Entrepreneurialism during the pandemic is not simply a matter of business survival – it plays a key role in helping society get through a crisis and adapt to a changing environment.
Many countries have been in quarantine for over two months now, giving entrepreneurs time to learn from the mistakes and successes of other businesses adapting to the new digital landscape. Here are some top insights entrepreneurs can learn from the Coronavirus:
1. Integration of online and offline services
While the future may not involve such an extreme dependency on online services as now, it is clear that online platforms are often cheaper and quicker alternatives for remote team working and commercial services.
Entrepreneurs that integrate online and offline services will be in a better position to thrive in the new business landscape han those businesses who had no online services in place prior to the pandemic
2. Resourcefulness
The pandemic has forced entrepreneurs to make the most out of very little resources to innovate their services and capitalise on emerging digital opportunities. Entrepreneurs that moved quickly to creatively adapt the little resources they had to meet the changing public needs will benefit from a competitive edge in the aftermath of the pandemic.
3. Employee loyalty
Transparency and empathy are the key to retaining employee loyalty during a crisis, particularly when economic hardship is forcing entrepreneurs to cut jobs left, right and centre. Being honest with your team about struggles you are facing and showing concern for your team’s wellbeing and career development will help entrepreneurs retain the necessary talent they need to stay ahead of the game in the coming month
4. Social Responsibility
Entrepreneurs that have adapted their services for the benefit of vulnerable communities or key workers have set a precedent for selfless, collaborative business practice. While the Coronavirus has revealed both selfless and selfish side of many businesses, entrepreneurs that have demonstrated a real concern for society’s well being during the pandemic are far more likely to gain customer trust and loyalty in the years ahead.
5. Long-term vision
Although it has been vital for entrepreneurs to adapt to the immediate demands of the current situation, entrepreneurs should not stop planning for a long-term vision. Successful entrepreneurs will be those that devise new products and services that are not just relevant during the current crisis but stay relevant for customers in the aftermath of the pandemic.
Throughout the crisis many entrepreneurs have demonstrated they have the creativity, drive and vision needed to adapt to a changing economic and social environment. Learning how to put the needs of customers and employees first, seeking digital opportunities with limited resources and working towards a long-term vision will help entrepreneurs make the most out of a challenging situation and prepare for a rapidly transforming digital future.
