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 ). Within the context of economic empowerment of women , economic empowerment involves being in a position to make decisions ( Mohyuddin et al., 2012 ). When women are economically empowered, they participate in decision-making ( Mohyuddin et al., 2012 ; Ballon, 2018 ). Similarly, when women are empowered, they make leadership, income, time, and resources decisions (Aziz et al., 2021 AU68: 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. ).
Published in Chapter:
Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth
Kyla L. Tennin (Forbes School of Business, USA & Lady Mirage Global, Inc., USA)
Source Title: Institutions, Resilience, and Dynamic Capabilities of Entrepreneurial Ecosystems in Emerging Economies
Copyright: © 2022|Pages: 31
DOI: 10.4018/978-1-6684-4745-1.ch005
Abstract
During the COVID-19 pandemic, 41.3% of companies stated they closed temporarily due to the pandemic. In the United Kingdom, 32.5% of entrepreneurs reported they were still able to work during the pandemic, compared to entrepreneurs in Norway (58.5%), Bosnia and Herzegovina (81.6%), North America (55%), and France (55.9%). In a global study for the World Economic Forum, a variety of firms were surveyed, from entrepreneur startups to music festivals, manufacturing companies, and automotive enterprises. Seventy percent of startups stated they had to terminate their full-time employees since the beginning of the COVID-19 pandemic. Only 40% of new enterprises stated they have enough revenue to last for three months of operations. Resilience, financial inclusion, education, and strategic partnerships are needed during crises to protect entrepreneurial ecosystems, especially if firms operate in economies that are emerging, possess institutional voids, institutional forces, or slow economic growth issues.
