Navigating in Turbulent Times: Using Social Media Discourse to Examine Small and Family-Owned Business Survival and Government Actions During The COVID-19 Crisis

Abstract

During a crisis, small and family-owned businesses tend to experience more severe economic consequences than their larger counterparts and often lack financial resources needed to weather the challenges brought about by the crisis. To comprehend the distinct challenges and concerns of small and family-owned businesses during a major crisis, this research study focuses on the recent COVID-19 pandemic, which had a catastrophic effect on businesses and societies alike. To that effect, we address two research questions: 1) What aspects of small and family-owned businesses do social media users discuss during the COVID-19 pandemic? and 2) What is the impact of major government announcements and policies on these discussions? The initial part of the study uncovered the diverse topics that emerged in social media conversations concerning smaller and family-owned businesses during the pandemic, encompassing challenges faced by different demographic groups, discussions around vaccine mandates, entrepreneurial opportunities in the pandemic context, government support programs, and the survival challenges encountered by these small and family-owned businesses. The subsequent part of the study emphasized the importance of timely and responsive government interventions during times of crisis and especially highlights the significance of targeted measures to address the unique challenges faced by women entrepreneurs, black-owned businesses, and other marginalized groups and finally suggests that government responsiveness and accountability are crucial in navigating crises. These insights, obtained through topic modelling and AI-based applications, aid in constructing messages that genuinely resonate with the public, ensuring clear communication of policy intentions. The implications of our study transcend recent COVID-19 effects, as World Health Organization (WHO) cautions that there could be even worse health and socio-economic crises in the future, and we need to be better prepared to handle subsequent devastating effects.