Abstract
Although the entrepreneurial gender gap is decreasing in European economies, the obstacles faced by women entrepreneurs remain numerous and often differ from those encountered by men. The COVID-19 pandemic, and then the energy crisis, have made it even harder for women entrepreneurs to sustain their businesses and have added to the challenges of work and private life. Women entrepreneurs, among many others, had to face how to survive crises and adjust their businesses to new circumstances to become more resilient, remain competitive and sustainable in times of crises, and in particular to improve their digital skills. A new insight is crucial for more efficient entrepreneurial development for women. A cross-country research helps to identify the needs of women entrepreneurs and provide a solid basis for the development of tailor-made activities focusing on innovative and practical solutions to support the up-skilling and resilience of women entrepreneurs. Through a survey conducted with 608 women entrepreneurs from seven European countries, our basic question was how women entrepreneurs managed to get through and become resilient in times of crises. The focus of our analysis is digitalization: did the rapid digital transition help women entrepreneurs become resilient during turbulent times? Did the practicing of digitalization-based resilience strategies (including remote work, online sales and similar approaches) improve women entrepreneurs' operational efficiency and strength?
1 Introduction
In times of crisis, such as the COVID-19 pandemic or geopolitical conflicts like the war in Ukraine, businesses face unprecedented challenges. Recent evidence suggests that women-owned companies are particularly vulnerable to these disruptions compared to their male counterparts (GEM 2022; 2023; Gonçalves et al. 2021; World Bank 2023). This vulnerability stems from various factors, including the smaller size of the women-owned businesses (GEM 2022), limited access to financial resources, smaller networks, structural barriers in accessing markets and supply chains (Alon et al. 2021; OECD 2022), as well as the burden of the care work which increased during the times of crisis for women (Alon et al. 2020; Koltai – Geambașu 2021; Geambașu et al. 2022; Nagy et al. 2023).
The COVID-19 pandemic has exacerbated existing gender disparities in the business landscape, with women-owned enterprises experiencing disproportionate negative impacts (Alon et al. 2020; UN Women 2021). Moreover, the war in Ukraine and the subsequent disruption of global supply chains, coupled with a tremendous increase in prices, have further compounded the challenges faced by women entrepreneurs (WEs) worldwide (IMF 2023; UNDP 2023).
In light of these challenges, there is a growing recognition of the need for innovative strategies to enhance the resilience of women-owned businesses. One such strategy that has gained prominence is digitalization. Digital technologies offer unique opportunities for WEs to mitigate the adverse effects of crises by enabling remote work, facilitating access to markets through e-commerce platforms, and enhancing operational efficiency (Brush et al. 2019; Giotopoulos et al. 2022; Eurostat 2022).
In this paper, we rely on the concept of ‘resiliency,’ which has recently emerged to explain why and how a firm, an organization, or an entrepreneur can cope with unexpected events, such as the COVID-19 pandemic or the subsequent energy crisis (Fares et al. 2022; Gittins et al. 2022). Scientific attempts to define resiliency vary in their approaches, interpreting processes, patterns, or capabilities that ultimately define survival mechanisms, adaptation, and preparation for upcoming threats. Resiliency is often intertwined with notions such as capability, seen as prerequisites for becoming resilient. In other conceptualizations, resilience is viewed as an outcome of a developmental process, implying that firms must undergo different phases of recovery (Duchek 2020; Fares et al. 2022).
Our focus is not on the capabilities or the phases of becoming resilient, as that would go beyond the scope of this paper. Instead, we concentrate on one aspect: digitalization as a strategy and its role in the entrepreneurial activity of SME owners or self-employed women in responding to the uncertainties and challenges caused by crisis situations. Building on this interpretation of resilience as a strategy and the characteristics of our data, we intend to contribute to the scientific literature by exploring how digitalization might relate to resilience (without focusing on measuring the scale of recovery) for a specific group of WEs in unprecedented times.
