Entrepreneurial resilience in turbulent environments: the role of spiritual capital

Abstract

Increasingly, businesses in the 21st century have to grapple with the challenges of operating in turbulent environments characterized by market volatility, political instability, and terrorism. Recently, a new interest has emerged in the role of spiritual capital – that is, the set of personal, intangible, and transcendent resources that emanate from an individual’s spiritual or religious beliefs and experiences and that may be used in economic activity. Spiritual capital is especially relevant in sub-Saharan Africa where there are greater institutional voids, and religion and spirituality play a dominant role in society. This chapter proposes a conceptual framework that interrogates and integrates the relationships between spiritual capital, environmental turbulence, entrepreneurial resilience and firm survival. Finally, we test this theoretical model in an empirical study of 306 SMEs in Nigeria. The results of the hierarchical regression model indicate that faith beliefs have significant impact on entrepreneurial resilience, but prayer and worship do not.

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