ECONOMIC RESILIENCE OF BUSINESS IN RISK AND UNCERTAINTY CONDITIONS

Abstract

Global problems, the full-scale war of the russian federation against Ukraine, the financial crisis, risks, uncertainties, all this objectively determines the necessity of the economic resilience of business study. The article is devoted to the study of the internal content of resilience, as a complex, multifaceted interdisciplinary concept. Based on the system-analytic research method, the article reveals the inner content of resilience through the prism of related concepts that objectively condition resilience (crisis, risk, instability, uncertainty, vulnerability) and a complex of concepts that reflect the inner essence of resilience (flexibility, adaptability, hardiness, viability, renewability, development). Each of the above mentioned concepts has its own causes and consequences, is inherent to business entities and acquired as a result of the resilience strategies development. Enterprises which are in the same crisis conditions have different degrees of viability and recoverability, the studies prove that the reasons for such inequality lie in their backup capabilities, flexibility of business processes, and the preventive anti-crisis policies application. The most important role in inherent and acquired resilience is played by the management and personnel of the company, its cohesion, team approach to the operational, tactical and strategic goals implementation. The study of economic resilience of business has not only theoretical significance as an interdisciplinary, systemic concept, but also contributes to more active practical training of business to functioning in risk and uncertainty conditions. The development of resilience strategies encourages business to constantly control its own assets, capital, financial resources, to constantly develop human and intellectual capital, to systematically monitor business information and the results of operational activities. As a result, business becomes less vulnerable to external and internal risks, more flexible, adaptive and sustainable, survives in difficult, unpredictable conditions, is able to recover and develop, i.e. demonstrates economic resilience.