Impact of worldwide lockdown during Pandemic on micro and small Enterprises (special on World Handicraft sector): a study on determinants and exit strategies for promotion of Global handicraft sector

  • Uma shankar yadav Yadav Motilal Nehru national institute of technology MNNIt Allahabad prayagraj the
  • mano ashish Tripathi motilal nehru national institute of technology Allahabad Uttar Pradesh India
  • susmita tripathi motilal nehru national institute of technology Allahabad Uttar Pradesh India
Keywords: COVID-19 pandemic, Global handicraft sector, descriptive research, exit strategies, small enterprises, determinant.

Abstract

  Between 2020 to mid-2022,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. Entrepreneurs 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 India were purposively selected in the areas of Cavite. The findings of the study revealed that the majority of the microenterprises were sole proprietors 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 failure to react 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 and also study the impact of lockdown on MSME.

 

Author Biographies

mano ashish Tripathi, motilal nehru national institute of technology Allahabad Uttar Pradesh India

senior researcher HSS MNNIT allahabad india

susmita tripathi, motilal nehru national institute of technology Allahabad Uttar Pradesh India

HSS MNNIT alahabad parayagraj india

References

Asian Development Bank. (2020). The COVID-19 impact on Philippine businesses: key findings from the enterprise survey. http://dx.doi.org/10.22617/SPR200214- http://dx.doi.org/10.22617/SPR200214-2
Andal, E. G., Bello, A., & Catelo, M. A. (2021). Coping and recovery strategies of MSMEs in the Laguna one year after COVID19. Philippine Review of Economics, 58(1&2), 241-263.

OECD (2020). The impact of the coronavirus (COVID-19) crisis on development. Retrieved from: https://www.oecd.org/
Fairlie, R. W. (2020). The impact of Covid-19 on small business owners: Evidence of early-stage losses from the April 2020 current population survey (No. w27309). National Bureau of Economic Research. http://doi.org/10.3386/w27309
Mones, R. A., & Cruz, C. (2020). The development of a crisis management program in the Philippine hospitality and tourism industry. Retrieved from http://doi.org/10.13140/RG.21.4859.5042
Fabeil, N. F., Pazim, K. H., & Langgat, J. (2020). The impact of Covid-19 pandemic crisis on micro-enterprises: Entrepreneurs’ perspective on business continuity and recovery strategy. Journal of Economics and Business, 3(2). Gitanjali Goswami and Nivedita Goswami 2021 Impact of Covid-19 on the Traditional Handicrafts of Assam: A Study of Japi Making Craft journal of rural development http://dx.doi.org/10.25175/jrd%2F2021%2Fv40%2Fi1%2F166502
Mano Ashish Tripathi, Ravindra Tripathi, Uma Shankar Yadav. The Gig Economy: Workers, Work, and Platform Perspective volume 26 issue 2 journal of positive school psychology page number 3434 to 3450

