Liaison Amid Business Issues and Stress Experienced by Textile Entrepreneur’s During Pandemic: Substantiates from ‘City of Weavers’

Abstract

The virus that sparked a localised shockwave in China is today dispensing a substantial worldwide shock. The Coronavirus outbreak has irreparably harmed the economy, disrupted numerous systems and left it clinging to life. The current study has made a preliminary effort to unveil the challenges that pandemic has posed for city of weavers (Panipat) textile business owners in terms of their businesses and in turn whether the varied business-related roadblocks that entrepreneurs are currently managing have led them to experience stress or not. The data was gathered from 150 textile business owners in Panipat. Exploratory factor analysis and regression analysis both robust statistical tools have been deployed for analysis. It was unearthed that impression on firm’s liquidity position and employment accompanied with influence on prospective marketing strategies were the prominent cause of business-related problems for entrepreneurs that also led to stress among textile entrepreneurs with significant t-values 16.30 and 11.65, respectively. Meanwhile, the major chunk of them was discovered to be digitally capable, accepting digital knowledge rapidly and seizing possibilities by producing N95 masks and personal protective equipment (PPE). The proposed study was a prospective effort to comprehend the pandemic early effects on Panipat’s textile industry.