Impact, Reaction, and Learning From Overcoming the COVID-19 Crisis

2021 ◽  
pp. 27-51
Author(s):  
Saptarshi Dhar ◽  
Tahira Farzana ◽  
Sabiha Saju Ibne Abedin
Keyword(s):  
Small Businesses ◽  
Small Scale ◽  
Business Sector ◽  
Qualitative Investigation ◽  
Subsequent Response ◽  
Service Areas ◽  
Food And Beverage ◽  
Response Measures ◽  
Key Driver ◽  
The Impact

The COVID-19 pandemic has created devastating consequences for all businesses globally, including the small businesses in Bangladesh. The small business sector in Bangladesh is a key driver of its economic growth and has been hit particularly hard by the pandemic due to its pre-existing vulnerabilities and lower resilience to crisis. This chapter investigates the impact of COVID-19 on small-scale businesses, their subsequent response measures, and learning experiences that have created a route to resilience. A qualitative investigation on six small-scale enterprises across manufacturing and service areas was included in the study. The cases covered fashion and clothing and organic food and beverage businesses. The findings of the study suggest that the impacts of the pandemic are primarily financial, operational and supply chain, and logistical in nature. The policymakers need to take urgent measures to ensure the sustainability of this sector amid the ongoing pandemic.

Financial Literacy and Financial Inclusion as Tools to Enhance Small Scale Businesses’ Performance in Southwest, Nigeria

2020 ◽  
Vol 2 (3) ◽  
pp. 1-13
Author(s):  
Dr. Ademola Samuel Sajuyigbe ◽  
Tajudeen A. Odetayo ◽  
Adewumi Z. Adeyemi
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Financial Literacy ◽  
Small Businesses ◽  
Bank Loans ◽  
Financial Inclusion ◽  
Least Square ◽  
Small Scale ◽  
Southwest Nigeria ◽  
The Impact

Purpose: The study sought to examine the impact of financial literacy and financial inclusion on small businesses’ overall performance with special reference to Southwest Nigeria. Methods: Descriptive survey research sketch was adopted for this study, while the purposive sampling method was employed to choose forty small scale businesses registered with SMEDAN from each state capital of South Western of Nigeria that engaged in petty trading, bakeries, block-making, soup-making, tailoring, and agro-allied, totaling 240 participants as a sample size for the study. Data were collected by using a closed-ended questionnaire designed for the study, while simple percentage, mean, standard deviation, Pearson Product Moment Correlation (PPMC), and Ordinary Least Square (OLS) was used to analyze the data. Results: The findings disclose that financial literacy and financial inclusion jointly and independently affect small businesses’ performance. It revealed a positive and significant relationship between financial literacy and financial inclusion. However, the study depicts that majority of business operators did not have financial knowledge such as working capital management, accounting records system, financial reporting, cashbook maintenance, income statement, daily cash reconciliation, internal control on cash, and cash budget. Also, the study confirmed that the majority of small business entrepreneurs are financially excluded from micro-financing, emergency loans, employ purchase financing, business bank loans, and micro-insurance plan Services. Implications: The implication of this study is that if the Central Bank of Nigeria partnership with other professional organizations to promote financial literacy and inclusion programs to all business entrepreneurs across the nation, it will motivate more business entrepreneurs in Nigeria to have access to finance.  

scholarly journals Business response to COVID-19 impact: Effectiveness analysis in South Africa

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Godfred Anakpo ◽  
Syden Mishi
Keyword(s):  
Small Businesses ◽  
Empirical Studies ◽  
Value Added ◽  
Export Market ◽  
Adverse Impact ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Response Measures ◽  
Business Response ◽  
The Impact

Background: Following the outbreak of Coronavirus disease 2019 (COVID-19), many businesses have put out measures to counter the impact of the outbreak and its related reactions from economic actors (individuals, authorities and other businesses) on their business operations. However, nearly no empirical studies or reports have been carried out to investigate the effectiveness of those measures.Aim: This study aimed at examining the effectiveness of business response measures to COVID-19 impact on business outcome.Setting: This study focused on businesses that are value-added tax (VAT) registered.Methods: A cross-sectional survey design was used. The authors applied logistic regression technique to analyse the effectiveness of business response measures on business outcome.Results: The authors found evidence that business responses such as virtual connection, innovative e-commerce and increasing working hours are more effective business responses, whilst decreasing work hours, laying off workers temporarily and ordinary e-commerce are less effective measures against the impact of the outbreak. Furthermore, business characteristics such as industry type (e.g. ‘agriculture, hunting, forestry and fishing’ and ‘electricity, gas and water supply’) are more resilient to COVID-19 shock, whilst pure export market and small businesses, secondary and tertiary, are significantly less resilient.Conclusions: Firstly, the study shows that some business responses are more effective in remediating the adverse impact of COVID-19 and therefore recommends policy intervention and industrial actions to promote them. Secondly, it is also recommended that financial bailout and/or Internet infrastructure and domestic support for small and export businesses could make them more resilient to the adverse impact of the outbreak.

