Entrepreneurial Crisis Management: How Small and Micro-Firms Prepare for and Respond to Crises

Description

​This book explores the timely issue of how small businesses, micro firms and entrepreneurs respond to crises. A largely overlooked area of research, the author posits that by better understanding crisis management in small and micro firms, we can help to protect these businesses from the potentially devastating effects of a crisis. Offering guidance for scholars and practitioners, including small business owners, to better understand the concept, limitations and considerations of crisis management - specifically in the small business context - the author demonstrates that there is no single solution for a small business to cope with a crisis. Drawing from the thematic findings, the author offers valuable recommendations on how small business owners can strategically plan for the future and better manage their capability when faced with a crisis. Preface Contents 1: Understanding Crisis Management in Modern Societies 1 Defining Crisis 2 Crisis Stages: Individual Perspective 3 Crisis Stages: Organizational Perspective 4 Crisis Level and Organizational Impacts 5 Multidisciplinary View on Crisis 5.1 Crisis from a Psychological Perspective 5.2 Crisis from a Social-Political Perspective 5.3 Crisis from a Technological-Structural Perspective 6 Organizational Sensemaking of Crisis 7 The Role of Culture on Sensemaking of Crisis 8 Conclusion References 2: Crisis Management and Small Businesses 1 Small Businesses Are More Vulnerable to Crises 2 Crisis Sensemaking Among Small Businesses 3 How Do Small Businesses Respond on Natural Crisis? 4 Social Capital as a Resource for Managing Crisis 4.1 Cognitive Social Capital 4.2 Accessing Social Capital for Small Businesses 5 Small Businesses’ Business Continuity Management 5.1 Strategizing Business Continuity Planning 5.2 Pitfalls in Developing a Business Continuity Planning Strategy 6 Conclusion References 3: COVID-19 and Small Businesses Responses 1 COVID-19 Impact on Small Businesses 2 Small Businesses Resilience 3 Factors Contribute to Small Business Resilience 3.1 Diversification 3.2 Financial Resources 3.3 Business Agility Competency 3.4 Government Support 3.5 Entrepreneurial Well-being 4 Conclusion References 4: Forward Looking 1 Responding Now and Preparing for the Future 2 Communicating with Relevant Stakeholders 3 Maintaining Sanity 4 Conclusion References Index