What does everyone try to do during a crisis, survival, right?. That’s the typical life for an entrepreneur.
The COVID-19 has brought lots of uncertainties, and the people who can survive this and come out better are the people who created new opportunities for themselves — this is why Entrepreneurs would always win during a crisis.
In the past months, we’ve seen several business owners changing their business strategies to adapt to the changing times. They come up with new approaches to survive and keep providing solutions to their customers.
Entrepreneurship is about Survival.
Entrepreneurs think differently. Not only are we focused on generating income, but we also seek continuous growth and are ready to risk it all to achieve these set goals, especially during a crisis.
During normal times, these principles are fundamentals are beneficial, but are even more so during extraordinary times like these. It’s only through entrepreneurship that we can come out of this crisis as winners. Entrepreneurship is all about dealing with them.
Business owners are used to the unexpected risks that come from running a business. An entrepreneur has to solve problems related to cash flow, client acquisition, staff employment, delegating tasks, marketing strategy, raising capital, budgeting, business growth, and a host of them. As an entrepreneur, nothing is sure; you have to keep solving problems — the known ones and the ones that arise out of the blood.
This can be terrifying for some, but it’s a norm for entrepreneurs. So, one skill we can offer the non-entrepreneurs during this pandemic is the survivor spirit. With this, you’re rest assured that you can live through anything.
This pandemic is a test on everyone’s survival skills, and whoever can scale through this can scale through whatever obstacle we face in the future.
Entrepreneurship is about adaptation.
During a pandemic, the average person looks to the government and their companies to help. They hope for them to provide health facilities and food, but as we can see, they can only do so much.
What differentiates these establishments from entrepreneurship is their bureaucratic nature, which means they take a lot of time before they make and implement decisions. The government may have good intentions, but they just can’t respond to issues swiftly because of their nature.
Entrepreneurs have the upper hand during a crisis because of their ability to respond quickly to whatever issue that they are faced with
Entrepreneurship is about taking various routes to ensure that you find answers where other people might have failed. That’s a distinctive skill of entrepreneurs.
We can create new businesses, products, and services in days or weeks, but this would take the government or the large corporation months or years to complete. Entrepreneurship offers flexibility, while the government is the opposite.
Entrepreneurship is rapidly solving many problems we face in society today. What’s more is that as entrepreneurs, we are open to collaboration. All over the world, we have business owners achieving amazing feats with people spread across different parts of the world.
We have an abundance mindset that doesn’t allow room for unhealthy competition. You don’t see this among governments; rather, you see wars and bad spirit among countries.
Entrepreneurship is about creating Solutions.
You would notice that many business owners are actively looking for ways to provide solutions to their existing customers and leads during this time.
Many people are out of jobs, cannot feed, and this has brought lots of anxiety and depression. But entrepreneurs are like the heroes here, doing all the can to help their employees, and whoever they can through this pandemic.
And for the fact that we’re highly experienced in our niche, we know how to be of assistance. It’s crucial to find a need for our customers and put it together to get the highest value from it.
We’ve seen entrepreneurs do it a lot of times, including:
- Hosting educational webinars
- Offering free products or services as a way of helping
- Using their resources to provide aid for the frontline workers and health staff
- Forming communities that act as a support system during the crisis
- Offering help to a broader community due to their influence
- Collaborating with other organizations to offer value
- Holding events that can no longer hold in-person to virtual
In one way or the other, we are equipped to battle crises like these; we have our networks, influence. Everywhere you look, entrepreneurs are using what they have to offer solutions.
How Entrepreneurs navigate through these uncertain times
Business owners during periods of crisis need to keep their employees, customers, and themselves satisfied — so they’d have to do everything in their power to keep their business afloat.
In all these, we still need to ensure that we’re taking care of ourselves and our loved ones. Just like how in an airplane, we put on our mask first before we help others with theirs.
Examples of how entrepreneurs have been able to adapt to the pandemic
- Fitness instructors holding their training sessions online, so their clients can keep fit.
- Restaurants switching to “takeout-only” orders to keep sales going
- A company that specializes in wall covering moving their production to face shields, large screens, and masks to cater to the needs of hospitals and frontline workers.
- Many companies in the fashion industry have also joined the fight to create personal protective equipment for healthcare workers and frontline staff.
- Vacation companies reducing their service days, switching their restaurants to a take-out only system, doing extra cleaning, and adopting a touchless room entry as safety measures to combat COVID-19 and remain in business.
There are several other companies across different industries, adjusting their service to survive and combat the pandemic. The pandemic has shown everyone the strength of entrepreneurs. No matter the situation your business is in, you can still reroute your service offerings and adapt to whatever comes your way.
What’s more, is that you can still do all this while helping your community and creating more income for your business — You simply have to be creative.
You shouldn’t wait for the government or any large corporation you’re working to take care of you and define your terms. Start something for yourself, and become your own boss.
We can write several articles about the good things Entrepreneurs are doing in this pandemic. It’s just to tell you how valuable entrepreneurs are during crisis situations. Imagine if everyone could be an entrepreneur. Imagine how easily some problems would go away!