ADAPTIVE MEASURES OF SMALL, MEDIUM ENTREPRENEURS DURING THE PANDEMIC

Atty Eduardo T. Bajador

Abstract


COVID-19 continues to haunt and causes anxiety among people. The research focused on entrepreneurs adaptive measures, business safeguards and risks management strategies. Data were sourced from eighty-one respondents through online survey questionnaire. Results on initial measures were; entrepreneurs’ developed and set strategic working plans for business resilience, faced challenges, risks and stayed open, few shifted to another business. The entrepreneurs implemented all health safety protocols; employees worked from home, set up home office, travel restriction and stop infrastructure dealings. Findings on entrepreneurs business safeguards consisted; checked product expiration; identified alternative suppliers, assessed impacts on finances, reviewed plans and options, sustained financing in reversible process, managed cash flow, supply chain, addressed crucial threats. They forgot evaluation of impacted lower demand goods, offered early payment, alternatives for raising funds and engaged customers. In managing risks, entrepreneurs posted availability of goods, identified key suppliers, contact stakeholders, posted signage “until supply lasts” on limited items, reviewed cash flows for the next 3 months/flexibility contracts and suspended production. The variables income, and number of years in business showed negligible difference except age to the measures employed during the crisis. The research exposed the relative absence of pandemic preparedness. It illustrated how the measures undertaken shielded entrepreneurs from the crises. It may serve as benchmark data and guide in upcoming ventures to include entrepreneurs’ strategic adaptation plans not only for future catastrophes.

 

Keywords: adaptive, measure, entrepreneurs


Full Text:

PDF

References


Business Dictionary 2012

Cañas. Jose J., Quesada, Jose F. Adoración Antolí, Adoracion, Inmaculada Fajardo, Immaculada 2003. Cognitive flexibility and adaptability to environmental changes in dynamic complex problem-solving tasks. University of Granada. University of Valencia. University of Cordoba (Spain)

Carlsson, Fredrik, Daruvala, Dinky, Johansson-Stenman, Olof. 2005. Are People Inequality‐ Averse, or Just Risk‐Averse? First

published: 19 July 2005 https://doi.org/10.1111/j.0013-0427.2005.00421

Chengalur-Smith, Indushobha N., Belardo, Salvatore, Pazer, Harold. 2020. Adopting a disaster-management-based contingency

model to the problem of ad hoc forecasting: Toward information technology-based strategies. University at Albany, The State University of New York. IEEE Transactions on Engineering Management 46(2):210 – 220. DOI: 10.1109/17.759151Ceshmehzangi, Ali 2020. Identity of Cities and City of Identities. University of Nottingham Ningbo China. University of Nottingham Ningbo China. Springer. ISBN: 978-981-15-3963-3 DOI: 10.1007/978-981-15-3963-3

Duah, Awuah-Agyeman. 2015. Assessing the Impact of Capital Structure on Profitability of Manufacturing Industry in Ghana: A Case Study at Selected Firms. Kwame Nkrumah University of Science and Technology.

College of Humanities and Social Science


Refbacks

  • There are currently no refbacks.