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The COVID 19 pandemic has brought economic shock in addition to public health crisis. The economies all over the world struggle to bounce back to normal economic growth. The global economy is expected to grow 6% in 2021 and 4.9% in 2022 . India has been showing substantial resilience in getting back to the growth track. The pandemic inflicted a huge loss to the Indian economy. Real Gross Domestic Product contracted by 8.5% in 2020-21. It has been projected that India would achieve 9.5% economic growth in 2021-22 in July 2021 as against 12.5% economic growth projection in March 2021 because of acute second wave in India . The pandemic has not only affected at macro level, but it has also affected at Individual level due to social distancing, lockdowns, healthcare expenditures, raising prices, and uncertain future. In fact, the pandemic has made the lives of poor, and downtrodden people, micro, and small entrepreneurs miserable. Micro, Small and Medium Enterprises (MSMEs), Hospitability, Aviation, Automobiles and Real Estate are paralyzed. Banking Financial Services and Insurance (BFSI) have a mixed impact of the pandemic . Among the MSMEs, micro and small entrepreneurs struggle a lot to bounce back financially and to achieve financial health which were devasted by the pandemic. Further, predominant micro and small enterprises are not able to borrow from financial institutions as they have already borrowed from them, and they are debt-ridden. Micro and small entrepreneurs are adversely affected both financially and mentally because their survival and livelihood are at stake. Thus, micro, and small entrepreneurs face many problems such as no adequate income and savings, debt repayment, rising cost, lack of fund to run the business, financial and mental stress, uncertain future and so on. Despite these problems, the business sector including micro and small enterprises moves on steadily to achieve the goal of financial health which is evident from the news that India’s industrial production has reached all time high of 134.6%  and India’s Gross Domestic Product rose to 20.1% in 2021-22 first quarter . What makes them to move on steadily? Is it their personality trait – Fortitude? How do they manage their resources to achieve financial resilience? To seek answers for these questions, this study would like to examine role of fortitude and sense of coherence in achieving financial resilience and financial health of micro, and small entrepreneurs. Fortitude refers to mental and emotional strength in facing adversity, difficulty, and shocks . Fortitude is a virtue . Sense of coherence implies a person’s ability to use existing, and potential resources to manage stress and wellbeing . Financial resilience is the ability to recover quickly from income or expenditure shock . Financial health means “normal economic activity” .
This research work is descriptive and causal investigation will be taken up. Further, this study will adopt a survey method of research to collect primary data using a structured questionnaire. The unit of analysis is micro, and small entrepreneurs in Bangalore, India. Bangalore has more than 0.25 million micro and small entrepreneurs. Sample size is determined as 384 as per Krejcie and Morgan formula. Method of sampling is a non-probability judgmental sampling. The objectives of the study include to measure fortitude, sense of coherence, financial resilience and financial health of micro, and small entrepreneurs and to determine and analyse the relationships among them. Further, the study intends to measure and analyse role of fortitude and sense of coherence in achieving financial resilience and financial health of the respondents. Based on the objectives, the following hypotheses are framed.
- Fortitude, sense of coherence, and financial resilience of micro, and small entrepreneurs are high.
- Fortitude, sense of coherence, and financial resilience do not differ based on demographic and business-related characteristics of micro, and small entrepreneurs are high.
- Fortitude, sense of coherence, financial resilience, and financial health are positively related.
- Fortitude and sense of coherence positively impact financial resilience and financial health of micro, and small entrepreneurs.
- Patience has a mediating effect in the relationship between fortitude and financial resilience of the entrepreneurs.
Fortitude and sense of coherence have been researched limitedly in India while facing adversity or shocks. Further, this study intends to measure fortitude, sense of coherence, financial resilience, and financial health of the business entrepreneurs after one of the worst shocks of this century (COVID 19 pandemic). These are distinct features of this study. The study is socially relevant as its results exhibit how can mental toughness and coherence be used to cope up with the adversity and to achieve resilience during the hard times.
How to Cite
Fortitude, Sense of coherence, Financial Resilience, Financial Health, Micro and small entrepreneurs
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