Description
Business problem statement:
In the past five years, compounded with the COVID-19 pandemic, some small business leaders in the United States experienced significant operational challenges that led to substantial loss of income and closure for some businesses because of their inability to adapt to crises (Brammer et al., 2020, p. 493). A survey conducted by 5,800 small businesses between March and April 2020 revealed 43% closed their business, and 39% were forced to reduce their workforces because of financial fragility and reluctance to obtain aid (Bartik et al., 2020, p. 17,656).
The general business problem is that some small business leaders have not successfully adopted or implemented business concepts or models to sustain a major crisis and remain competitive, resulting in closures or loss of competitive advantages. The specific business problem is that some small business leaders lack innovative disruptive strategies to remain competitive and avoid closure during a crisis.
Conduct a literature review based on the business problem statement with a minimum of 15 peer-reviewed articles aligning with entrepreneurship and systems theories.
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