The current situation of COVID-19 has shown that there is a need for a paradigm shift in our business models. The supply chains for almost all the businesses has been disrupted. The consumers have shifted to different models for getting the supplies they need. Although some changes in society are just temporary, short-term responses to combat the situation, others might be permanent changes. Thus, long-term digital disruption can shape businesses.
Pandemics can be Accelerants of Innovation
A pandemic can aid in the change of how we perceive businesses to be. Pandemics and recessions push the companies to adapt their business models for driving down the costs. In light of this, foodservice start-ups are partnering with local providers of essential services for delivering food products. Also, amateur insurance companies are entering into relationships with hospitals and healthcare companies to enhance and improve the exchange of healthcare information. Moreover, local pharmacies are delivering tons of medical supplies to individual users, medical centers and diagnostic clinics.
Adoption of Advanced Technologies
The novel coronavirus outbreak has led the entrepreneurs to come up with newer techniques and adopt advanced methods to sustain their businesses. Entrepreneurs are incorporating technologies, such as blockchain, internet of things, robotics and 5G in their businesses for readily connecting with their customers. Such technologies aid in connecting the entrepreneur with multiple vendors. Additionally, delivery drones have increased in demand for e-commerce logistics. However, businesses can undoubtedly incorporate a few technologies soon.
Follow Adam K. Veron and Minimize Downtime
Even though individual businesses have shifted towards the use of the internet, entrepreneurs in several industries are currently facing losses. Due to the lockdown and strict regulations, there is a major halt on the exports and imports. As a result, few of the entrepreneurs are facing big-time losses. On the other hand, entrepreneurs and business leaders in the foodservice industry are trying to use social media applications and platforms for the promotion of their business.
Also, entrepreneurs have to be well aware that this situation can lead to a decrease in the morale of the employees, customers, and themselves as well. However, there are several influential entrepreneurs, such as Adam K. Veron, who can act as motivational models for other entrepreneurs. There is a lot of unique content on the internet, which can help you focus on the business aspects without getting impacted.
Millennial Entrepreneurship
Approximately one-third of millennials are aspiring for some form of entrepreneurial endeavor. With expertise in web designing and the use of social media applications, this younger generation has created smart business ideas and is doing very well in their particular domains.
COVID-19 has negatively impacted the global economy. Companies are ensuring immediate terms for the safety of their customers, employees, distributors, and partners during this time. The concept of entrepreneurship has changed from the traditional methods of manufacturing, distribution, and sales to the online transition of engaging customers on social media, incorporating online payment methods and driving sales based on collaborations and joint ventures.