Accordingly, our hypothesis is that digitalization could serve as a relevant strategy for women SME owners or self-employed women to mitigate the challenges caused by COVID-19 and subsequent crises. In our paper, we acknowledge the need and use of gender-focused attention in analysis. As research on women's entrepreneurship has significantly evolved in the last decades (Cardella et al. 2020), the incorporation of the gender perspective in analysis has become more recognized. It is not only the notion of a male-dominated ecosystem and the gender-neutrality of entrepreneurship analysis is criticised (Ahl – Marlow 2006; Alone et al. 2021), but the understanding of women entrepreneurship is further highlighted by emphasising that economic performance is not merely a realisation of an individual's potential and skills but also a result of social and economic situations and context (Ahl 2017; Marlow – McAdam 2013). Since the paper is about WEs, it is an inevitable expectation on the part of professional readers to contrast the findings with those of the majority, i.e. men entrepreneurs. In our paper, however, we solely focused on WEs, and no attempt was made to compare the information received with the characteristics of the majority (male entrepreneurs). Our paper aims to explore the gender-related challenges and opportunities WEs face in unprecedented times of crises, without an intention to make a comparison to their male counterparts in our analysis. This approach not only enriches our understanding of the specific needs of WEs and the context-specific aspects of women's entrepreneurship, but also contributes to the identification of tailored-made practices that support WEs to overcome the specific challenges they face. By examining the role of digitalization in enhancing the resilience of women-owned businesses, this study seeks to provide valuable insights for policymakers, business leaders, and stakeholders in entrepreneurship education interested in promoting gender-inclusive economic recovery strategies.
2 Literature review
2.1 The gender gap in business resilience
Gender disparities in business resilience have been a growing concern. Despite progress in promoting gender equality in entrepreneurship, disparities persist in access to resources, opportunities, and support networks (Brush et al. 2019; Eurostat 2022). WEs often operate in sectors characterized by lower profitability and higher volatility, amplifying their vulnerability to economic shocks (Alon et al. 2020).
Since women typically engage in entrepreneurial activity in sectors significantly affected by the COVID-19 pandemic (e.g., beauty industry, catering, hospitality, handcrafts), they were more impacted by the economic crisis (Koltai – Geambașu 2021; Alon et al. 2020). WEs reported greater difficulty in accessing financial support programs (Grandy et al. 2020; OECD 2020; UN Women 2021), adapting to remote work environments, and maintaining business continuity compared to their male counterparts (UN Women 2021). They faced income losses, customer and client losses, order cancellations, and supply chain disruptions (OECD 2020).
The burden of unpaid care work increased and was disproportionately carried by women (Fodor et al. 2021; Geambașu et al. 2022; Nagy et al. 2023). WEs, particularly, were affected by the closure of schools and daycare facilities during lockdowns, often bearing the primary responsibility for caregiving duties (Alon et al. 2020). Other researchers conducted studies in some of the countries from our sample, also indicating that WEs devoted more time during the pandemic to children and family-related activities. For example, in Serbia, almost half of the WEs claimed that they spent more time on care work during the pandemic compared to the period before the pandemic (Popović-Pantić et al. 2020).
The war in Ukraine further intensified the challenges faced by the WEs, disrupting global supply chains and causing widespread economic uncertainty. Women-owned businesses reliant on imports from affected regions experienced supply shortages and increased costs, further straining their resilience (IMF 2023). The escalation of geopolitical tensions heightened market volatility, affecting consumer confidence and investment decisions, which disproportionately impacted WEs operating in export-oriented sectors (UNDP 2023). This factor is especially relevant for our sample, as part of the respondents are from neighbouring countries of Ukraine (Hungary, Romania, Slovakia).
Everyday life is full of news about global warming, wars, energy crises, inflation, pandemics, and other calamities. This polycrisis – a series of interwoven and overlapping global crises – has no clear end. Economists, sociologists, and historians increasingly agree that we are living in times of multiple crises (Lawrence et al. 2023; Rockström et al. 2021). Crisis can be defined as a sudden event or series of events that significantly harm a large number of people in a short period (Lawrence et al. 2023). If a crisis is an extremely harmful emergency, then the prefix ‘poly-’ in polycrisis denotes multiple such events. This concept emphasizes crises that are causally interrelated, drawing upon the systemic risk literature and systems thinking to discern types of crisis connections that constitute a polycrisis.
2.2 The role of digitalization in enhancing business resilience
Studies on the impact of COVID-19 have shown that digitalization and in connection to it increased networking were critical coping strategies for business owners during the pandemic (Giotopoulos et al. 2022). Business owners seized new opportunities, adapted their offerings, and learned new strategies to navigate the new business environment (Afshan et al. 2021; Alon et al. 2021; Fares et al. 2022; GEM 2022; OECD 2021, 2022; Mandalova et al. 2020; Stephens et al. 2021; Torres et al. 2021).
