SOCIAL ENTREPRENEURSHIP IN THE TIME OF COVID-19
Abstract
In the face of a modern global depression like the one we are facing today, where economy is foreseen to be contracting, capital gains wiped out, rise in unemployment, and the welldefined infrastructure network in more developed economies is shaken, it is important to once again go back to the principle of entrepreneurship. As a mean to survive, necessity-based entrepreneurship pushes individuals and businesses into a form of innovation that allows them to create gain in order to support their livelihood. In saying that however, in the time of crisis we are facing like today, a sense of community should also be at the forefront of entrepreneurs’ mind, as it is not only enough to create gain for oneself, but the assistance for the wider community should also be provided. Hence, social entrepreneurship might be key in combating the impact of this economic crisis. This paper will examine how social entrepreneurs, by engaging with each other by forming an alliance or a network could continue to innovate as a means to find opportunities amidst the challenges of the current time. For the purpose of reaching the objective, a combination of both qualitative and quantitative research method is used, in which theories from related journals are studied that would be coupled with the analysis of financial figures collected from the case study. The finding of the research has suggested that social entrepreneurship might be part of the solution in combating the impact of economic crisis that stems from natural disaster, specifically in this case a pandemic of Covid-19.
Keywords: social entrepreneurs, network, necessity-based entrepreneurs, economic crisis
Full Text:
PDFReferences
Akhlas, A. W. (2020, April 15). Millions to lose jobs, fall into poverty as Indonesia braces for recession. The Jakarta Post.
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory.
Journal of Management, 27(6), 755–775.
Amorós, J. E., Ciravegna, L., Mandakovic, V., & Stenholm, P. (2017). Necessity or Opportunity? The Effects of State Fragility and Economic Development on Entrepreneurial Efforts. Entrepreneurship Theory and Practice, 104225871773685.
Block, J. H., Fisch, C. O., & van Praag, M. (2016). The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behaviour and consequences of innovative entrepreneurship. Industry and Innovation, 24(1), 61–95.
Bradsher, K. (2020, April 28). Coronavirus could end China’s Decades-Long Economic Growth Streak. New York Times.
Bullough, A., Renko, M., & Myatt, T. (2013). Danger Zone Entrepreneurs: The Importance of Resilience and Self- Efficacy for Entrepreneurial Intentions. Entrepreneurship Theory and Practice, 38(3), 473–499.
Chan, S. P. (2020, April 14). Coronavirus: ‘World faces worst recession since Great Depression’. BBC News.
Davidsson, P., & Gordon, S. R. (2015). Much Ado About Nothing? The Surprising Persistence of Nascent Entrepreneurs Through Macroeconomic Crisis. Entrepreneurship Theory and Practice, 40(4), 915–941.
Dees, J. G. (1998). The meaning of social entrepreneurship.
Gates, B. (2020, April 23). The first modern pandemic [Blog Post].
Retrieved from https://www.gatesnotes.com/Health/Pandemic-Innovation Grimes, M. G., McMullen, J. S., Vogus, T. J., & Miller, T. L. (2013). Studying the Origins
of Social Entrepreneurship: Compassion and the Role of Embedded Agency. Academy of Management Review, 38(3), 460–463.
Hernandez, L., Nunn, N., & Warnecke, T. (2012). Female entrepreneurship in China: opportunity- or necessity-based? International Journal of Entrepreneurship and Small Business, 15(4), 411.
Išoraitė, M. (2014). Importance of strategic alliances in company’s activity.
Jones, L., Daniele, P., & Brown, D. (2020, April 30). Coronavirus: A visual guide to the economic impact. BBCNews.
Kautonen, T., & Palmroos, J. (2009). The impact of a necessity-based start-up on subsequent entrepreneurial satisfaction. International Entrepreneurship and Management Journal, 6(3), 285–300.
Kazmi, S. A., Hashim, M., Kee, D. H., & Khan, F. U. (2016). Social entrepreneurship and its impact on economy: In perspective of Pakistan. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(4), 161-166.
Korunka, C., Frank, H., Lueger, M., & Mugler, J. (2003). The Entrepreneurial Personality in the Context of Resources, Environment, and the Startup Process—A Configurational Approach. Entrepreneurship Theory and Practice, 28(1), 23– 42.
Lewis, S. (2015). Qualitative Inquiry and Research Design: Choosing Among Five Approaches. Health Promotion Practice, 16(4), 473–475.
Long, H. (2020, April 17). U.S. now has 22 million unemployed, wiping out a decade of job gains. The Washington Post.
Marino, L., Strandholm, K., Steensma, H. K., & Weaver, K. M. (2002). The Moderating Effect of National Culture on the Relationship between Entrepreneurial Orientation and Strategic Alliance Portfolio Extensiveness. Entrepreneurship Theory and Practice, 26(4), 145–160.
Murphy, Patrick & Marvel, Matthew. (2008). The opportunity-based approach to entrepreneurial discovery research. Patrick J. Murphy.
Newsdesk (2020, March 27). Food & Beverage Industry hit hardest by COVID-19: Report.
The Jakarta Post.
Rametse, N. M., & Shah, H. (2012). Investigating Social Entrepreneurship in Developing Countries. SSRN Electronic Journal
Shepherd, D. A., & Williams, T. A. (2014). Local Venturing as Compassion Organizing in the Aftermath of a Natural Disaster: The Role of Localness and Community in Reducing Suffering. Journal of Management Studies, 51(6), 952–994.
Viinikainen, D. (2013). Entrepreneurial Action in Dealing with Business Challenges.
DOI: http://dx.doi.org/10.33021/icfbe.v1i1.1364
Refbacks
- There are currently no refbacks.
Editorial Office:
Faculty of Business President University
Jalan Ki Hajar Dewantara Mekarmukti
Cikarang Utara, Bekasi, Jawa Barat
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.