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Covid19 Pushes Entrepreneurship to New Heights

COVID-19 crisis made us all understand that it's impact is not limited to "sanitary and health" issues, but it is also resulting in an unprecedented downturn of the global economy.

At these times, people in general and entrepreneurs in particular, become more innovative, more efficient and more productive. They fight harder to overcome the difficulties created by the crisis by re-orienting themselves into the new circumstances.

It is a fact that some entrepreneurs closed their original business temporarily or reduced their activities due to restrictions, but many entrepreneurs took their activities on a different path and placed their products and services online at a rate that was not witnessed before.

They knew that there is a limit to every crisis and that they would bounce back at the end of it - per Chinese symbol of the crisis made up of two symbols: Problem and the opportunity!

These innovative entrepreneurs kept sustainability to be part of their existence and maintained the following:

a) Specific expertise and in-depth know-how for their products and services

b) Team of people from diverse backgrounds

c) Connection to access to capital/money

The novel solutions created by these entrepreneurs are reaching new heights. They must be thankful for this crisis since it has been pushing them to convert problems created by Covid19 pandemic into new opportunities.

At the present, innovative entrepreneurs are focusing themselves on long term problems and different business (revenue) models. One excellent example of this is from the UK. Here, an innovative entrepreneur created a new revenue model and named it "buy one, give one" for distribution of their product "hygiene hook." This model is especially interesting for innovative social entrepreneurship which has the mission of having parallel goals such as "financial growth and social impact."

In net, Covid19 is pushing innovative entrepreneurship to its newer heights by forcing entrepreneurs to re-orient themselves to meet with the demands of the new situation and re-paint their business canvases by innovative and disruptive ideas.

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