scholarly journals SOCIO-ECONOMIC RESULTS OF THE SMALL BUSINESS ACTIVITY IN THE REPUBLIC OF CRIMEA

2020 ◽  
pp. 100-110
Author(s):  
G.V. Olkhovaya
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Entrepreneurial Activity ◽  
Innovation Activity ◽  
Business Sector ◽  
Social Efficiency ◽  
Economic Changes ◽  
Rate Of Development ◽  
The Republic ◽  
The Impact

In modern conditions, the level and rate of development of regions and the state as a whole are directly related to the dynamics of small and medium-sized businesses. The article provides an assessment of the socio-economic changes that occurred in the small business sector of the Republic of Crimea in 2015-2018. The system of indicators that reflect various aspects of its functioning and the impact on the region’s economy is analyzed. Indicators of entrepreneurial activity, social efficiency of small businesses, economic efficiency of functioning, investment and innovation activity are considered.

Make It Safe

2010 ◽  
Author(s):  
Keyword(s):  
Food Safety ◽  
Small Businesses ◽  
Manufacturing Industry ◽  
Small Scale ◽  
Safety Hazards ◽  
Safety Risks ◽  
Food And Beverage ◽  
Control Food ◽  
Food Recalls ◽  
Safety Systems

All people involved with preparation of food for the commercial or retail market need a sound understanding of the food safety risks associated with their specific products and, importantly, how to control these risks. Failure to control food safety hazards can have devastating consequences for not only the consumer, but also the food manufacturer. Make It Safe provides practical guidance on how to control food safety hazards, with a specific focus on controls suitable for small-scale businesses to implement. Small businesses make up around two-thirds of businesses in Australia’s food and beverage manufacturing industry. This book is aimed at those small-scale businesses already in or considering entering food manufacture. Those already operating a small business will develop a better understanding of key food safety systems, while those who are in the ‘start-up’ phase will gain knowledge essential to provide their business with a solid food safety foundation while also learning about Australian food regulations relevant to food safety. The content will also be useful for students studying food technology or hospitality who wish to seek employment in the manufacturing industry or are planning on establishing their own manufacturing operation. Illustrated in full colour throughout, Make It Safe outlines the major food safety hazards – microbial, chemical and physical – which must be controlled when manufacturing all types of food products. The control of microbial hazards is given special emphasis as this is the greatest challenge to food manufacturers. Topics covered include: premises, equipment, staff, product recipes, raw ingredients, preparation, processing, packaging, shelf-life, labelling and food recalls. Key messages are highlighted at the end of each chapter.

scholarly journals Pemodelan Tarikan Perjalanan Kawasan Perdagangan Jasa Skala Kecil di Jalan Sukun Raya Banyumanik

2020 ◽  
Vol 16 (1) ◽  
Author(s):  
Yudi Basuki ◽  
Sri Rahayu ◽  
Novia Windri Rahmawati
Keyword(s):  
Land Use ◽  
Regression Analysis ◽  
Linear Regression ◽  
Multiple Linear Regression ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Service Area ◽  
Small Scale ◽  
Service Areas ◽  
The Impact

Banyumanik sub-district grows and develops caused by increases in population. Jalan Sukun Raya is a road commonly used by residents in Srondol Wetan Village to Jalan Setiabudi and vice versa. Sukun Raya Road Corridor is one of the local roads in Banyumanik Subdistrict.  The land use in this corridor is a commercial and service area, and settlement. Land use in the road corridor is a commercial and service area. Based on these problems, it is necessary to do trip attraction modeling. In this case, the trip attraction is needed in considering the impact of existing development, such as in the sub-center of the commercial and services area, housing, and offices. The aims of this article to develop the trip attraction model.Trip attraction modeling uses multiple linear regression analysis with the stepwise method on the commercial and service area and small scale on Jalan Sukun Raya, Banyumanik Subdistrict which is a sub-service area of the city of Semarang. Correlation and multiple linear regression analysis done based on data obtained from survey results. Data collection on Jalan Sukun Raya at peak times was carried out with field observations and interviews with established resource persons.The results showed that the sales income variable became the most influential variable on the trip attraction shown in the equation Y = 0.352 + 4.998E-7 X4. The resulting model is useful for estimating trip attraction in small-scale commercial and service areas.  

