Impact of Coronavirus Disease on Entrepreneurial Small Businesses in Ibadan

Abstract

The study investigated the impact of the Coronavirus disease (Covid-19) pandemic on entrepreneurial small businesses (ESBs) in Ibadan metropolis. A descriptive cross-sectional survey used anonymous online questionnaire to collect data from 57 purposively selected businesses in Ibadan metropolis. Data were analysed using descriptive statistics. The study shows that knowledge about coronavirus is high among the entrepreneurs and executives and that the businesses surveyed possess high levels of distinctive capabilities, which they leverage on to gain entrepreneurial edges amid the pandemic. Covid-19 was found to have overall negative impact on businesses surveyed. Many of the entrepreneurs and the executives believe that the Covid-19 pandemic has offered their businesses new opportunities for innovations. In spite of the severe disruption to ESBs, most of the businesses were found to be meeting the challenges of the Current Normal and have been able to deploy their core competences to gain entrepreneurial edges in their various industries and markets. It is, therefore, recommended that small businesses should engage in the practice of strategic innovation and dynamic entrepreneurship that would embrace digitalization and treat information technology as a strategic resource.