Unveiling Resilience: Strategic Responses, Success Factors and Challenges Faced by Latin American Female Entrepreneurs Amidst the COVID-19 Pandemic
Journal
IEEE Engineering Management Review
ISSN
0360-8581
1937-4178
Date Issued
2023
Author(s)
Afshar Jahanshahi, Asghar
Rivas Mendoza, Milagros Isabel
Aguilar-Rodríguez, Iliana E.
Type
text::journal::journal article
Abstract
This research aimed to identify critical success factors and challenges faced by non-technical female entrepreneurs during the Covid-19 pandemic. Additionally, it aimed to explore the strategic financial, marketing, and safety responses taken by these entrepreneurs to sustain their businesses. Data was collected through interviews and surveys from 106 female entrepreneurs in Peru and 100 female entrepreneurs in Ecuador. Key findings revealed the importance of physical and mental health, as well as excellent customer service, for the success of non-technology-based businesses. Both countries expressed concerns about the risk of infecting family members. Resilience strategies included cost reduction and issuing bonds. Our research contributes to the understanding of non-tech female entrepreneurs and their businesses in Peru and Ecuador during the ongoing Covid-19 crisis. It highlights important factors for success and survival and addresses the significant challenges faced, as well as the strategic responses employed by these entrepreneurs within the Latin American context.