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AUTHOR(S): Uma Shankar Yadav, Ravindra Tripathi, Mano Ashish Tripathi
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ABSTRACT The world economy was severely affected by the COVID-19 pandemic. Maintaining operations during a global crisis was extremely difficult for small and medium enterprises, especially in handicraft sectors. double-users who do not have crisis management strategies in place risk having their businesses shut down unexpectedly. Hence, the researchers aimed to understand and analyze the determinants of microenterprises (Handicraft sector) shutdown and exit strategies during the pandemic. This study utilized a descriptive research design, and registered microenterprises in Inpurposively selected in the areas of Cavite. The findings of the study revealed that the majority of the microenterprises were sole proprietorship that had been in operation for 2 to 5 years and had a capitalization of less than INR 500,000.00. Consequently, the respondents' most common problems in managing the enterprise were limitations on direct marketing which also involved bill payments, adoption of the online platform, and work-from-home setup. Most of the determinants of problems that led to business failure during the pandemic were obstacles in the realignment of their respective goals owing to the pandemic, their ability to pay operational expenses, difficulties in product innovation, and their faiproprietorship to the changes in the business environment. Exit strategies used by microenterprises included declaring bankruptcy, refinancing, and selling the business to family or friends. Finally, the researchers recommended crisis-sensitive interventions among the small industries(Handicraft sector) entrepreneurs which involve national government provisions of financial safety nets, retooling and training of pandemic-sensitive enterprise strategies for micro entrepreneurs, especially in the handicraft sector. |
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KEYWORDS Cavite, COVID-19 pandemic, handicraft sector, descriptive research, exit strategies, microenterprises |
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Cite this paper Uma Shankar Yadav, Ravindra Tripathi, Mano Ashish Tripathi. (2022) Micro Small and medium enterprises (Handicraft sector) lockdown during COVID-19 Pandemic: A study on Determinants and Exit Strategies. International Journal of Economics and Management Systems, 7, 378-390 |
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