Keywords:

Covid-19, Entrepreneurship, Entrepreneurial Sectors

Introduction

As a result of COVID-19 outbreak global crisis is common due to downfall of global economy, businesses, production, trading and investment. This paper intends to examine the impact of current global crisis as result of COVID-19 outbreak on entrepreneurship and related activitieswith the substantive evidence on how global crisis as result of COVID-19 impacts entrepreneurship and related activities. With this aim, the research sub-objectives include:

• To study how entrepreneurship is impacted in global crisis as result of outbreak of infected diseases.

• To examine the impact of COVID-19 on entrepreneurship and entrepreneurial activities.

With these objectives, the paper presents the comprehensive literature on the global crisis as result of outbreak of infected disease and impact of outbreak of current infected diseases
i.e. COVID-19 on entrepreneurship and its related activities.

The paper includes six sections with section two of literature review presenting the evidence of the impact of global crisis as result of outbreak of infected disease, section three is about methodology adopted to collect data, section four is about findings and analysis, section five is about implication of findings and section six presented the conclusion of the paper.

Background

This section discusses the entrepreneurship in circumstances of global crisis as result of infected diseases. There will be detailed discussion on global crisis that took place in history and their impact on entrepreneurial activities, entrepreneurs and as a whole concept entrepreneurship. The current global health emergency caused due to COVID-19 outbreak and its effects on entrepreneurship is also covered in this section.

Entrepreneurship in Global Crisis as Consequence of Infected Diseases

In literature, global crisis is referred to a risky unpredictable and unexpected event requiring proactive response (Doern et al., 2018). While (Williams et al., 2017) mentioned that global crisis is an unexpected process that weakens the normal operation or functioning of communities, organizations, societies and individuals. In this way, the focus of this paper is on impact of global crisis on entrepreneurship. (Bloom & Cadarette, 2019) described that global crisis as result of infected diseases like Spanish flu, Zika, Ebola, SARS, influenza or natural disasters like Hurricanes, Tsunamis, floods and earthquakes destructively affected many sectors and specially entrepreneurship is substantively affected. (Colombo et al., 2016) also indicated that the global crisis changes the business context in terms of requiring entrepreneurs to proactively react to the crisis by modifying their business rules, regulations and strategies. Whereas, history is full of global crisis as result of outbreak of infected disease events affecting small and medium size enterprises and Young entrepreneurial ventures. Such as the Ebola in West Africa drastically impacted the economy between 2013-2014 i.e. GDP of Liberia dropped to around 0.7% from 8.7%, Guinea GDP dropped from 4% to around 0.1% with decrease in prices of commodity, capacity of working and workers, government, foreign and private investments that directly impact the successfully operations of businesses and companies (Smith et al., 2019). Likewise, the outbreak of SAR caused global crisis with loss of around US 40 billion to the different entrepreneurial sectors like travel, food & restaurants, tourism, retailing, international shipping companies (FedEx and etc.,) (Smith et al., 2019). Also, the outbreak of Middle East respiratory syndrome coronavirus (MERS) that began in 2015 in South Korea cuts the economy of the country from around 3.8% to 3.1% with the decreases of around 3.4% in the sales of retail shops and around 16.5% decreases in the department store sales (Jung et al., 2016). In the same way, (Jung et al., 2016) indicated that in the global crisis era due to outbreak of infectious diseases the nature of business changes with following certain SOPs developed by the government authorities to control the spread of viruses along with the changing behavior of consumer (consumer becoming more price-sensitive) that directly impact the functioning of public and private owned firms.

Studies indicate that entrepreneurship and entrepreneurs are the main driver of economic growth of any country due to their contribution towards providing employment opportunities to youth, emergence of new creative products/services, stimulation of competitiveness and it is affected the most in case of global crisis (Stoica et al., 2020). In this way, global crisis where high unemployment rate and economic recession is common the attention of people towards entrepreneurship becomes crucial.

On the other hand, the study of (Buttice, 2018) mentioned that it is essential to analyze the variables that develops entrepreneurship in any country because during crisis these variables create challenges in terms of proper functioning of businesses. In this context, Buttice (2018) presented a framework of variables developed by the Global Entrepreneurship Monitor (GEM) considering the general entrepreneurial measures such as national contextual conditions, business dynamics and other general conditions for entrepreneurial activities. Refer to Figure 1 for details.

