the disrupted system into alignment [13,57,85,91, 98,145,199,202]. There is an overlap between crisis management and resilience since resilience deals with the ability of an organization to get back to its original state and maintain reliable functioning despite adversity [32,39,40,60,83,98,165,167,199,202]. Recent studies on organizational resilience highlight the following (a) resilience is beyond restoration and includes the development of new capabilities and an expanded ability to keep pace with and create new opportunities , (b) resilience is an ability to develop ‘proactive’ and ‘reactive’ capabilities [39,47,60] to increase the level of readiness to respond to disruption during the various stages of crisis such as pre-crisis, during-crisis, and post-crisis , (c) resilience is founded on four major pillars: preparedness, responsiveness, adaptability and learning , (d) resilience consists of two dimensions, namely ‘planned’ and ‘adaptive’ resilience, (e) ‘absorptive’ and ‘adaptive’ resilience can be considered as two paths for organizational resilience, and (f) dynamic capabilities are known to manage crises, disruptions, and unexpected events, and maximize the organizations’ recovery speed, which is known as dynamic resilience.
In this article, based on a Structured Literature Review (SLR) using Bibliometrics of 154 publications, an understanding of Entrepreneurial Ventures’ behaviours during the crisis caused by the pandemics is presented. An abstraction of the entrepreneurial behaviours during the COVID-19 crisis is diagrammatically represented in the form of a PSD, which shows that COVID-19, depending upon the context, causes either slowdowns or growth of EVs. This PSD also highlights the various combinations of Entrepreneurial Actions (EAs) and Entrepreneurial Orientations (EOs), with Entrepreneurial Supports (ESs) that can be employed on a contingency basis, depending upon the situation in the surrounding environment, to deal with the negative or positive impacts caused by a crisis. From the behaviours of EVs, a conceptual model of crisis management employing Entrepreneurial Interventions (EIvs) has been developed. EIvs, which are a combination of EAs and EOs with ESs, can be made to manage a crisis better by handling the negative and positive impacts of a crisis/disaster. The EIvs model highlights the applicability of contingency theory and provides a pragmatic solution for formulating a crisis management strategy and improving the dynamic resilience of an organization.