Sumary of Entrepreneurial resilience:
- The Department of Trade and Industry (DTI) estimates that 8 percent of businesses, or 112,000 of the 1.4 million micro, small, and medium enterprises (MSME), remain closed due to the current, and easier, quarantine settings..
- A study by the International Trade Centre late last year revealed that around 9 percent of Philippine companies were considering permanent closure and 68 percent said they were strongly affected by the lockdowns..
- There are a lot of businesses, however, that are successfully adapting to the current environment and are even thriving in these difficult times..
- We call this entrepreneurial resilience – “the ability to overcome high-impact entrepreneurial challenges and persist in the entrepreneurial process in the face of adverse situations and unexpected outcomes”.
- It explains “why some entrepreneurs quit in the face of those challenges while others press on in the face of uncertainty and risk”..
- While there are tons of writings and webinars that talk about entrepreneurial resilience amid the pandemic, they focus on the entrepreneur’s ability to bounce back, which others may find difficult to replicate without understanding the dynamic process of adaptation..
- Named the EntREsilience Project, it aims to “address the urgent need to strengthen entrepreneurial resilience and discover the post-crisis ‘New Normal'”, according to the project website..
- “Through our research we seek to inform both policy and entrepreneurial practice in emerging and advanced economies alike,”…