The above mentioned general entrepreneurial measures also known as the variables that help in developing entrepreneurial activities directly influences the entrepreneurship during crisis either with giving positive or negative output (Buttice, 2018). Such as in crisis market dynamics (market openness issue, less buying and selling), economy, legal infrastructures and government policies are changed as a proactive response and that directly impact entrepreneurship in terms of difficulty to enter into market for new businesses. (Adesselam et al., 2015) presented their perspective in this context by highlighting that many institutional and macroeconomic factors such as economy, functioning of financial procedures and systems, unemployment, labor market specifications, legal aspects impacting firm and administrative barriers intensity influence the entrepreneurial spirt in global crisis.

However, the study of (Doern et al., 2018) categorize the effect of global crisis on entrepreneurship by mentioning the positive as well as negative sides. The negative influence of global crisis on entrepreneurship include failure of business, financial & resources loss, decreased profitability, less investment opportunities and many other (Doern et al., 2018). They mentioned that such as in UK when there was outbreak of foot and mouth disease in 2001 then the farming sector was affected the most whereby many farms were completely closed with majority reducing their functionality and workforce that destructively affect their profitability. Likewise, in 2011 in London riots suffered from looting, vandalism and arson that was a threat for premises leading to content and employment loss (Doern et al., 2018). The study of Bargain and (Martinoty, 2019) discussed the case of Spanish flu crisis impacting entrepreneurship with the focus on two main aspects of entrepreneurship i.e. labor market and finance. They further elaborated that the composition of business changed due to Spanish flu crisis. In the global crisis as entrepreneurship is affected so the psychological, personal and emotional health of entrepreneurs suffer (Doern et al., 2016). Additionally, global crisis hinders the development of new business opportunities and voiding the resources with promotion of ingenuity (Linnenluecke, 2017). (Coleman, 2014) discussed the Cyprus financial crisis that took place in 2013 with the spectra of extraordinary tax that were imposed on the bank deposit of the country and it destructively impact the entrepreneurial sector. The young entrepreneur in Cyprus named Hector Kolonas build the marketing agency and it was affected badly that he had to wind up the business (Coleman, 2014).

The positive impact of global crisis on entrepreneurship is that in crisis the entrepreneurs contribute by supplying resources to the communities in form of services/products and in this way their business is continued with maintenance of the flow of their services/products (Grube and 2018). Thereby, in crisis the recoveries of business loss occur in global crisis. Considering the relationship between global crisis and entrepreneurship, it was mentioned in the study of (Stoica et al., 2020) that entrepreneurs were divided into three groups i.e. pre-crisis group, crisis group and post crisis group whereby the entrepreneur crisis and post crisis group less likely to think of reorganizing or starting a new business in time of global crisis. Overall, Patel (2020) mentioned the traffic growth and decline of different entrepreneurial sectors due to the outbreak of COVID-19. The details of the traffic growth and decline is below. as shows in Figure 2.

From the above graph, it is clear that the entrepreneurial sector like media, finance, healthcare, pharma and food traffic increased due to COVID-19 while various other sectors like travel, retail, advertising, construction, energy, education, transportation, telecom, software, technology and etc.

Global crisis acts as a main driver for social entrepreneurship. It was revealed that entrepreneurs often work hard to create the creative solutions towards community and society pressing issues in global crisis (Stoica et al., 2020).

(Williams, 2014) indicated that resilience is evolving concept that is widely used to determine the productivity and responsiveness of entrepreneurial firms towards global crisis. With this school of thought, the relationship between entrepreneurship and economic resilience was found. The findings of the study indicated that entrepreneurial firms promote diversification and production of the economies (traits of the resilient economies) with the importance given to the restricting with some changes in the economic systems (Williams, 2014). On the other hand, (Slade, 2014) mentioned in her report that in global crisis the entrepreneurs can think of converting their ideas into starting a new business as per the situation in crisis. Such as Delphix (database software firm) was founded in the time of global crisis and it raised $4.4. million since it started in global financial crisis era (Slade, 2014).

