ENTREPRENEURSHIP RISK MANAGEMENT OR THE “BLACK SWAN” COVID-19 AS ANTI-FRAGNITY TEST
The economic crisis, triggered by the pandemic of the new coronavirus infection COVID-19, which began in March 2020, has a complex nature and difficult to predict consequences. Nevertheless, anti-crisis measures are taken at all levels of government. The basis for the selection of these measures is an assessment of risks that may be critical to the life of enterprises and industries. Risk assessment as an element of risk management is undoubtedly important and therefore deserves a thorough comprehensive analysis. In the light of the struggle against the human pandemic COVID-19, which is being endured by humanity, the authors consider the nature of risky activities and the resulting conceptual line for managing the course of economic development, including the problem of determining the direction of anti-crisis measures.
Keywords: risk management, entrepreneurial risks, black swans, antifragility, competencies of the future, VUCA world, COVID-19 pandemic.
Highlights:
traditional methods of risk assessment and risk management, effectively used in times of stable development of the economy, are insufficient in conditions of high uncertainty. In the current conditions, a fundamental extension of the range of risk factors to be considered and a change in the readiness of business structures for the appearance of “black swans” are necessary;
crisis situations like the one that arose in the spring of 2020 in connection with the COVID-19 pandemic are triggers of changes prepared by the previous development course, and should be overcome and used to supplement the databases of reasons and conditions of their occurrence to develop competencies for doing business in a high-risk environment (anti-fragility properties);
the roots of the current economic crisis are revolutionary changes in the economy and society generated by accelerating technological development: the dominant role of services in social production, customization, digitalization and globalization;
considering the nature of the crisis phenomena, a classification of risks, a methodological basis for risk management, and, most importantly, work to overcome the crisis should be built. It should be aimed not at a speedy return to the pre-crisis state, but at a transition to a new state adequate to the future business environment.
Alexander P. Zhabin, Doctor of Economics, Professor, Head of Management Department; Elena V. Volkodova, Doctor of Economics, Professor; Elena A. Kandrashina, Doctor of Economics, Professor - Samara State University of Economics.