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Resilience of Colombian Entrepreneurships during COVID-19 Pandemic Crisis

Author

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  • Oscar Leonardo Acevedo

    (School of Basic Sciences, School of Business, Institución Universitaria Politécnico Grancolombiano, Calle 57 No. 3-00 Este, Bogotá 110231, Colombia)

  • Manuel Méndez-Pinzón

    (School of Basic Sciences, School of Business, Institución Universitaria Politécnico Grancolombiano, Calle 57 No. 3-00 Este, Bogotá 110231, Colombia)

  • Adela Margarita Vélez-Rolón

    (School of Business, Colegio de Estudios Superiores de Administración, Diagonal 35 No. 5A-57, Bogotá 110311, Colombia)

Abstract

MSMEs were facing major challenges driven by uncontrollable macro-environmental factors caused by the COVID-19 pandemic. This paper shows the strategies that a sample of Colombian start-ups developed for their survival in the first months of the COVID-19 crisis and the close relationship between these strategies and the aid policies deployed by the Colombian government. This study involved 220 Colombian enterprises from different sectors of the economy (agriculture, commerce, services, and industry) and different stages of the life cycle. Our statistical analysis was based on a deep survey of highly significant rank correlation, the qualitative association between variables, a structural equation model, and mediation analysis. Among our results, we highlight a high dependence on ICT technologies, varied access to economic aid, and strong dependence on negative crisis impacts with the need for aid and deep business changes. Concerning the last conclusion, we found a significant mediating effect of the adaptability of the start-ups in order to explain why older, bigger, and more necessary enterprises were the ones that obtained aid.

Suggested Citation

  • Oscar Leonardo Acevedo & Manuel Méndez-Pinzón & Adela Margarita Vélez-Rolón, 2023. "Resilience of Colombian Entrepreneurships during COVID-19 Pandemic Crisis," Social Sciences, MDPI, vol. 12(3), pages 1-15, February.
    • Handle: RePEc:gam:jscscx:v:12:y:2023:i:3:p:130-:d:1081617
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    References listed on IDEAS

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    1. Kaytaz, Mehmet & Gul, Misra C., 2014. "Consumer response to economic crisis and lessons for marketers: The Turkish experience," Journal of Business Research, Elsevier, vol. 67(1), pages 2701-2706.
    2. Brown, Ross & Rocha, Augusto, 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    3. Shaul Kimhi & Yohanan Eshel & Hadas Marciano & Bruria Adini, 2021. "Fluctuations in National Resilience during the COVID-19 Pandemic," IJERPH, MDPI, vol. 18(8), pages 1-11, April.
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