The entrepreneurial activities decrease in global crisis as in the early of 2000 around 10% decrease was observed and it kept on deceasing such as nascent entrepreneurship decreased by 20% between 2008-2010 in Spain, Greece and Italy due to global crisis, but, still some countries like UK, Germany and France remained positive for entrepreneurs (Landini et al, 2015). They associate the individual level factor like experiential, psychological and demographic of entrepreneurs with the response in global crisis. Such as considering the psychological factors like self-efficacy, leadership, quest for autonomy and risk-taking abilities it was mentioned that entrepreneurs with strong psychological factors tend to have positive response by willingness to take any risk or contribute socially in global crisis (Landini et al., 2015). (Paniagua & Sapena, 2015) shed light on the two major counteractive variables affecting entrepreneurial behavior in global crisis i.e. low demand with less availability of credit and unemployment (increased job losses) and entrepreneurs often undertake their new innovative business projects. (Landini et al., 2015) elaborated that in global crisis the student’s entrepreneurial intentions are also negatively affected as per the less expected business chances, entry and trading barriers and less profitability.

The previous studies described that positive entrepreneurial behavior can be created in global crisis and contextual support i.e. family, economic authorities and institution and universities play predominant role in enhancing the student’s entrepreneurial behavior (Landini et al., 2015). Historically, there are Multinational companies founded by the legendary entrepreneurs like Steve Jobs founded Apple, Phil Knight cofounder of Nike and many others who respond differently in global crisis as compared to the entrepreneurs who fail to give a proactive response during crisis. (Yang, 2015) in his report discussed that in the global crisis due to outbreak of infectious diseases, Apple’s stock raise by around 5% with the 50% fall in its shares but still the focus was on innovation in any situation. Likewise, Nike’s founder entrepreneurial spirit helps him think of having a backup plan in global crisis when the funding was needed to pay credit and funding from Japanese trading company saved Nike (Roberts, 2017). In this context, (Zhou, 2012) further explained supply chain financing process as the process improving the income by permitting purchasers (the manufacturer in case of Nike) to broaden provider instalment terms while additionally offering providers an approach to moderate the impact of installment term expansions and accelerate their own income. In contrast to conventional loaning, inventory network fund occurs off of the accounting report and does not increment budgetary obligation. In this way, Nike overcomes the worst conditions in the global crisis by streamlining its supply chain financing.

The entrepreneurial behavior of Chinese entrepreneur towards global crisis include two important factors that are part of their entrepreneurship aspect i.e. social capital and familism (Zhou, 2012). Whereby, familism is societal structure in China in which the family needs are essential and precedence over the needs is taken. It was explained that familism have an impact on the decisions related to the business in China and majority of the entrepreneurs start their business as a family business (Zhou, 2012).

From the above discussion, it is clear that global crisis influences entrepreneurship and entrepreneurial behavior in this condition is important. With the help of literature, it is clear that in history majority of the entrepreneurs faced challenges inglobal crisis that turns down the economy, create high unemployment rate, changed the labor market and many other related aspects. Entrepreneurs with strong context factors tend to proactively respond towards crisis while some due to funding and finance problem tend to step back. The examples of many entrepreneurs are also mentioned above that give positive response in global crisis such as Nike and Apple. While it is also mentioned that new business opportunities tend to decrease in global crisis.

COVID-19 and Entrepreneurship

Taking into consideration the current global alarming situation and crisis due to outbreak of Coronavirus that triggered in Wuhan, China in December, 2019 caused by SARS-CoV-2 virus that is spreading rapidly around the world is creating unprecedented challenges for entrepreneurs and their ventures (McKibbin & Fernando, 2020; Meyer et al., 2020). World Health Organization has declared Coronavirus a global pandemic and among public health risk that COVID-19 poses towards the globe, the economy is disrupted and its impact on different sectors is uncertain making difficult to formulate proactive policies for sectors (McKinbbin & Fernando, 2020). Currently there are around 3,747,315 cases worldwide (Statista, 2020) and the growth rate for the cases during April-May are below. as shows in Figure 3.

