Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience
COVID-19 quarantine limitations and their effects on business lead to unpredictable environment changes, which require appropriate entrepreneurs' strategic response. COVID-19 quarantine limitations dramatically affected specialized businesses, which had to adopt for the new environment requirem...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
University of Novi Sad - Faculty of Economics, Subotica
2022-01-01
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| Series: | Anali Ekonomskog fakulteta u Subotici |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/0350-2120/2022/0350-21202247003S.pdf |
| _version_ | 1818465717252521984 |
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| author | Sahaidak Mykhailo Prokhorova Yeliena Sobolieva Tetiana |
| author_facet | Sahaidak Mykhailo Prokhorova Yeliena Sobolieva Tetiana |
| author_sort | Sahaidak Mykhailo |
| collection | DOAJ |
| description | COVID-19 quarantine limitations and their effects on business lead to unpredictable environment changes, which require appropriate entrepreneurs' strategic response. COVID-19 quarantine limitations dramatically affected specialized businesses, which had to adopt for the new environment requirements. COVID19 especially influenced small and medium size entrepreneurs, which are specialized in one industry. Considering the peculiarities of integration and diversification as priority strategies for business development in the new reality, the article proves that specialization in goods or services in one industry for small and medium enterprises is risky and can lead to the bankruptcy of such businesses. Based on official statistics, the changes in Ukrainian small and medium companies' performance during years 2019-2020 were studied across industries. The gathered data provide evidence that companies which specialized in one industry or business activity suffered from the crisis most of all. According to the forecasts, COVID-19 will affect the economy over a number of years. That is why business has to adopt for the new reality. Using diversification strategies for small and medium size businesses is recommended in order to survive and grow. |
| first_indexed | 2024-04-13T20:49:19Z |
| format | Article |
| id | doaj.art-bc53c0f278e44b98aadd86dbf1eff074 |
| institution | Directory Open Access Journal |
| issn | 0350-2120 2683-4162 |
| language | English |
| last_indexed | 2024-04-13T20:49:19Z |
| publishDate | 2022-01-01 |
| publisher | University of Novi Sad - Faculty of Economics, Subotica |
| record_format | Article |
| series | Anali Ekonomskog fakulteta u Subotici |
| spelling | doaj.art-bc53c0f278e44b98aadd86dbf1eff0742022-12-22T02:30:35ZengUniversity of Novi Sad - Faculty of Economics, SuboticaAnali Ekonomskog fakulteta u Subotici0350-21202683-41622022-01-0120224731310.5937/AnEkSub2247003S0350-21202247003SEntrepreneurs' strategic response to COVID-19 limitations: Ukrainian experienceSahaidak Mykhailo0Prokhorova Yeliena1Sobolieva Tetiana2Kyiv National Economic University named after Vadym Hetman, Management Department, Kyiv, UkraineKyiv National Economic University named after Vadym Hetman, Management Department, Kyiv, UkraineKyiv National Economic University named after Vadym Hetman, Management Department, Kyiv, UkraineCOVID-19 quarantine limitations and their effects on business lead to unpredictable environment changes, which require appropriate entrepreneurs' strategic response. COVID-19 quarantine limitations dramatically affected specialized businesses, which had to adopt for the new environment requirements. COVID19 especially influenced small and medium size entrepreneurs, which are specialized in one industry. Considering the peculiarities of integration and diversification as priority strategies for business development in the new reality, the article proves that specialization in goods or services in one industry for small and medium enterprises is risky and can lead to the bankruptcy of such businesses. Based on official statistics, the changes in Ukrainian small and medium companies' performance during years 2019-2020 were studied across industries. The gathered data provide evidence that companies which specialized in one industry or business activity suffered from the crisis most of all. According to the forecasts, COVID-19 will affect the economy over a number of years. That is why business has to adopt for the new reality. Using diversification strategies for small and medium size businesses is recommended in order to survive and grow.https://scindeks-clanci.ceon.rs/data/pdf/0350-2120/2022/0350-21202247003S.pdfentrepreneurshipbusiness strategiescovid-19 |
| spellingShingle | Sahaidak Mykhailo Prokhorova Yeliena Sobolieva Tetiana Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience Anali Ekonomskog fakulteta u Subotici entrepreneurship business strategies covid-19 |
| title | Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience |
| title_full | Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience |
| title_fullStr | Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience |
| title_full_unstemmed | Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience |
| title_short | Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience |
| title_sort | entrepreneurs strategic response to covid 19 limitations ukrainian experience |
| topic | entrepreneurship business strategies covid-19 |
| url | https://scindeks-clanci.ceon.rs/data/pdf/0350-2120/2022/0350-21202247003S.pdf |
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