THE IMPACT OF THE COVID-19 PANDEMIC ON ENTREPRENEURSHIP

Abstract

Entrepreneurship is globally accepted as a significant driver of socio-economic development. However, the Covid-19 pandemic affected entrepreneurial activity in each country of the world, and the restrictions imposed by the governments caused strong disruptions for entrepreneurs. The purpose of this paper is to investigate the impact of the Covid-19 pandemic on entrepreneurship. The research methodology included qualitative and quantitative analysis. In addition, macroeconomic indicators issued by the Global Entrepreneurship Monitor related to entrepreneurial activity and business ownership have been used. The results show that the Covid-19 pandemic had a significant impact on entrepreneurship. The crisis affected the activities of SMEs and policymakers attempted to introduce resilience actions to support the entrepreneurial system. The most impacted industries during the Coronavirus pandemic were tourism, airlines, and the automotive field. However, industries related to health, technology, pharmaceutical, and science were the least impacted by the Coronavirus pandemic. Changes caused by the health crisis could also change the current labour market and the management infrastructure of existing companies. Policymakers should create opportunities for existing and future entrepreneurs through new policies related to remote work, reskilling of the workforce, and investments in innovative technologies.