Along with its fast expansion and worldwide reach, the COVID-19 pandemic presents enterprises with numerous unexpected challenges. The outbreak has had both active andpassive impacts on businesses all throughout the world, including small and medium enterprises. Due to the obvious worldwide scope and shifting impact of the Covid-19 problem, there is an urgent need to address its implications for entrepreneurship.
Entrepreneur can be defined as a person who creates and manages any enterprise, specifically a business, with tremendous effort and risk.Entrepreneurs are often commended for their bravery in the face of uncertainty and danger, but the catastrophic global uncertainty affecting the economy, public health, and society makes them susceptible as well. As a result, an increasing number of firms are striving to update their continuity strategy in order top repare for the impact of COVID-19 .
The current situation is extremely concerning. Entrepreneurs have several challenges, including guaranteeing that the irms in which they have invested their time, passion, and emotions continue top rosper. Many of them have employees to protect and assure, which is a Tough responsibility since they themselves are burnt out. There are few challenges that being faced by these entrepreneurs during this pandemic.
This epidemic is unprecedented in its scope, yet there is a silver lining. Entrepreneurs willemerge stronger from this outbreak with a stronger feeling of self- confidence and anoriginal capacity to the community, all of which will benefit their businesses in the future.
Entrepreneurs should never give up even theyfaced such challenges. Thus, there are few tips for entrepreneurs that can be followed in order to bear with the current pandemic situations. Firstly, they should determine the market position and look for strategies to improve and maintain it with the aid of modern technology.
Next, analyze the human resources’ skills starting from top management to the employees and then allocate and restructure jobs and responsibilities in order to fit with the current pandemic environment.
Furthermore, entrepreneurs should recognize that generating a lot of profit may not be possible at the moment now. The objective should be to earn enough money to cover the expenditures but also a minimal profit.
Lastly, it is very important for them to enhance health and safety of employees and well-being in order to develop and maintain loyal personnel throughout and after the pandemic. Determine and meet their needs such as equipment for working from home. Maintain constant communication with them in order to improve their enthusiasm throughout this moment of uncertainty. Being adaptable and honest is a characteristic that will offer both success and loyalty in return.