Entrepreneurship as a key to success in times of economic crisis

Abstract

This article examines the role of entrepreneurship during economic crises, positioning it as a potential catalyst for success and stability for both businesses and entire economies. The primary objective is to investigate the mechanisms and strategies enabling entrepreneurs to leverage periods of recession for growth or survival. The study employs a two-tier research methodology: first, by analyzing statistical data and reports (e.g. GUS, OECD, World Bank, PARP), and subsequently by conducting case studies of companies that succeeded in entering the market amid economic turbulence. The findings suggest that flexibility and rapid adaptability—such as transitioning operations online or diversifying product offerings—are crucial for coping with declining demand and limited access to capital. Investments in innovation and effective financial management (including diversified funding sources) foster sustainable competitive advantages. The author also emphasizes the synergistic effect of entrepreneurship, online marketing and public relations initiatives, which collectively enhance a firm’s market image under chal- lenging conditions. The research concludes that while entrepreneurship alone does not provide a universal remedy for all crisis-related economic difficulties, it can serve as a catalyst for growth when backed by ap- propriate institutional and educational support. The article’s unique contribution lies in its multifaceted exploration of this topic from both theoretical and practical perspectives, highlighting in particular the strategic integration of marketing and PR for survival and expansion.