Impact of the Pandemic on Entrepreneurial Ecosystems

Introduction

Wake up call for Global entrepreneurs, as the world had to shut down due to Covid Pandemic, the organisations re-emerged with a new outlook, opportunities which provided organisational gains (Giones et al., 2020). It is a pandemic pandemonium that has spread worldwide as it has effectively neutralised personal, business, professional and social lives (Mohammad et al., 2021). The need for transformation and competitive strategies were felt more than ever in the entire century, as this provided the wheels of hope for entrepreneurs. This has been the right time for market development, growth and market penetration, customer reach, quality of products, optimising delivery, improving supply chain performances for sustainable growth and development (Ratten, 2020a).This inclusive organisational development also ensured the survival of entrepreneurial ventures all over the world.

There was an immediate need for entrepreneurs to change their mind set, approaches, outlook and strategies to look far beyond and infuse creativity and innovation into the entrepreneurial ecosystem and practices, Ensuring effective decision making, which was transformative and approach which gave new impetus to growing prosperity and profits to them(Ratten, 2020b). Pandemic pandemonium had also provided challenges on health issues, staff retention, staff development and orientation, management of customers, client requirements, delivery systems and finally, Profits (Nicola et al., 2020). On the other hand, it has ensured balance in the entrepreneurial systems of the world with chaos. It has restored perfection, creativity and innovation with fear, lockdown and total closure (Miljkovic & D’Intino, 2021).

Entrepreneurial ecosystem has affected the small and large scale industries during the covid-19 pandemic and it’s affected the growth of entrepreneurs to survive in the pandemic situation. Many of the researchers evident that dynamic capabilities helps the entrepreneurs to survive their business in the changing environment. In entrepreneurial eco system the dynamic capabilities that enable the industries to adapt to the changing environments and survive in the competitive market on the pandemic situations also. It is the strategies tool for the firms’ long term sustainability and growth. Moreover, many of the existing studies investigated the effectiveness of dynamic capabilities implementations and its benefits to large scale industry during unavoidable pandemic situations. The changing ecosystem during covid-19 pandemic influences the growth and survives of small scale and large scale industries and it creates threats between the entrepreneurs. For this reason the study planned to investigate the impact of covid-19 pandemic in entrepreneurial ecosystem and the study suggested the practical techniques and dynamic capabilities to overcome the pandemic situation in the long run period.