Dynamic Scope of Entrepreneurial Ecosystem, SME Resilience and the future of Business post-COVID-19 in Africa
DOI:
https://doi.org/10.53819/81018102t2053Abstract
Micro Small and Mediums enterprises (MSMEs) in Africa have experinced a major economic setbacks associated with the novel corona virus pandemic. Several enterprises have had to close down while others still struggle to bounce back to normalcy. The quest for a return to normalcy in the wake of the uncertain entrepreneurial eco-system has ushered the need for reimagining, reinventing and repositioning businesses despite the pandemic, hence the rationale for a paradigm shift from business survival to thriving to withstand the harsh realities of the pandemic. Thus, the purpose of this review was to examine the dynamic scope of entrepreneurial ecosystem and SME resilience while imagining the future of business post-COVID-19 in Africa. The study entailed a detailed empirical review of published scholarly resources, credible peer reviewed journal articles and resources which were obtained from organizational databases and platforms, guided by Isenberg’s model of entrepreneurial ecosystem. The empirical review results were further discussed in details and perspectives on the future of business post-COVID provided. Notably, the study recommends: appropriate policy mechanisms that seek to create a more conducive and inclusive entrepreneurial ecosystem to support innovation, re-invention, business resilience and sustainable economic growth; right leadership, resources, digitalization technologies and business strategies that permit creative disruption while safeguarding scale-up opportunities; forward-looking support systems, and responsive entrepreneurship policy and regulations that address unique challenges and opportunities that emanate from the COVID-19 crisis.
Keywords: Entrepreneurial Ecosystem, SME Resilience, Future of Business, COVID-19, Africa
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