The International Conference on Administration and Business (ICAB) is organized every year by the School of Administration and Business from the University of Bucharest. The Conference is offering an adequate venue for researchers, science people, specialists, and students to meet and discuss about all areas of economics and administration. This year, I have participated with the paper “Entrepreneurship in times of economic and financial crises; methods off adaptation and survival.” The paper was accepted to be published in the “Manager” journal of the School of Administration and Business of the University of Bucharest and was indexed in EBSCO database.
Here are some of my conclusions: “The problems that small and medium-sized enterprises face during economic and financial crises have direct and strong implications on the local communities. These are affected by increased social problems generated by the measures that the companies are taking. The research has shown that the adaptation and survival methods of SMEs during crises is a function of layoffs, reduced activity and reduced to none investment. Layoffs determine greater pressure on the social protection policies and diminish the local expenditure on goods and services. The diminished expenditures on goods and services determine a chain effect that spreads to other consumer-goods businesses, credit reimbursements, and various services. This situation requires governmental intervention to protect the increasing number of poor. The measures that were successful in Thailand’s response to the 1997 economic crisis and that seem to work in the Romanian environment include “an improvement to the strategic design and coordination of the social policy, protection measures to the poor and to the elderly, strengthened social protection of workers, and improved monitoring of living standards.” These measures require intervention at the macroeconomic level, with results to be seen on a short to a medium period of time. From this regard, managers that were interviewed seem to have been objective when stating that recovery is to be seen within the next two years.”