What is Economic Downturn

This chapter focused on the determinants for SMEs and entrepreneurship post-pandemic success. SMEs and other enterprises have been greatly impacted by the COVID-19 pandemic globally with diverse outcomes. While some SMEs have experienced failures and have permanently closed operations due to the COVID-19 pandemic, other SMEs have shown resilience and have been able to adapt their operations to cope during and post pandemic periods. The resilient SMEs' successes have been made possible by several critical factors in the internal and external business environments. Some of the determinants for SMEs and entrepreneurship post-pandemic success include financial literacy and savings culture and technology adaption. Furthermore, identified challenges that hamper SMEs' survival and post-pandemic success rate include financial challenges and lack of online presence. Finally, recommended solutions to challenges that hinder SMEs' post-pandemic success include SME participation in capacity development programmes.