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Restoring The Old Or Building The New Directions In Tourism Family Business

The world has seen several difficult epidemics / pandemics in the last forty years, but none had similar effect for the worldwide economy as the covid-19 pandemic. This coronavirus disease has brought with alarming speed a global economic shock of enormous magnitude in healthcare as well as in economic policy. Beyond its short-term impact, it will leave lasting scars through multiple channels. Hence, it is unquestionable that current crisis poses a great challenge for the tourism industry resulting in major economic and job losses. Therefore, the aim of this paper is to examine the impact of coronavirus during the first half of 2020 on the world stage, as tourism is the largest service industry in the world. Second, this paper brings up awareness of tourism as a potent tool for growth and development on the EU level. Finally, the paper emphasizes the outstanding importance of family business form of enterprise for employment, growth and innovative power of the tourism. Namely, using newly gathered data this paper explores and outlines the main features to answer the question are the small and medium sized enterprises in tourism industry capable to transform their businesses and accelerate recovery to respond to the “better” tourism future. In that context, current pandemic, significantly impacting and disrupting tourism can be seen as a transformative opportunity for entrepreneurs to look back and rethink, change or re-shape their pre-existing operations and strategies in order to respond to the “next normal” (future) in tourism.

tourism, family business, European Union, coronavirus, crisis

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