Amidst these challenges, digitalization has also emerged as a potential strategy to enhance the resilience of women-owned businesses. Digital technologies offer unique opportunities to overcome traditional barriers to growth and access new markets (Brush et al. 2019). By leveraging digital platforms and tools, WEs can diversify their customer base, streamline operations, and adapt to changing market conditions more effectively (Eurostat 2022).
Remote work technologies have enabled WEs to maintain business continuity during lockdowns and social distancing measures. Virtual collaboration tools, cloud-based software, and e-commerce platforms facilitated remote communication and project management, allowing businesses to adapt to remote work environments (OECD 2022). Digitalization in the process of business has enhanced operational efficiency and agility, enabling WEs to respond more quickly to market fluctuations and customer demands (World Bank 2023). Furthermore, entrepreneurship based on extensive use of digital technologies and the internet is a great equaliser and leveller (Anđelković et al. 2019) that provides equal opportunities and access to business opportunities for everyone irrespective of gender, ethnicity, and race, abolishing the inequalities that exist in the offline business environment. Even during stable periods, prior to the crisis, evidence is found of the positive impact of digital transformation on the performance of women-owned businesses. For example, it was confirmed that there is a significant difference in the level of product and service quality, product and service development capacity, productivity, and overall performance levels between enterprises undergoing digital transformation for less than two years and those who have been in the process for more than two years in favor of the latter (Popovic-Pantic et al. 2019).
E-commerce platforms have played a crucial role in expanding market access for WEs, allowing them to reach customers beyond traditional geographic boundaries. By leveraging digital marketing strategies and online marketplaces, women-owned businesses can overcome barriers to entry into competitive markets and access new customer segments (UN Women 2021). Digital payment systems have enabled secure and convenient transactions, reducing the reliance on cash-based transactions and improving financial inclusion for women entrepreneurs (Alon et al. 2021).
3 Research objectives and methodology
Our survey was conducted in the frame of an Erasmus project,1 which includes seven European countries. The survey, conducted during May–June 2023 in Bulgaria, Finland, Hungary, Romania, Serbia, Slovakia and Spain, aimed to enhance the partnership's understanding of the project's context, explore the situation of WEs, assess their needs, and thus establish a quantitative evidence-based foundation for the research and the project as a whole. Specifically, the survey collected information from WEs across partner countries regarding the challenges and difficulties they have faced during times of crisis, as well as their strategies for mitigating or overcoming those challenges, reorienting their businesses, and adapting. The survey questions covered the following themes: (1) experiences of maintaining a business in the post-COVID era and during the energy crisis; (2) strategies employed to sustain their businesses and overcome difficulties during the various waves and lockdowns of the COVID-19 pandemic, as well as in the post-COVID era and energy crisis; (3) support that women entrepreneurs received to cope with the impact of the COVID-19 pandemic and the energy crisis, both at the local, national, and international levels and (4) changes that occurred in maintaining their businesses due to the COVID-19 pandemic and the energy crisis, such as digitalization of business and remote work.
This study is based on survey research. The survey questionnaire employed was one method of data collection within a broader research employed in the project.2 In this study, however, we present only some of the relevant results derived from the questionnaire results.
The survey was conducted with an online questionnaire in every country involved in the research during May–June 2023, in eight languages. In order to popularize the questionnaire in each country, in addition to the ambassadors of the project, we asked business associations, formal and informal business communities to circulate it.3 A total of 608 respondents completed the survey. Our survey carried out among WEs from seven European countries focused primarily on restarting their businesses and their resilience to manage crises in light of COVID-19. In this sense, quantitative analysis has been conducted on WEs who managed to successfully survive recent crises.
4 Results
4.1 European women entrepreneurs – highly educated women over 40
Regarding the age of the respondents, most WEs were aged between 41 and 49 years (35%) and 50–60 years (36%). Regarding education, almost two third had college, university or postgraduate degrees. Only one in four (28%) of the WEs had an undergraduate degree (see Table 1).
