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Family Processes, Entrepreneurial Resilience, and Socio-Economic Crisis: Case of an Entertainment and Attraction Enterprise

Family Processes, Entrepreneurial Resilience, and Socio-Economic Crisis: Case of an Entertainment and Attraction Enterprise

Isaac Idowu Abe, Eke Idi Chidi
Copyright: © 2024 |Pages: 27
ISBN13: 9781668487488|ISBN10: 1668487489|ISBN13 Softcover: 9781668487495|EISBN13: 9781668487501
DOI: 10.4018/978-1-6684-8748-8.ch003
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MLA

Abe, Isaac Idowu, and Eke Idi Chidi. "Family Processes, Entrepreneurial Resilience, and Socio-Economic Crisis: Case of an Entertainment and Attraction Enterprise." Cases on the Interplay Between Family, Society, and Entrepreneurship, edited by Ethel Ndidiamaka Abe and Isaac Idowu Abe, IGI Global, 2024, pp. 57-83. https://doi.org/10.4018/978-1-6684-8748-8.ch003

APA

Abe, I. I. & Chidi, E. I. (2024). Family Processes, Entrepreneurial Resilience, and Socio-Economic Crisis: Case of an Entertainment and Attraction Enterprise. In E. Abe & I. Abe (Eds.), Cases on the Interplay Between Family, Society, and Entrepreneurship (pp. 57-83). IGI Global. https://doi.org/10.4018/978-1-6684-8748-8.ch003

Chicago

Abe, Isaac Idowu, and Eke Idi Chidi. "Family Processes, Entrepreneurial Resilience, and Socio-Economic Crisis: Case of an Entertainment and Attraction Enterprise." In Cases on the Interplay Between Family, Society, and Entrepreneurship, edited by Ethel Ndidiamaka Abe and Isaac Idowu Abe, 57-83. Hershey, PA: IGI Global, 2024. https://doi.org/10.4018/978-1-6684-8748-8.ch003

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Abstract

Resilience in entrepreneurship has been shown to mean more than the capacity of individuals to cope well under adversity. It is also the ability of the business to effectively navigate psychologically, socially, culturally, and physically, and turn hostile and uncertain situations into long-term opportunities. The aim of this chapter is to consider the possibilities of turning socio-economic adversity into opportunities through the functionality of family processes and entrepreneurial resilience. The chapter will examine the case of a successful entrepreneurial company that faced adversity during the pandemic and how the company turned adversity into opportunity. The strategies of the company are further analyzed from the lens of different theories that support her actions. Leadership flexibility in approach, techniques, and strategies emerged as a dominant factor for problem-solving in coping with family business during adverse socio-economic conditions. Stress and vulnerability in high-risk situations will foster growth and empower entrepreneurship in crisis.

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