Impact of Pandemic on Financial Condition of Home-Based Food Entrepreneurs.

Abstract

This research investigates the impacts of the COVID-19 pandemic, on the financial condition of home based food Entrepreneurs. It examines both short-term and medium-to-long-term impacts of the pandemic and outlines strategies to reduce the potential consequences of those impacts. The study follows the review of already published literature and the research papers, and reports in the relevant field. The quantitative approach is used “to investigate the Impact of pandemic on financial condition of home-based food Entrepreneurs. Primary data was obtained using a quantitative research technique using an adapted structured questionnaire with a 5-point Likert scale. A random sample approach was used to collect responses from more than 100 home based food entrepreneurs operating in main cities of Pakistan like, Islamabad, Lahore, Karachi, by administering an online questionnaire. The data than analyzed through Using SPSS Software, the responses were evaluated using statistical tests such as correlation and regression. The results indicate that most of the participating enterprises have been severely affected and they are facing several issues such as financial, supply chain disruption, decrease in demand, reduction in sales and profit, among others. According to the results and findings of many other investigations, the COVID-19 outbreak has had a significant impact on the majority of the participating businesses. Many respondents said that the downturn had had a significant impact on their company a large number of enterprises were neither prepared nor have any plan to handle such a situation. Thus, the objectives of this research are to understand how entrepreneurs see the post-pandemic period, to ascertain which governmental measures they would like to see implemented, to understand which strategies they plan to adopt, and to understand what lessons these entrepreneurs are learning for the future while living through the pandemic period. Based on the results of the research, different policy recommendations are proposed to ease the adverse effects of the outbreak on MSMEs. Although the suggested policy recommendations may not be sufficient to help MSMEs go through the ongoing crisis, these measures will help them weather the storm.