![]() Nonetheless, shocks represent a unique opportunity to build and test entrepreneurial abilities in a context of true Knightian uncertainty (Knight, 1921), i.e., a lack of any quantifiable knowledge about potential occurrences, and future scenarios. Coping with extreme events like a global pandemic is especially challenging for those entrepreneurs who do not have relevant prior experience in facing such unexpected circumstances. Unexpected shocks generate uncertainty and represent a threat to the continuity of businesses (Belitski et al., 2022 De Massis & Rondi, 2020 Kark et al., 2020 Kuratko & Audretsch, 2021). Policymakers must be attentive to how firms’ accumulated resources are deployed during times of crisis and foster the capture of opportunities out of the storm. The study contributes to business practice by showing that both family and non-family businesses to thrive in the “new normal” era will have to develop the entrepreneurial resources of the team. Slack resources, both business and family, are not sufficient to turn adversities into opportunities because firms require a favourable entrepreneurial attitude to activate slack. The four responses differ in the type of slack resources - business or family - and extent of entrepreneurial attitude - favourable or unfavourable - leveraged. We find that these firms responded to the Covid 19 crisis either through: “waiting while seeding”, “keeping business as usual”, “striving to resist” or “surfing the pandemic”. Plain English Summary How entrepreneurial firms respond to - and display resilience in - coping with a crisis’s uncertainty varies according to the entrepreneurial attitude of the entrepreneur and the typology of slack resource leveraged. Yet, they are not sufficient to turn adversities into opportunities because firms also require a favourable entrepreneurial attitude to activate slack. Slack resources, both business and family, can enable the absorption of a shock, contributing to building absorptive resilience, or the adaptation to the shock, contributing to building adaptive resilience. ![]() Through a multiple case study, four key entrepreneurial responses emerge about the type of slack resources (business or family) and extent of entrepreneurial attitude (favourable or unfavourable) leveraged: “waiting while seeding”, “keeping business as usual”, “striving to resist” and “surfing the pandemic”. We examine how entrepreneurs leveraged slack resources to build organizational resilience and, thanks to their entrepreneurial attitude, could eventually turn adversities into opportunities. This study explores how entrepreneurial firms responded to - and displayed resilience in - coping with the uncertainty generated by an unexpected crisis.
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