Parilla, E. S. (2021). Effects of COVID-19 Pandemic on Micro, Small, and Medium-Sized Enterprises in the Province of Ilocos Norte Philippines. RSF Conference Series: Business, Management, and Social Sciences, 1(2), 46–57. https://doi.org/10.31098/bmss.v1i2.260
Piabuo SM, Tsafac S, Minang PA, Foundjem-Tita D, Guimke G, Duguma L. (2021). Effect of COVID-19 on rural community enterprises: The case of community forest enterprises in Cameroon. Working paper 314. Nairobi, Kenya: World Agroforestry (ICRAF). http://doi.org/10.13140/RG.21.4859.5042
outbreak. Journal of Islamic Monetary Economics and Finance, 7, 115-136.
Sardar, T., Jianqiu, Z., Bilal, M., & Syed, N. (2021). Impact of ICT on entrepreneurial self-efficacy in an emerging economy: Sustaining lock-down during COVID-19 pandemic. Human Systems Management, 40(2), 299-314
Anggraeni, T., & Tarmidi, D. T. (2021). Analysis of Intrapersonal Skills and Interpersonal Skills on the Welfare of Micro-Entrepreneurs in the COVID-19 Era. International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(4).
Tajudin, P. N. M., Rahim, N. A. A., Idris, K., & Arshad, M. M. (2021). Weathering the Economic Impact of COVID-19: Challenges Faced by Microentrepreneurs and Their Coping Strategies during Movement Control Order (MCO) in Malaysia. Pertanika Journal of Social Sciences & Humanities, 29.
Yadav U.S, Tripathi, R, Tripathi M.A Global handicraft index: a pioneering approach and developing strategies for promotion completion and Welfare of Artisan in the Digital World Bank and policy journal January 2022 DOI: 10.29228/imcra.18
Khan, W.A, and Amir, Z. (2013) Study of Handicraft Marketing Strategies of Artisans in Uttar Pradesh and Its Implications. Research Journal of Management Sciences, 2(2)
Mohi-us-din, Mir., (2014) A Study of the Impact of Government Policies on Marketing Strategy of Handicrafts. Journal of Economics and Sustainable Development 5(2)
Shinozaki, S., & Rao, L. N. (2021). COVID-19 impact on micro, small, and medium-sized enterprises under the lockdown: evidence from a rapid survey in the Philippines.ADBI Working Paper 1216, Available at SSRN: http://dx.doi.org/10.2139/ssrn.3807080
Yadav U.s, Tripathi, R, Tripathi M.A 2020 (Strategies for development of handicraft sector small industries’ in India ) small enterprises development management and extension journal SAGE publication September 2020
Yadav, U. S., Tripathi, R., & Tripathi, M. A. (2022). Digital Analysis of the Transformation of Institutions in the Knowledge and Innovation System of the Handmade Carpet Industry. SEDME (Small Enterprises Development, Management & Extension Journal), 49(1), 107–124. https://doi.org/10.1177/09708464221096903
Yadav Uma Shankar Tripathi R,Tripathi, mano Ashish, Yadav Gyan Prakash ( 2021)business strategies for developing Indian handicraft sector (MSME)during post-pandemic covid 19: role of artisans as an entrepreneur in boosting economy Turkish Journal of Physiotherapy and Rehabilitation; 32(3)ISSN 2651-4451 | e-ISSN 2651-446Xwww.turkjphysiotherrehabil.org
Yadav, U. Shankar Yadav, Ravindra Tripathi, Mano Ashish Tripathi, Rajesh Kumar Shastri, Gyan Prakash Yadav, & Aliza. (2022). Entrepreneurial Development of Artisan in ODOP in Uttar Pradesh to Boost Economy: Strategies and New Approaches Towards Global Handicraft Index for Socio-Economic Welfare of Artisans. Asian Journal of Management, Entrepreneurship, and Social Science, 2(01), 1-17. Retrieved from http://www.ajmesc.com/index.php/ajmesc/article/view/46
Yadav, U. Shankar , Ravindra Tripathi, Mano Ashish Tripathi, Rajesh Kumar Shastri, Gyan Prakash Yadav, & Aliza. (2022) Role of One district one product (ODOP) and Moonz craft of Uttar Pradesh: Strategies and new approaches for developing first Global Handicraft Index Bank and policy journal volume 1 issue 2 2021
Yadav, U.S, Tripathi, R., Tripathi, M.A., Rawat, R., & Kushwaha, J. (2022). Performance of women artisans as entrepreneurs in odor in Uttar Pradesh to boost economy: strategies and away towards global handicraft index for small business. Academy of Marketing Studies Journal, 261(2), 1-19.
Yadav Uma Shankar, Tripathi R. India’s toy industries and markets competition with global toys: An overview of the toy industry and how the sector is gearing up for an Aatmanirbhar Bharat bank and policy journal volume 2 issues 2 page 86 -110.
Yadav Uma Shankar, Nassir mammadove Ravindra Tripathi (2022) Small industries (Handicraft Sector) of Azerbaijan and impact of Pandemic-19 on Traditional craft: Strategies for Development of Handicraft Sector in Azerbaijan bank and policy journal volume 2 issue 2 page 112-127.
Yadav Uma Shankar, Tripathi Ravindra, Tripathi mano Ashish, Gyan Prakash Yadav 2022 Indian small industries (terracotta of Gorakhpur and Bankura) and women artisan in the digital and covid-19 era: a case study on the traditional handicraft in Uttar international journal of economy and innovation volume 22 issue 2-page number 359 -370.
Yadav uma shankar, Ravindra tripathi, mano ashish tripathi, Jitendra kushvaha, arti rawat2021 Artisans_in_india_to_boost_Indian_exonomyA_Way_for_developing_global_handicraft_index_Published_by_The_Institute_of_Administrative_Management_UK_Manager_-vlume 145 issue 2 2022.