From the above, graph, it is clear the worldwide, the situation is getting better. But as the COVID-19 trigger in China so the study of (McKinbbin & Fernando, 2020) revealed that along with the economy fall in China the production interruptions, disruption in supply chain, changes in financial markets and many other challenges were faced by companies and entrepreneurs. While today the situation is same around the globe due to its rapid spreading worldwide. In response to the rapid increase in the spreading of this virus, countries like Italy (with highest number of coronavirus cases in European countries during March 2020-Apirl 2020), US, UK, France, UAE and many other countries announced emergency status with exercised strict lockdown for weeks (Siddiqui, 2020). In this situation where COVID-19 caused economic and social disruption, the startups and small business owners having high physical aspects are in trouble with the peak time for Tech companies like Zoom and Google (Siddiqui, 2020). (Morelix, 2020) reported that around 41% start-ups and small businesses are in red zone as cash runaway situation might occur in three-four months considering the lockdown. The two main aspects that (Siddiqui, 2020) mentioned in his article as consequences of COVID-19 and lock down for small businesses and start-ups include:

Productivity Decrease

Generally, small businesses and start-ups have lean structures with focus on cross- functional roles and in the situation of lockdown the start-ups and small businesses have to face reduced employee and organizational productivity.

Breakdown of Supply-Chain

On one side where commerce sector is connected more in the situation of lockdown of weeks and months as a preventive measure for COVID-19, many companies (including small businesses & start-ups) face difficulty in having communication with their vendors in the areas declared as red zones. (Siddiqui, 2020) shed light on the findings in the whitepaper by Dun & Bradstreet that around 94% of around thousand companies listed in Fortune have their primary supply chain channel linked to the China so it is a big problem for those companies as well as small businesses and entrepreneurs. In this way, it can be said that dysfunctionality of the supply chain linked to China that is considered an efficient industrial market, due to its cost-efficient feature, destructively impact the business as most of the entrepreneurs set their businesses having undiversified flow of revenue and in this situation it is becoming difficult to meet the orders deadline in short run and in long run impacting the business goodwill. On the other hand, the soft aspect of supply chain involving outsourcing of personnel for data acquisitions, administration tasks and customer services is creating vulnerabilities for the start-ups (Siddiqui, 2020). Even the established businesses founded by well-known entrepreneurs like Steve Jobs are also affected with COVID-19 outbreak. Apple warns its investors that the supply of their iPhone is affected the most because of its production based in China (Siddiqui, 2020).

Whereas, in the whitepaper published by (Gauthier & Morelix, 2020) did an analysis on the impact of COVID-19 on entrepreneurs and specially on start-ups and small business. The findings of the analysis are focused on four main aspects i.e. capital, management & operations, market and talent & jobs. The details are below.

Capital

Considering the capital of start-ups and small businesses, it was found that before this global crisis already young entrepreneurs around 29% were facing capital problems and with this crisis around 40% of them are now in the precarious situation (Gauthier & Morelix, 2020). While fundraising is also difficult in this situation and around 53% entrepreneurs faced business slow down due to unresponsiveness of their leading investors.

Market

In the beginning of the crisis, many entrepreneurs predicted the decline in their revenue and around 74% start-ups and small businesses record the revenue decrease by 80% (Gauthier & Morelix, 2020). The main reason of the revenue decline was due to the industries where the start- ups and small business were linked to such as Fashion businesses.

While minority companies are observing growth as around 12% start-ups seen around 10% revenue increase during March-April and since the start of the crisis (Gauthier & Morelix, 2020). Considering the market situation, it was mentioned that B2C start-ups and medium size businesses seem to experience growth in this crisis as compared to B2B start-ups and small size businesses (Gauthier & Morelix, 2020).

Management and Operations

Since the COVID-19 outbreak in December 2/3 entrepreneurs reduced their businesses expenses by 60% while 76% startups started reducing cost since March and cutting cost vary aggressively for different businesses around the globe (Gauthier & Morelix, 2020). They mentioned that only the tech companies and businesses continue their operations since the beginning of the crisis and till now regardless of the major disruptions.

Jobs and Talent

Since this global health emergency that leads to serve crisis for entrepreneurs, many entrepreneurs work on their job and talent aspects. Around 74% startups terminate their full-time workers, 39% startups globally laid off their employees and let go around 60% workforce overall (Gauthier & Morelix, 2020). They further highlighted that among the countries, North America is among top as around 84% headcount rate is recorded there with 59% in Asia and 67% in Europe.

