Entrepreneurship response to the crisis as exemplified by selected European countries

Abstract

The main aim of this article is to present deliberations on the importance of necessity-derived and opportunity-based entrepreneurship for the economy and to try to answer the question which of those types of entrepreneurship makes the economic system resilient at the time of crises and which one has an adverse impact. The GEM research on the motivation of entrepreneurs is the starting point for the research carried out in this paper. It has been resolved that any further econometric analysis (by means of the dynamic models) would cover European countries for which the complete GEM test results are available for a period of minimum 10 years, therefore the period covered by the study includes the years between 2009 and 2021. Based on the calculated correlation index between the entrepreneurship index and the GEM index (percentage of the population aged 18-64 who see good opportunities to start a business in their place of residence), two groups of countries were identified entrepreneurship results from necessity - derived and opportunity - based. In the light of the push theory and the conducted econometric studies, the crisis caused by COVID-19 will probably result in the development of some sectors of the economy or completely new ones will arise in those economies.