Entrepreneurial Leadership Characteristics During Times of Crisis in Developing Economics: A Study in Saudi Arabia

Abstract:

Crisis management is a critical challenge that entrepreneurs face. The research aims to understand the various characteristics of entrepreneurs during a crisis. The study used a qualitative approach by in-depth interviews conducted with three participants, and literature review on the key entrepreneurial characteristics necessary for crisis management. The study revealed several key characteristics that enable entrepreneurs to become better crisis managers, including risk-taking, innovativeness, proactiveness, competitive aggressiveness, and Autonomy. Participants stated the importance of utilizing technology, setting up risk management strategies. This study provides specific insight into how these aspects fit into crisis management. Crises within the business are everyday occurrences that each entrepreneur must manage effectively to ensure the success of their ventures. Limitations include lack of literature regarding this specific topic in Saudi Arabia and the small sample size of three entrepreneurs used for the in-depth interviews. This research can provide insight into how the specific incentives and policies generated to empower entrepreneurs can be targeted and specific to entrepreneurs in Saudi Arabia. This study can also guide educational institutions on how they could better equip the entrepreneurs of tomorrow. One of the leading social implications could be improving the economic performance of SMEs within the KSA through entrepreneurs being better equipped for crisis management. Proper crisis management could enable more enterprises to become more efficient in the long term, ensuring their success.