(Mudassir, 2020) in his article indicated that change in consumer behavior is already seen due to COVID-19 outbreak and remote working and online businesses are encouraged. Whereby the entrepreneurs of business aviation are affected with the low profitability. (Al-Halabi, 2020) highlighted the downfall of the entrepreneurial consumer sector businesses like fitness, F&B and Leisure clubs in UAE where their revenue drops down to zero due to COVID-19 outbreak.

In the article written by (Thomas & Peachy, 2020) interviewed three entrepreneurs to know the insight about their business and how it is influence with this global health emergency COVID-19 outbreak. Among three, one group of entrepreneurs owns decorating and painting company and due to the limited company the two owners pays the dividend whereby in situation of lockdown where nothing is functional then they said that “they might end up with no business and saving as it is announced by the government authorities that around 80% of the pay of self- employed and employed workers will be paid by government but dividends are not covered in it” (Thomas & Peachy, 2020). In the same way, the second entrepreneur named Nick Steele runs the hospitality recruitment firm in Gloucestershire and due to lockdown its business work is almost finished and having no premises he has only option left to sell his property or get funding but that could be a risk (Thomas & Peachy, 2020). They further mentioned in the article that the entrepreneurs told that government is not interested to help us (limited company owners) by providing survival options for their business because of the general perception about limited companies paying less tax.

(Harper, 2020) in his article published that small business owners have to again become entrepreneur and restart their businesses as the economic situation will not be the same in new post coronavirus situation. As things will totally change. Already grocery and other necessary shopping has shifted online while with the measures like change in staff shifts, lesser business hours, distancing between customers, staff and cash counter, no availability of testers or samples, visible and extra cleaning with necessity of temperature check, gloves and masks (Harper, 2020). Therefore, for entrepreneurs, start-ups and small business COVID-19 outbreak has created many challenges in terms of their survival. But some entrepreneurs are working hard to forge forward and taking advantage of different commercial opportunities in this pandemic such as Stitch & Story, online crafting firm with 11 employees provide crochet, knitting tutorials with supplying related material has around 800% increase in sales in March as compared to last year due to this lockdown (Plummer, 2020). In the same way, the fitness entrepreneur named Krissy Cela having application named Tone & Sculpt for workout and nutritional guidelines observed around 88% growth with the increase in downloads during April in this lockdown (Plummer, 2020). He further mentioned that however the impact of this global health emergency is not huge to some firms but coronavirus has hampered the ability of Netflix, being the most profitable firm, to launch new program because shutting down of the production.

In order to cope with this crisis, policy relief measures have also developed for assistance of startups and small businesses so entrepreneurs can contribute significantly. But 38% of start- ups could not get such assistance with 16% on the list to get assisted with policy relief measures and 46% entrepreneurs are taking advantage from policy relief measures (Gauthier & Morelix, 2020). The policy relief measures for startups and small businesses include four main elements are granting to preserving 29% liquidity of business, provision of around 18% investment boosting instruments, supporting employees with granting around 17% payroll supplementation and around 12% provision of loans (Gauthier & Morelix, 2020).

(Likewise & Katooro, 2020) wrote an article supporting rural women entrepreneurs in this COVID-19 pandemic and mentioned few proactive strategies that contributes towards recovering from this current global crisis. In the article, it was explained that currently around 10,000 Agri based SMEs mostly in Asia and Africa are linked with International institute of rural remonstration and to boost their contribution in this situation gender inclusive digitalized services in supporting the rural supply chains is being encouraged (Katooro, 2020).

Furthermore, the women led small businesses in rural areas can be boosted with strengthening of the private sector and government with some safety nets (provision of insurance goods, schemes of pension, arrangements of leasing, financing towards agricultural, e-payments from government to entrepreneur and digital cash transfers), embrace digitalized finance inclusions and encourage rural women entrepreneur participation towards digitalized economy i.e. digital trade & marketing (Katooro, 2020). It was further explained that all this can be done by providing mobile based training, monitoring and coaching related to the business, digital marketing and their contribution towards economy recovery.

(Al-Halabi, 2020) also indicated that now entrepreneurs all around the world need to change or restructure their business models and business structure to recover from this COVID- 19 pandemic. (Al-Halabi, 2020) is the entrepreneur who deals with entrepreneurial activities in the consumer sector in UAE and in his entrepreneurial ventures he took following decisions to recover from this COVID-19 pandemic and take a new normal start again:

People

Retention of talent is essential factor in consumer industry. However, in the current global crisis situation this factor is not that much important for the survival of business. In this situation consideration of the humanitarian problems by letting the workers stay at home is priority and if needed then work from home is the best alternate opportunity. Furthermore, retaining only the needed workforce is important as salary cost need to trimmed to minimum.

