Entrepreneurship in Times of Crisis: A Comprehensive Review with Future Directions

Abstract

Despite an increased interest in crises within the field of entrepreneurship, there is still a lack of understanding about the interplay between different types of crises and entrepreneurship. In addition, the specific circumstances surrounding each type of crisis may also cause the conclusions of these studies to diverge or converge. To enhance our theoretical understanding of entrepreneurship during times of crisis, our review seeks to answer the following research questions: (1) How are the different types of crises addressed in entrepreneurship literature, and what similarities and differences exist? (2) How can we broaden our understanding and deepen our insights into the relationship between a crisis and entrepreneurship? In an effort to review the largest possible variety of crises that extends beyond political crises, natural disasters, and financial crises, we have also included a number of recent studies that examined COVID-19 from an entrepreneurial perspective. Following this, our study identifies six types of crises along with corresponding research themes, key findings, and critical shortcomings. This review also identifies multiple research gaps and suggests several future research directions, as well as theoretical approaches that researchers can take to build upon existing discussions surrounding entrepreneurship in times of crisis.