TYPES OF CRISES IN THE WORK OF ENTREPRENEURS: THE IMPACT OF THE GLOBAL HEALTH CRISIS
Keywords:
entrepreneurs, crisis situation, Covid-19, reasons, model, decisionsAbstract
The global health crisis and the current situation in the environment caused by the impact of the Covid-19
virus have caused major changes in the work of all business entities, including entrepreneurs. It is an indisputable
fact that entrepreneurs are drivers of inclusive economic growth and drivers of productive and sustainable jobs.
Entrepreneurship is usually associated with SME sector, which show a tendency to grow in specific conditions and
environment. The global health crisis has caused a number of problems for entrepreneurs.
Crisis contributes to an increase in the number of companies whose entrepreneurs decide to closing of operations of
enterprises or reduce business activity. Entrepreneurial crises are unplanned and undesirable processes that last for a
certain period of time, with a certain impact and appropriate consequences.
Any crisis can substantially threats the survival of the company with some impact on the achievement of operating
goals.
Closing of business activity implies the creation of social costs. Therefore, it is very important for entrepreneurs to
face problems at work in a timely manner. Problems in the work of entrepreneurs are part of everyday work. The
skill of entrepreneurs consists in timely recognition of problems and seeking solutions to them.
At the same time, current pandemic working conditions pose a challenge for entrepreneurs and SME sector. As a
result, the global health crisis caused by the impact of the Covid-19 virus is forcing entrepreneurs to make
significant changes in their operations in order to quickly adapt their operations to changes in the environment.
Therefore, the subject of this paper focuses on understanding the impact of the Covid-19 virus on the work of
entrepreneurs in terms of modern business trends. In the first part of the paper will be given a theoretical overview
of the types of crises in the work of entrepreneurs as well as the importance of entrepreneurial competence for the
operation of enterprises in times of crisis. In the conclusion of the paper, a model for dealing with crisis situations
will be proposed and guidelines for action of entrepreneurs for successful management of crisis situations will be
given.
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