Basic statistical data regarding the respondents I
| BG | FIN | H | RO | SRB | SK | E | Average | ||
| Respondents by country | 30 | 138 | 89 | 95 | 86 | 83 | 87 | 87 | |
| Resp. with higher education (%) | 60% | 36% | 75% | 85% | 75% | 72% | 59% | 62% | |
| AGE | 18–29 | 7 | 0 | 1 | 5 | 1 | 5 | 5 | 3 |
| (%) | 30–39 | 23 | 10 | 18 | 32 | 14 | 23 | 28 | 23 |
| 40–49 | 30 | 21 | 50 | 40 | 34 | 41 | 33 | 35 | |
| 50–64 | 40 | 58 | 27 | 22 | 44 | 30 | 34 | 38 | |
| 65+ | 0 | 11 | 4 | 1 | 7 | 1 | 0 | 5 | |
| Average number of employees (those, who have) | |||||||||
| Before COVID | 5 | 5 | 4 | 6 | 21 | 11 | 4 | 6 | |
| During COVID | 5 | 5 | 3 | 6 | 21 | 9 | 3 | 6 | |
| After COVID | 5 | 5 | 4 | 5 | 20 | 10 | 4 | 5 | |
Source: authors.
If we take a look at the companies of the surveyed women, we can see that more than 70% of the respondents own 76–100% of the company, which corresponds well with the fact that the majority of the respondents' enterprises are micro companies: 41% of respondents have no employees (besides themselves), and nearly 50% had maximum 10 employees since January 2022. Furthermore, almost 2/3 of respondents reported that their companies' turnover was a maximum of 50 thousand EUR – with 27% under 10 thousand EUR (see Table 2). The enterprise is also the main activity or main source of income for 65% of the respondents with no other occupation besides that.
Basic statistical data regarding the respondents II
| BG | FIN | H | RO | SRB | SK | E | Average | |
| Company's turnover (%) | ||||||||
| UNDER 10,000 EUR | 30 | 12 | 25 | 28 | 32 | 24 | 45 | 27 |
| 11,000–50,000 EUR | 47 | 31 | 40 | 43 | 21 | 45 | 32 | 35 |
| 51,000–100,000 EUR | 3 | 20 | 6 | 14 | 14 | 12 | 12 | 13 |
| 110,000–500,000 EUR | 17 | 26 | 25 | 11 | 15 | 8 | 11 | 17 |
| Over 500,000 EUR | 3 | 4 | 3 | 2 | 5 | 5 | 0 | 3 |
| Over 1 million EUR | 0 | 7 | 1 | 2 | 13 | 6 | 0 | 5 |
| Type of settlement (%) | ||||||||
| Capital city and agglomeration | 13 | 11 | 42 | 55 | 50 | 29 | 21 | 32 |
| County town | 80 | 33 | 31 | 19 | 30 | 53 | 7 | 31 |
| Other city | 0 | 36 | 17 | 7 | 10 | 0 | 26 | 17 |
| Village | 7 | 20 | 10 | 19 | 10 | 18 | 46 | 20 |
Source: authors.
Almost the same percentage of entrepreneurs indicated that their headquarters were in a capital city or its agglomeration, a county town or a bigger city (31.7% and 31.4%). The rest of the respondents stated that their company is in a settlement or village (19.7%) or other (smaller) city (17.1%) (see Table 2). Also, this type of distribution of the location of headquarters did not differ on a national level.
4.2 Impacts of the COVID-19 pandemic
Since one of the aims of the questionnaire was to explore the primary impacts and implications of the COVID-19 pandemic on firms, we present the major measures introduced to address the pandemic and the business support received by the WEs during this period. Respondents were asked to rank the three most relevant impacts of the pandemic on their enterprises. In the first place, decreasing demand was the most frequently identified impact of COVID-19 (29.8%), followed by the decline in revenues (17.3%) and the expansion in online sales (8.6%).
The most relevant changes marked by the respondents in second place were the decrease in revenues (25.3%), the decrease in demand (9.5%) and the reluctance of suppliers (6.4%). The most frequently mentioned effects in third place were the introduction of new products and services (13.3%), the decrease in revenues (10%) and terminated activity and missing suppliers as the result of COVID-19 (both (6.1%).
