‘CHERISH’ OR PERISH: THE INEVITABLE OUTCOME OF AN ECONOMY IN CRISIS

Abstract

We used an integrative qualitative descriptive review methodology to survey the literature on the COVID-19 pandemic to understand how the pandemic devastated businesses as well as emphasise the benefit of understanding the possible opportunities that emerge from a crisis. The discussions are framed within the purview of resilience and vulnerability theory, including the resource-based view. Findings indicate that as a result of the sudden emergence of COVID-19, many businesses' unpreparedness and untested resilience capabilities led to their demise, with others downsizing or ceasing operations. COVID-19 required businesses to adopt a speedy adaptation of business practices, thinking, and processes to capitalise on emerging opportunities. Thus, businesses adopted e-commerce, virtual operations, and the development of new channels. Overall, the study concludes that businesses confronted a mixed bag of COVID-19 consequences. The study, therefore, recommends that developing nations' governments institute radical economic transformation efforts to secure the business ecosystem and overcome business turnaround challenges. Moreover, studies that track the improved fortunes of firms that downscaled during the pandemic in the post-COVID-19 era are recommended. The study's major limitation is that most of the literature reviewed is set in Africa, which may limit the applicability of the findings to other regions. However, the COVID-19 theme retains global relevance. The study contributes to the literature by providing insights into the specific impacts of the COVID-19 crisis on businesses, the importance of resilience mechanisms, the role of government support, and the need for entrepreneurship education in the post-pandemic era.