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This study analyses small-firm responses to an economic crisis, based on an empirical investigation in the post-conflict economy of Kosovo. Although the recent financial crisis affected all economies, we can expect differences in its effects across economies depending on their level of economic development, relative exposure to the crisis, as well as differences in entrepreneurial responses to adapt to the crisis. Kosovo makes a unique case to investigate the impact of the crisis on firm adaptive strategies to overcome or cope with the crisis. Drawing on data from in-depth, multiple case studies show that small firms during the crisis have successfully chosen to diversify and expand into new areas of business in order to compensate for low demand. By contrast, cost reduction was not a successful strategic response. The study demonstrates that although crisis affects many small firms, they show underlying resilience and a high level of adaptability and flexibility.

This book provides an opportunity to explore the societal effects of entrepreneurship and its result on competitiveness. Over the last decade society has changed as the consequence of demographic shifts and increased usage of information communications technology. This has influenced the type of entrepreneurship individuals and firms to engage in and the focus of their businesses. Despite the importance of society to the speed and rate of entrepreneurship, little research exists that specifically examines societal entrepreneurship and competitiveness. This book aims at narrowing this research gap by discussing the interface between society and entrepreneurship. The core theme emerging from the chapters in this book is that the context of entrepreneurship is dependent on societal perceptions.