Citation

The COVID-19 pandemic has caused a significant impact on the global economy, with small-scale
businesses facing unprecedented challenges. Previous studies have shed light on the challenges faced by
small businesses during the pandemic, providing insights into the financial hardships and operational
difficulties experienced by entrepreneurs (Dwivedi et al., 2020). Small businesses have struggled with
reduced revenues, increased operating costs, and limited access to credit (Mahajan et al., 2020). Supply
chain disruptions have affected the availability of inputs and product delivery, further impacting
business operations (Foroudi et al., 2021). Changes in consumer behavior, such as reduced discretionary
spending and increased reliance on online platforms, have necessitated adaptive strategies by small
businesses (Ratten et al., 2020).

Government support and interventions have played a crucial role in assisting small businesses during the
pandemic, although the effectiveness and accessibility of such support have varied across regions
(Kumar et al., 2021). Small-scale entrepreneurs have demonstrated resilience and adaptability by
implementing innovative strategies such as shifting to online platforms, introducing new products or
services, and exploring alternative markets (Ghosh et al., 2021). Collaboration and networking among
entrepreneurs have also emerged as effective approaches for small businesses to navigate the crisis
collectively (Ramadani et al., 2020). Financial literacy and effective financial management practices have
proven crucial for small businesses to navigate economic uncertainties and make informed decisions
(Guenzi & Ruta, 2021).

Reference

Dwivedi, Y. K., Hughes, D. L., Coombs, C., Constantiou, I., Duan, Y., Edwards, J. S., ... & Upadhyay, N.
(2020). Impact of COVID-19 pandemic on information management research and practice: Transforming
education, work and life. International Journal of Information Management, 55, 102211.

https://uobrep.openrepository.com/handle/10547/624577

Mahajan, V., Singh, A., Kumar, P., & Choudhary, A. (2020). Impact of COVID-19 on MSMEs in India:
Challenges and opportunities. Journal of Public Affairs, e2479.

https://repository.unescap.org/handle/20.500.12870/4291?locale-attribute=es

Foroudi, P., Gupta, S., Sivarajah, U., Brookes, R. W., & Chen, J. (2021). Investigating the impact of COVID-
19 on small businesses: Evidence from a literature review and case study approach. International Journal
of Information Management, 57, 102260.

https://www.mdpi.com/2079-8954/10/5/184
Ratten, V., Jones, P., He, W., & Lin, Y. (2020). Coronavirus: A catalyst for entrepreneurship and small
business growth. Journal of Small Business and Entrepreneurship, 32(5), 441-448.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8206963/

Kumar, B., Mehta, R., Dubey, R., & Mukerji, S. (2021). The impact of COVID-19 on entrepreneurship and
sustainable development goals: A study of India. Journal of Cleaner Production,

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8566018/