scholarly journals INSTITUTIONAL TRENDS OF ENTREPRENEURSHIP DEVELOPMENT IN THE REPUBLIC OF BASHKORTOSTAN

2020 ◽  
Vol 2 (32) ◽  
pp. 92-100
Author(s):  
E.M. Ishmukhametov ◽  
◽  
A.I Khisaeva ◽  
R.R. Gaysina ◽  
◽  
...  
Keyword(s):  
Small Businesses ◽  
Political Organization ◽  
Business Sector ◽  
Business Climate ◽  
State Support ◽  
Digital Government ◽  
Study Region ◽  
Republic Of Bashkortostan ◽  
The Republic ◽  
The Impact

The article sets out the organizational and economic aspects of the development of the business sector of the Republic of Bashkortostan. In the context of the study region, the key problems in the system of state support for small and medium-sized businesses were identified, which together reflected: the underdevelopment of the system of public-private and municipal-private partnerships, the weakness of the political organization of events to support and develop the private entrepreneurial sector, the lag of the region’s administrative power mechanisms in the formation of an institutional business climate and, as a consequence, a decrease in the level of economic and production potential and the region. Based on the analysis of quantitative indicators of the state of small and medium-sized enterprises of the Republic of Bashkortostan, a conceptual model of the factors of the influence of the institutional environment on the level of development of the business sector has been formed, which allows to systematize the directions of growth and popularization of forms of small and mediumsized businesses in the Republic. According to this model, the most important vectors of state support for private business entities are: development of financing systems, subsidies and loans for investment PPP projects, applied developments and business projects for the development of small business forms; the formation of an effective partnership system between government and private sectors, which provides an opportunity for business structures to take part in transforming the region’s entrepreneurial infrastructure, in organizing financing, taxation, and investment projects for SMEs; development of the information sphere of entrepreneurship support through the creation of a digital government system and the use of relevant electronic-digital technologies; stimulating the formation of a high-quality competitive environment and the competitiveness of small businesses in the market economy of a region and a country. For each identified area, according to the developed model of the factors of the impact of institutional conditions, a series of measures were proposed that provide: the formation and improvement of the image of the business sector, the expansion of the powers of small and medium-sized businesses in the implementation of public-private projects and initiatives; normalization of investment flows that increase the profitability of small firms; the establishment of effective institutional foundations in the chain of relations «state – municipality – business – society».

scholarly journals Does Micro-Credit Lending to Small Scale Enterprises Stimulate Economic Advancement in Nigeria? Evidence from ARDL Analysis

2021 ◽  
pp. 53-66
Author(s):  
Chuks Nwaogwugwu ◽  
John U. Ihendinihu
Keyword(s):  
Financial Services ◽  
Small Businesses ◽  
Financial Sector ◽  
Cointegration Analysis ◽  
Policy Framework ◽  
Small Scale ◽  
Microfinance Institutions ◽  
Economic Advancement ◽  
The Impact ◽  
Micro Credit

The microfinance institutions are evident tools for Small Scale Enterprises development due to the roles they perform in the economic advancement. Past studies have shown microfinance serves as a key player in the financial sector that has positively impacted in all works of life through the services it offers. This study is positioned to explore the case of Nigeria by examining the impact of micro-credit lending to Small Scale Enterprises on economic advancement in Nigeria over the period 1992–2019, using the autoregressive distributed lag approach to cointegration analysis. Controlling for the possible effects of crude oil price and trade openness on economic advancement in Nigeria, this study found the relationship between micro-credit lending to Small Scale Enterprises and economic advancement is negative and significant in the long‐run and positive but insignificant in the short‐run, thus, suggesting the weakness of financial intermediary sector in resource mobilization and allocation in Nigeria. The result, in general, illustrates the vulnerability of the financial sector in stimulating economic advancement by providing micro-credit for small businesses and the unbanked.  Hence, this study suggests a well‐articulated policy framework that will facilitate access to financial services.

scholarly journals Determinants of SARS-CoV-2 Impacts on Small-Scale Commercial Broiler Production Systems in Egypt: Implications for Mitigation Strategies

Animals ◽  
2021 ◽  
Vol 11 (5) ◽  
pp. 1354
Author(s):  
Assem Abu Hatab ◽  
Zhen Liu ◽  
Asmaa Nasser ◽  
Abourehab Esmat
Keyword(s):  
Small Businesses ◽  
Production Systems ◽  
Principal Component ◽  
Mitigation Strategies ◽  
Small Scale ◽  
Broiler Production ◽  
Resource Endowment ◽  
Containment Measures ◽  
Commercial Broiler ◽  
The Impact