The survey asked WEs about the three most important actions they took to mitigate the pandemic's effects on their businesses. The most frequently cited measure was introducing new or modified activities, indicated by 31.3% of respondents. Following this, 13% reduced or suspended their company's activity, and 10.4% strengthened online sales. In the second most common actions, strengthening online sales was prominent (9.5%), along with reducing working hours (9.2%) and continuing development and maintenance activities (8.4%). For the third most important actions, the use of governmental aid and implementing new or modified activities were both noted by 7.4% of respondents. Notably, 11.3% of respondents took no action at all.
While these were generally the most common measures, there were variations across different countries. In Spain, a stronger focus on online activities was the second most common strategy, with new marketing strategies ranking third. Similarly, in Slovakia, new marketing strategies were also the second most frequent measure. In Bulgaria, as well as in Hungary, Romania, Slovakia, and Finland, price increases were the most common action. However, Bulgarian women entrepreneurs also emphasized increasing their customer base. In Finland, there was a significant focus on strengthening entrepreneurial partnerships and prioritizing training and skill development (see Table 3.). These findings highlight that while price increases were a common strategy, WEs in different countries employed a variety of approaches, reflecting their unique circumstances and needs.
The three most important measures introduced by respondents to mitigate the effects of the pandemic
 |
Source: authors.
We asked the WEs about the methods they used to cope with the crisis and the types of professional support they sought. The top three responses were: (1) participating in online webinars or online skill development, (2) joining formal or informal groups for WEs, and (3) attending training for soft skills development. The preference for types of professional support varied significantly by country. Specifically, we found a correlation between the country of the respondents and their receptiveness to self-development and learning opportunities (see Fig. 1). For instance, Finnish WEs were most likely to participate in webinars, while Bulgarian entrepreneurs were the least likely (P = 0.03). Thanks to the Chi square test, the P-values indicate the statistical significance of these differences, with lower P-values suggesting stronger evidence that the observed differences are not due to chance. While a P-value of 0.03 indicates a statistically significant difference, it does not imply a strong correlation but rather that the difference is unlikely to be due to random variation.
The three most relevant effects of the COVID-19 crisis on respondents' enterprises
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
Additionally, 42% of Romanian WEs joined formal or informal groups of WEs or strengthened their connections, finding this to be an effective form of support. This was least common in Bulgaria and Spain (P = 0.001). Finally, Finnish entrepreneurs were the most likely to focus on developing soft skills, whereas this was least common among Slovak entrepreneurs (P < 0.001).
The data presented in Fig. 2 illustrates the level of preparedness of female entrepreneurs from different countries in response to the COVID-19 pandemic. The survey asked whether they felt completely or somewhat more prepared to handle a similar crisis in the future. The data suggests that the COVID-19 period served as a significant learning experience for WEs across these countries. The high percentages of respondents feeling more prepared indicate that they have likely acquired new skills, knowledge, and strategies to navigate crises. This period has been a learning curve, compelling many businesses to shift to online platforms and adopt digital tools to survive, which could have contributed significantly to the entrepreneurs' sense of increased preparedness.
Do WEs feel more prepared to manage other possible crisis situations in running their business after the COVID-19 experience?
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
4.3 Online sales as a strategy for success
The focal point of our examination was the issue of digitization. We analysed the data from the point of view of identifying WEs whose digital transition occurred rapidly and successfully. As we assumed, in the case of younger Y and Z generation entrepreneurs, we experienced that digitization was faster and more successful than in the case of women from other generation groups. We therefore found a significant correlation between the age of the women business owners and their use of digital tools (P = 0.05). Figure 3 clearly shows that the youngest people used digital devices the most during the COVID-19 crisis.
Usage of digital marketing tools during COVID-19 and the age of the firm owner
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
The statistical data analysis showed a significant correlation (P < 0.001) not only between the age of the business owner, but also between the age of the company and digitalization (see Fig. 4). In other words, the ‘middle age’ firms focused the most on the digital platforms and digital marketing tools. It was not the youngest nor the oldest companies that mainly applied digital strategies, but basically the 6–10 years old, established firms. In second place are the firms with 4–5 years of activity.
