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Small and medium size enterprises in both business to business and consumer markets are particularly vulnerable to economic downturns. Concentrating on the Greek economic crisis, one of the toughest and most prolonged on a global scale, the present research sheds light on both anthropocentric and business-centric factors that helped SMEs survive, therefore, providing a valuable survival manual. Per findings of two studies performed under the given economically intense conditions, it is evidenced that the right answer to survival rests upon: (a) the entrepreneurs' personality traits and skills that affect the market and entrepreneurial orientations of SMEs, (b) the adoption of such orientations that keep impacting the firms' performance, and finally (c) the implementation of strategy relevant to reaching higher quality standards for products and services, combined with tactics relevant to downsizing, marketing actions, extroversion, and financial management., Hellenic Organization for Small and Medium-Sized Enterprises and Handicrafts

While there is growing interest in exploring strategic orientations, their interaction, and impact on firm performance, most research has been conducted within stable economic environments. Taking into consideration economic instability, it is timely to develop a more nuanced understanding of how economic crises may affect key strategic orientation prescriptions. In this research, we examine entrepreneurial and market orientations as means through which firms may operate within an economic crisis to seize available opportunities. Additionally, we consider how increasing financial resource availability during macro-economic constraint may affect these relationships. Based on a rare, and robust national random sample of 612 Russian small to medium-sized enterprises (SMEs) collected during a recent period of economic crisis in 2015–2016, our results reveal a positive effect of entrepreneurial orientation and a non-significant effect of market orientation. Moreover, we demonstrate how financial resource availability in concert with firms’ strategic orientations yields distinctly more, and less, productive configurations. Post-print / Final draft

Anno 2013 Europe resides in a severe economic crisis that has been lasting for five years. Companies are struggling to deal with the influences of this crisis and require strategic insights to maintain performance. According to theory entrepreneurship and innovation are central mechanisms in the creation of wealth in the capitalist system and an entrepreneurial strategy could provide relatively much benefit in a crisis period. This study focuses on the central question: How does an entrepreneurial orientation affect the performance of companies in the economic crisis? To answer this question a variety of theories on entrepreneurship, innovation and the creation of wealth in capitalism were examined. On many occasions quantitative research has been performed to measure the relationship between an entrepreneurial orientation and performance. This study provides an extra dimension by using archival financial data of companies during and before the crisis to draw comparisons and examine developments in performance in relation to an entrepreneurial orientation. Data on the entrepreneurial orientation was collected with an online survey which was sent to companies. The results of the survey indicated the degree of entrepreneurial orientation of the companies in separate categories; innovativeness, proactiveness and risk taking. The results were linked to their financial performance which was obtained from a database. Comparisons between the performance before and during the crisis in relation to the scores on entrepreneurship were made, and the development of their financial performance since the crisis was examined. The results of this study indicate that an entrepreneurial orientation has a relatively more positive influence on performance during the crisis. However the relationship between an entrepreneurial orientation and performance is highly dependent on the company and type of industry so no unilateral positive correlations with performance were found. For a set of industrial, manufacturing, chemical and service companies the development of the financial performance since the crisis is highly positively correlated with innovativeness and proactiveness. For a set of other company types including foundations, (public) utility companies, (public) real estate companies, construction companies, trade and investment firms no correlations were found. The findings in this study indicate that depending on the type of company and industry, an entrepreneurial orientation can have a strong positive effect on the development of financial performance in the crisis.