As in many other countries, the outbreak of the COVID-19 pandemic, together with subsequent government containment measures, posed significant challenges to small-scale broiler production systems in Egypt. Based on a survey of 205 specialist small-scale commercial broiler farms (SCBFs) consisting of both farm-based and household-based production systems, this study identifies the primary pathways through which COVID-19 has affected SCBFs and investigates the determinants of farm perception of these effects. A polychoric principal component analysis sorted the effects of the pandemic on the SCBFs surveyed into five categories, namely, input availability, production and operational costs, labor and human resources, consumer demand and sales, and farm finances. Next, five ordered logit models were constructed to examine the determinants of the SCBFs’ perception of each category of these effects. Generally, the empirical results revealed that COVID-19 affected SCBFs heterogeneously based on their management and production systems and resource endowment. Female-led and household-based SCBFs perceived significantly greater COVID-19 effects. In contrast, individually owned farms and those with membership of poultry producer organizations and larger total asset values perceived fewer effects. In addition, SCBFs operating in both local and provincial markets were less likely to perceive negative effects from the pandemic on their broiler farming activities. Although the adoption of strict and immediate containment measures was essential for controlling the virus and protecting public health, our results indicate that policy responses to COVID-19 must consider the likely effects on small businesses such as SCBFs since disruptions to such socioeconomically important supply chains will intensify human suffering from the pandemic. Overall, our findings provide important implications for the formulation of effective strategies for mitigating the impact of COVID-19 on small-scale broiler production systems in Egypt and enhancing their preparedness and resilience to future pandemics, natural hazard risks, and market shocks.

scholarly journals COVID and Small Businesses in the U.S., China, and Russia: Three Models of Government Support

2020 ◽  
Vol 1 (2) ◽  
pp. p14
Author(s):  
Andrey Mikhailitchenko ◽  
Yang Sun ◽  
Sanjay Varshney
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Government Support ◽  
Business Sector ◽  
Critical Importance ◽  
Protective Measures ◽  
The World ◽  
National Economies ◽  
The Impact ◽  
The U.S

The impact of the world COVID crisis on small businesses was extremely destructive. Governments of different countries being aware of critical importance of small business sector to national economies and societies as a whole undertook measures aimed at SME support. While the devastating effect of COVID on small business is quite comparable across the world, the scale and efficiency of government protective measures differ a lot in various countries. In this paper we made an attempt of comparative analysis of governmental efforts to protect small business economies on the example of SMEs in three countries: the U.S., China, and Russia.

scholarly journals Impact of Entrepreneurial Self-Efficacy and Entrepreneurial Motivation on Micro and Small Business Success for Food and Beverage Sector in East Java, Indonesia

Economies ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 10
Author(s):  
Veronika Agustini Srimulyani ◽  
Yustinus Budi Hermanto
Keyword(s):  
Self Efficacy ◽  
Small Businesses ◽  
Research Area ◽  
Work Behavior ◽  
Business Success ◽  
Innovative Work Behavior ◽  
Entrepreneurial Motivation ◽  
Research Areas ◽  
Food And Beverage ◽  
The Impact

The research aims to examine the impact of entrepreneurial self-efficacy and entrepreneurial motivation on the success of the food and beverage (F&B) sector’s micro and small enterprises (MSEs). The sample was selected using purposive sampling techniques from 267 MSE owners in the F&B businesses in Madiun City, Madiun Regency, and Magetan Regency, East Java, Indonesia. The test results of the hypothesis showed that: (1) partially, self-efficacy entrepreneurship and entrepreneurial motivation are significantly positive on business success in micro and small F&B businesses in East Java, Indonesia; (2) entrepreneurial motivation acts as a partial mediation of the influence of self-efficacy entrepreneurship on the business success of micro and small businesses in the field of food and beverage in East Java, Indonesia; abd (3) simultaneously, self-efficacy entrepreneurship and the influence of entrepreneurial motivation are significantly positive on business success in micro and small businesses in the food and beverage fields of East Java, Indonesia. The results showed that self-efficacy and motivation in entrepreneurship are necessary because they affect business success, particularly in micro and small F&B businesses in Indonesia. Further research can explore other factors that influence business success by expanding the research area and other types of creative industry businesses. Further research could explore other factors influencing business success by expanding research areas, such as entrepreneurial leadership and innovative work behavior.

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