Usage of digital marketing tools during COVID-19 and the ‘age’ of the firm
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
If we look at the digital transition according to the activities of companies led by women owners, it turns out that there are significant differences between specific areas of activity (see Fig. 5). In first place are the firms from the trade and repair sector. Here, 72% characterized the introduction of digital marketing tools as a very significant or main crisis management strategy. In second place are women-owned companies operating in the education sector, they used digital marketing tools the second most strongly during the pandemic. Thirdly we can mention ‘agriculture’: agriculture was the economic sector where digital marketing was introduced by the WEs. One of the examples for this is home delivery in the agriculture sector. WEs whose activity is related to agriculture did not appear at farmers' markets anymore, but worked with personal delivery. Additionally, they advertised their products online and communicated with their customers online.
Usage of digital marketing tools during COVID-19 and the sector
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
We also analysed the potential impact of using digital sales. We can see that there is a statistically significant correlation (P < 0.05) between the usage of online marketing and the impact of the crisis period on the company's activity. It turned out that in the case of those firms, whose owner implemented online sales, it was more common for the company's activity to pick up and operate more successfully. In the case of companies that did not use or used less online sales, it was more typical for them to close the company or decline in activity (Fig. 6).
Usage of digital marketing tools during COVID-19 and the impact of the pandemic on the company's activity
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
The results presented above do not imply that digitalization served as the sole root cause; indeed, several other factors may have influenced both the decline in entrepreneurial activity and the successful continuity of company operations. Nonetheless, we underline that a noteworthy finding emerges: a statistically significant association can be observed. The correlation we found here suggests that those who have prioritized the utilization of digital tools during the COVID-19 pandemic have employed a successful strategic approach to overcome the difficulties caused by the crisis.
Regarding the perception of readiness to manage future crises, nearly 50% of respondents answered that they feel somewhat more prepared to manage possible crises, nearly 1/3 answered that they feel completely more prepared, while 20% answered that they do not feel more prepared after the COVID-19 pandemic.
We wanted to further investigate the role of digitalization in reliance, therefore we explored whether the fact that they feel better prepared for a future crisis is related to the extent to which they used digital strategies during the period. We found a close statistical correlation (P < 0.001) indicating that those who use the digital marketing tools, were more likely to feel better prepared (Fig. 7).
Usage of digital marketing tools during COVID-19 and the preparedness for a similar crisis situation
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
Similarly, among those who implemented improvements in online sales during the COVID period (P < 0.05), there was greater tendency to see themselves as better prepared in a similar crisis situation, and they believe that they would be able to cope better, if they were to find themselves in a similar situation (Fig. 8).
Development of online sale and preparedness for a similar crisis situation
Source: authors.
Citation: Society and Economy 46, 4; 10.1556/204.2024.00013
5 Conclusions
In this paper, we concentrated on digitalization as a strategy and its role in the entrepreneurial activity of SME owners or self-employed women in responding to the uncertainties and challenges caused by crisis situations. The main objective of this paper was to examine the role of digitalization as a relevant strategy among others employed by women SME owners or self-employed women to mitigate challenges caused by COVID-19 and the crisis afterwards. Prior and recent research results have provided evidence that the number of women starting and having businesses is steadily increasing all over the world. However, the COVID-19 pandemic and the crises afterwards have increased their challenges in maintaining their businesses, and in relation, balancing work and private life. Available research discussing the digital development of SMEs as a response to the COVID-19 crisis, as well as the circumstances created by COVID-19, highlights that the energy crisis has underscored the need for WEs to be able to effectively enhance their digital skills as part of an effective crisis management strategy. This paper aimed to identify WEs' experiences of adapting to changes and the need to become resilient in times of crisis with a specific focus on digitalization in business operations.
Existing research on WEs' answers to the COVID-19 and crisis situations afterwards identified that despite the severely vulnerable situation the poly crisis had caused (Afshan et al., 2021; Alon et al. 2021; Fares et al. 2022; GEM 2022, 2023; OECD 2021, 2022; Mandalova et al. 2020; Stephens et al. 2021; Torres et al. 2021), WEs have opened new opportunities to sustain their competitiveness and adapt to a new reality (Afshan et al. 2021; GEM 2022, 2023). Digitalization and increased networking were one of the coping strategies WEs could successfully rely on (Giotopoulos et al. 2022). Our survey results are in line with these previous findings, highlighting that WEs in our sample not only encountered difficulties but also displayed resilience when restarting their businesses after the pandemic. Our results clearly show that although WEs in our survey have faced further crises, they dedicated significant efforts to upskill and innovate their businesses. The key findings include that individual learning through webinars or online skill development was the most widely used form of professional support, and nearly 50% of respondents felt somewhat more prepared to manage possible crises in the future. Besides strengthening their entrepreneurial network, they made a significant effort to apply and exploit the opportunities offered by digital platforms and tools, and through the process they also become more professionalized as entrepreneurs, and their entrepreneurial confidence grew.