Cash

In this situation where revenues are down and cash flow is not the same as it was so it is important to have serious conversion with investors, creditors, suppliers and landlords. So that is what Al-Habibi did to stand on feet when the fog lifts and also support from government in lender terms is essential to recover from COVID-19 pandemic.

Business Models

In keeping the business alive, the shift towards fitness industry with focus on online classes and workout sessions helps AL-Habibi to generate some income in this situation (AL- Habibi, 2020). So, with rethinking about the business models and with creativity the shifts towards online mediums and fitness industry is a smart move.

Along with this, a supportive framework is also developed at individual and federal emirate level for the entrepreneurs in UAE (Squire, 2020). Such as 50 billion AED was allocated for the development of the SMEs in 2018 and with this outbreak of COVID-19, the following initiatives were added in that plan as per different cities in UAE: as shows in Table 1.

Table 1 Initiatives in Support of Entrepreneurial Activities to Overcome Covid-19 Crisis.
City	Initiatives
Abu Dhabi	Subsiding AED 5 billion electricity and water fees for the start-ups and till end of 2020 exempt fromindustrial & commercial activities from real estate registration fees.
	Credit guarantee Scheme of AED 3 billion for SMEs that is managed by Abu Dhabi investment office.
	For sustaining balance between demand & supply, allocation of AED 1 billion for market-maker fund.
	Exemption for performance guarantees for Start-ups for project up to AED 50 million.
Sharjah	Around 50% reduction in outlet cost, central market and industrial centers taking part in the business advertising campaign
Dubai	Allocation of around 1.5 billion 3-month stimulus package in limiting the business upkeep cost with simplification of business procedures.
Free Zones	Postponement of rent payment for around 6 months.
	Facilitation in payments by focusing on making installments.
	Refunding of guarantees and securities.
	Permit temporary contract allowing free labor movement between companies.

World trade organization also predicted that the trading volume is expected to recover quickly in 2020 second half to the pre-pandemic movement and overall-V-shaped recovery for business is expected as the volume of world merchandise trade from -31.9% in 2020 it is expected to reach around 24% in 2021 (WTO, 2020). For details country wise refer to Figure 4 below.

In this situation, entrepreneurs are also stepping forward to slow down the spread of COVID-10 pandemic (Abo, 2020). With combining the entrepreneurial abilities, a group of entrepreneurs launched non-profit organization named ‘helping hands’ (Abo, 2020). Helping hands started in United Stated and aims to provide services everywhere is the great initiative taken by a group of entrepreneurs aiming to slowdown the COVID-19 spread with community- based volunteering through technology. This tech based entrepreneurial initiative connects the community volunteers with the people having weak immune system, senior citizens and people with pre-existing medical conditions and deliver safely necessary items like food, household goods and medicines with provision of assistance (conversations, mail-pickups and dog waling) (Abo, 2020).

(Somers, 2020) entrepreneurs with innovation and encouragement of intrapreneurship step up to the plate such as different fashion brands restructured their production lines and focus on making masks, hospital gowns and other protective equipment for the medical staff and patients, manufacturing and automotive companies focus on production of sought after ventilators, many companies switched production chains in making hand sanitizers and many SMEs decided and planned to move online in this situation. New business ideas also emerged during the outbreak of COVID-19 as majority of people worked from home (Loasana, 2020). Such as a threat of losing jobs, an office worker named Ester Christine Natalia from Banten with her husband tried a new dish (tahuwalik) and decided to sell it on Instagram and many people were interesting in trying that new dish and initially two day sales profit was around Rp 50,000 (US$3.21) (Loasana, 2020). It was further mentioned that consultancy, tutoring and online grocery selling are other businesses that many individuals have started or thinking to start and joining the path of successful entrepreneurs (Loasana, 2020).

Therefore, COVID-19 global crisis on one side will improve the overall health systems around the globe but also provide many entrepreneurial initiatives with the major changes in the business models, structures, production chains and lines and more focus are expected towards work from home.

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