Abstract
Economic growth is traditionally known to regard improving access to jobs for individuals and their quality of life, with greater focus on job creation during times of crises to recover from recession or heading towards recession. The COVID-19 pandemic is a prime example. As a result, within an entrepreneurial context, entrepreneurship is a solution to economic crises that threaten financial security, job creation, and growth because entrepreneurs own organizations and hire workers. Entrepreneurs and organizations help economies operate, innovate, grow, recover, and even provide employment for individuals and families. So, organizational resilience during entrepreneurship, in general for small dilemmas, but especially during unprecedented times, is necessary. Furthermore, resilience, organizational resilience, corporate governance, financial inclusion to provide entrepreneurs with capital resources to remain in business instead of dissolving during adversities, education, and strategic partnerships are needed during crises to protect businesses and gain resilience.
TopBackground
Historical and current peer-reviewed research on resilience is broad. Not being limited to entrepreneurial or organizational resilience, because both exist. For example, scholarship identified was on community, family, incarcerated women surviving (traumatic) childhood sexual abuse, and even dating violence resilience. The violence, stress, trauma, and conflict literature located were posted in resilience research. Resilience literature also included the violence Blacks and Mexican-Americans experience that can possibly lead to psychological issues. Yet, definitely impacts social networking, the brain, and causes substance abuse dilemmas in some cases.
An example in literature of substance abuse cases are refugee women who witnessed or experienced violence and migrated to South Australia and Victoria. Which illustrated the need for municipalities or economies to implement social policies. Too, resilience literature exists on strategies for social, community, climate, economic disturbances, and sexual orientation (transgender lifestyle choices).
Key Terms in this Chapter
Economic Development: To enhance or grow an economy, traditionally with utilizing various resources, wealth, job creation, prosperity, and/or finances (e.g., investments) to improve the overall well-being or quality of life of people in the society.
Empowerment: Empowerment can be socially, economically, or even ecologically structured. Generally, empowerment encompasses empowerment areas, benefits, and actions . Empowerment areas frequently studied and reported on were (1) sustaining income and productivity, including through knowledge transfer and technological tools, (2) developing business skills and industry specific know-how and skills, (3) supporting business creation and entrepreneurial innovation, (4) developing collaborative partnerships for collaborative solutions, and (5) favoring gender equality (Civera et al., 2018 AU95: The in-text citation "Civera et al., 2018" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Economic Empowerment: Economic empowerment is the ownership of finances, investments, property, and gaining education ( Dalal, 2011 ). Economic empowerment directly impacts economic development and vice versa (Rao et al., 2014 AU90: The in-text citation "Rao et al., 2014" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ). Within the context of economic empowerment of women , economic empowerment involves being in a position to make decisions (Mohyuddin et al., 2012 AU91: The in-text citation "Mohyuddin et al., 2012" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ). When women are economically empowered, they participate in decision-making (Mohyuddin et al., 2012 AU92: The in-text citation "Mohyuddin et al., 2012" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ; Ballon, 2018 AU93: The in-text citation "Ballon, 2018" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ). Similarly, when women are empowered, they make leadership, income, time, and resources decisions (Aziz et al., 2021 AU94: The in-text citation "Aziz et al., 2021" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Entrepreneurship: The use various innovative resources to identify and then pursue opportunities ( Mair, 2005 ). Also, entrepreneurship regards employing others, contributing to societies, and is connected to technology and new innovations that eventually produce additional employment and profit opportunities for economies ( Gargi, 2019 ).
Financial Inclusion: When certain groups of disadvantaged are included or regarded to obtain credit and gain access to opening a bank account or receiving other finances services for personal, professional, or commercial use.
Women’s Empowerment: Women’s empowerment is connected to economic empowerment. Women being capable of achieving things, free to collaborate on tasks with others at will, possessing resources, and having control in their personal, financial, social, and economical lives for independence, which increases self-esteem and self-confidence. Economic empowerment is also the ownership of property, investments, and finances ( Simbar et al., 2017 ), and gaining education ( Dalal, 2011 ).
Organizational Resilience: The capacity of an organization to identify, prepare for, and respond to sudden crisis, change, difficulty, or disruption in order to continue operations: surviving and thriving.