Resilience of rural micro-businesses in an adverse entrepreneurial environment: adapting to the energy crisis

Nikolaos Apostolopoulos, Ilias Makris, Sotiris Apostolopoulos and Panos Dimitrakopoulos

Journal of Enterprising Communities: People and Places in the Global Economy, 2024, vol. 18, issue 5, 1023-1044

Abstract: Purpose - This study aims to examine the potential adaptability and resilience of rural micro-businesses within a business environment affected by successive crises, specifically drawing conclusions on crisis management, while simultaneously highlighting enterprises’ capabilities in managing the current energy crisis, basis the experiences and best practices that they themselves have gained previously. Design/methodology/approach - Convenience sampling was applied, effectively identifying 18 micro-entrepreneurs in rural Greece. Subsequently, qualitative research was conducted through semi-structured in-depth interviews. Findings - Rural micro-businesses have shown adaptability and resilience to both economic and health crises through financial support received and interventions implemented. However, different crises’ types carry different business risks. The energy crisis has led to business operation’s energy costs and raw material prices multiplying exponentially. Additionally, they received limited financial support causing them to respond to the energy crisis though concrete defensive strategies and innovative interventions. Research limitations/implications - Future research should examine local bodies and trade unions’ perception on the energy crisis’ impact towards rural entrepreneurship. Practical implications - The findings are useful to Greek and European policy-makers and rural micro-entrepreneurs as the experience of dealing with several previous crises can be a useful tool when dealing with current and future crises. Originality/value - This paper adds to international literature on rural micro-businesses resilience, operating in crisis mode. Additionally, it constitutes novel research exclusively focused on the new challenges faced by rural micro-businesses during the recent energy crisis.

Keywords: Rural micro-business; Resilience; Energy crisis (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jecpps:jec-08-2023-0144

DOI: 10.1108/JEC-08-2023-0144

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