Yadav uma shankar, tripathi Ravindra, Tripathi mano ashish,utkarsh kumarPerformance_of_women_as_entrepreneurs_in_Moonj_craft_family_business_during_post_pandemic_covid_19_Developing_strategies_for_women_artisans empirical economic letters special issue september 2021.https://www.researchgate.net/publication/358041277
Kundu, A., Sarkar, D.N. & Bhattacharya, A. The effect of uncertainty on the formulation of strategies: a study of selected Indian organizations. SN Bus Econ 1, 7 (2021). https://doi.org/10.1007/s43546-020-00010-z
Nguyen, MH., Pham, TH., Ho, MT. et al. On the social and conceptual structure of the 50-year research landscape in entrepreneurial finance. SN Bus Econ 1, 2 (2021). https://doi.org/10.1007/s43546-020-00002-z
Yadav .U.S , Tripathi R, Tripathi M.A 2022 Digital Analysis of the Transformation of Institutions in the Knowledge and Innovation System of the Handmade Carpet Industry small enterprises development management and extension journalhttps://journals.sagepub.com/doi/full/10.1177/09708464221096903
Yadav, U. S., Tripathi, R., Yadav, G. P., & Tripathi, M. A. (2022). Proposal of a Global Handicraft Index for Sustainable Development: A Visionary Approach for Small Industry and Developing Strategies for Handicraft (Rural Industry). European Journal of Sustainable Development Research, 6(2), DOI:10.21601/ejosdr/11909
Yadav. U.S, Tripathi, R, Tripathi M.A. (2022). Exclusive and Digital analysis of the transformation of Institutions in the knowledge and innovation system of the hand-made world carpet industry. Journal of positive school psychology, 6(3):1135-1160
Yadav U.S. Tripathi R. Tripathi, MA 2022 global handicraft index:a pioneering approach and developing strategies for promotion, competition, and artisan in the world Asian journal of management entrepreneurship and social sciences volume 2 issue 2 May 2022 https://ajmesc.com/index.php/ajmesc%09%20Volume%2002%20Issue%2002
Yadav uma shankar, Ravindra Tripathi, Mano Ashsish Tripathi. (2022). One district one product(ODOP) of Uttar Pradesh: New initiative for developing Global Handicraft Index. Int. J. Adv.Multidiscip. Res. 9(2): 1-23.DOI: http://dx.doi.org/10.22192/ijamr.2022.09.02.
yadav uma shankar ,dr nassir mammadov, and mano asish tripathi (2022 ) social enterprises looking at innovative ways to revive the handloom sector (msme) post- lockdown: a case study of some famous women social enterprises in india* 1. Science, Education and Innovation in the context of modern problems, Vol. 5; Issue 4, 2022 https://www.researchgate.net/publication/360938462_
yadav uma shankar ,dr nassir mammadov, and mano asish tripathi (2022 )
proposal for one station one product (osop) program of india, bank and policy volume 2 issue 4 may 2022
yadav uma shankar , asish kumar mitu mandal( 2022)Motivation And Challenges in Career Choice and Well Being of Women Entrepreneurs; Experiences of Small Businesses of Lucknow, Uttar Pradesh Journal of positive school psychology page 10789-10198 voume 6 issue 4 march 2022
yadav gyan praksh ,uma shankar yadav,2022 may 2022 A Profitable and New Approaches of Social Innovation in The Handicraft Sector. Case Study: Social Innovation Through the ITC Component on The Financial Mechanism of The State, Journal of positive school psychology volume 6 isse 4 page number 10689-10699 published in march 2022
yadav uma shankar ,ravindra tripathi,gyan praksh yadav (2022)Indian Terracotta Of Gorakhpur And Bindi(Tikuli) In Balia And Women Artisan In The Digital Era: A Case Study On The Traditional Bindi Handicraft In Uttar Pradesh, Asian Journal of Management Entrepreneurship and Social Science http://dx.doi.org/10.98765/ajmesc.v2i03.83
yadav uma shankar mano asish tripathi,ravindra tripathi nivedita pandey , gyan praksh yadav (2022 One Station One Product (OSOP) Scheme of India in a Digital World: A Comparative Study Of OSOP with ODOP with strategies journal of positive school psychology volume 6 ,issue 4 page number 10067-10081 (2022)
Wilson, D. (2016). Small Business Crisis Management Strategies (Doctoral dissertation,Walden University).
Yadav uma shankar,tripathi Ravindra,Yadav gyan Prakash, r k shastri 2022, Strategeis for development of handicraft sector in India post-pandemic covid 19:artisans as entreprenurs in recent scenario. Indian journal of economics, no,403, Volsci(part –iv April 2022 page number 545-569.
Yadav Uma Shankar,Tripathi Ravindra 2022, Business and Entrepreneurial Strategies for Development of Indian small industries (MSME) during post pandemic covid 19:india artisans as entrepreneurs the empirical economic letter 21(special issue 4 April 2022)
Published
2022-09-17
How to Cite
Yadav, U. shankar yadav, Tripathi, mano ashish, & tripathi, susmita. (2022). Impact of worldwide lockdown during Pandemic on micro and small Enterprises (special on World Handicraft sector): a study on determinants and exit strategies for promotion of Global handicraft sector. Asian Journal of Management, Entrepreneurship and Social Science, 2(04), 90-106. https://doi.org/10.98765/ajmesc.v2i04.109
Section
Articles