Based on the results, it seems that the investment in digitalization helped to strengthen the WE’ confidence and their ability to adapt to crises. As a result, they coped with the challenges more successfully as entrepreneurs. Our research findings, in line with other findings, strengthen the claims that digitalisation as a unique opportunity turbulent times emerged as a coping strategy for WEs and hence became part of the resilience of the women-owned businesses.
It is no doubt that COVID-19 and the poly crisis situation afterwards provided a unique situation for researchers, as examining the crisis situation offered a laboratory setting in which we could observe how this unique situation sharpened WEs' need for enhancing not only skills in general but specifically those ones that are essential for surviving when adapting to societal and economic challenges. Digital transformation, including enhancing their digital presence and marketing skills, was not the only crisis management tool WEs employed to navigate the challenges of COVID-19 and the polycrisis, but it was undoubtedly a crucial one. WEs also appeared to improve their networking abilities and their motivation to pursue learning, both individually and in online spaces. Both their increased presence in the online formal/informal communities/space and the strategies employed for enhancing their skills indicate that it is rather the accumulation of the social and human capital than economic capital that was contributing in their success for reinventing their businesses.
In conclusion, women-owned businesses face unique challenges in navigating crises such as the COVID-19 pandemic and the energy crisis. Gender disparities in access to resources, opportunities, and support networks exacerbate the vulnerability of WEs to economic shocks. While the COVID-19 pandemic and the multi-crisis environment presented numerous challenges for WEs, they also offered opportunities for increasing professionalism, adaptability, and community involvement. Despite ongoing challenges, WEs continue to learn and succeed within constrained circumstances, contributing to their growth and resilience in an evolving business landscape. Among the strategies applied for overcoming the challenges, digitalization offers promising opportunities to enhance the resilience of women-owned businesses by enabling remote work, expanding market access, and improving operational efficiency. This research seeks to contribute to the growing body of literature on gender-inclusive economic development by exploring the potential of digitalization as a resilience strategy.
This paper, although in a limited way, provides contributions to actors involved in empowering WEs. While this paper agrees that the pandemic had a negative impact on gender equality in relation to entrepreneurial activity and in general, the authors suggest overcoming the assumptions and beliefs that all women-led businesses are determined to fail when they have to face unexpected situations. We conclude that it is important to define a specific group of WEs as targets of a study instead of taking WEs as a homogeneous group. Our research indicated that WEs adopted digitalization as a resilience strategy, and the majority of them did not receive any institutional support in this regard. Therefore, decision-makers should consider developing relevant support programs to strengthen the digital transformation of women-owned businesses, even during more stable periods, so that they are better prepared to face challenges when new crises arise. We believe that structured support coming from state level would significantly contribute to the empowerment of WEs and increase their opportunities in surviving a crisis, thereby contributing to economic growth. However, in this research, the focus was not on measuring the scale of recovery, which would be interesting to explore in similar future studies, especially in light of the new ongoing crises the world is currently facing and the findings of the presented research that WEs will be better prepared for future crises than before.
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Project title: Upskilling pathways for REsiliency in the post-Covid era for FEMale Entrepreneurs. Call: KA220-ADU – Cooperation partnerships in adult education. Project number: 2022-1-HU01-KA220-ADU-000089295. Access: https://refem.eu/.
The research applied a mix of methods to collect data. Beside the desk research to map existing national-level research and statistical data, we also conducted interviews with experts in female entrepreneurship (22 interviews), in addition to interviews with women entrepreneurs (56 interviews).
Ambassadorship in the project under which the research was done was a tool for reaching a wider pool of women entrepreneurs. The list of the ambassadors can be found at the project's website: https://refem.eu/ambassadors. Business associations and formal and informal business communities were reached by the project partners through their networks, direct emails and newsletters asking them to support the research to distribute the survey links.
