Small Business’s Retention during Covid-19 Crisis

Abstract

This study was aimed at investigating the levels of people-oriented management, technology-oriented management, organizational asset, and firm retention and the structural equation model of the antecedents, i.e. people-oriented management and technology-oriented management, with organizational asset as mediator and firm retention as consequence. It was conducted by interviewing entrepreneurs in the study group to identify key factors affecting their business survival, reviewing the literature to support the creation of research conceptual framework and questions, taking a random sample from small businesses that could maintain their businesses, and using a synthesized questionnaire for quantitative research to examine the causal factors influencing existence of small business entrepreneurs under the COVID-19 pandemic. The population and sample of this study included 115 small businesses selling food and consumer products. According to the results of this study, the mean of people-oriented management and technology-oriented management was 3.72 and 3.71, respectively, while the organizational asset had the highest mean of 3.73 and the firm retention had a low mean of 3.53. From these means, it can be concluded that the business administration during the COVID-19 pandemic must consider technology-oriented management and people-oriented management to strengthen organizational asset and support firm retention and stability.