Entrepreneurship and COVID-19

 Entrepreneurship and COVID-19

                                 

An entrepreneur organizes, manages, and assumes the risk of a business or enterprise. Entrepreneurs are transformational leaders of society whose achievements create benefits to ordinary people.  Entrepreneurship is a self-employment opportunity; a discovery and creation opportunity for an entrepreneur. As per the father of entrepreneurship Schumpeter, "Entrepreneurship is a gale of creative destruction." COVID-19 has changed the whole world on multiple levels. The impact of COVID-19 has been catastrophic and devastating for life, societies, and economies. It has affected entrepreneurship too. In one way- it has created opportunities for entrepreneurs to tackle with dynamic environment whereas in another way it has decreased the mobility of entrepreneurship.

                         

COVID-19 has been one best way to motivate entrepreneurs to develop their entrepreneurial mindset of approaching challenges and mistakes. As entrepreneurs are a special breed of human beings for whom challenges are exciting and thrilling rather than fear-inducing which they respond as opportunities rather than digging in their heels; the road of entrepreneurship streams ahead despite pandemic uncertainty. In the time of this health crisis, entrepreneurs can improve product and service quality and advance technology. Thus, the positive impact of COVID-19 on entrepreneurship is that it outlines the contemporary challenges of implementing an entrepreneurial policy strategy in wake of COVID, thereby suggesting new research avenues. It has shown an example of how innovation and risk-taking can lead to productive policy outcomes.

Globalization of the economy has to lead to increased mobility between countries. The appearance of multinational companies has forwarded special policy to attract foreign investment. But on verge of the COVID-19 pandemic, this mobility and foreign investment have decreased due to country borders being closed or limited to certain travelers. Thus crisis resulting from this health pandemic has meant a substantial alternative to mobility, international trade, consumption, and lifestyle patterns. Somehow, the idea of entrepreneurship for young people has socially distanced along with COVID-19 as COVID-19 has disrupted plans, changed priorities, scrambled existing networks, and made people aware that we cannot predict the future.

                           

Despite its negative impact on entrepreneurship, COVID-19 has reminded entrepreneurs to never give up and keep going. Entrepreneurs are the source of dynamism and ensure that an economy remains competitive and dynamic for the creation of new ideas. Thus, their skills are needed in this health pandemic which can act as an incentive for others to behave innovatively. As per Robert Kiyosaki, "Everyone can tell you the risk, an entrepreneur can see the reward." Thus entrepreneurs can see the threats of COVID-19 as entrepreneurial growth.

 

Even though entrepreneurship literature places much emphasis on opportunity recognition, we don't know how entrepreneurs evaluate opportunities. Entities need to be flexible to survive in new market conditions. Entrepreneurship doesn't always lead to economic growth. Sometimes it can be a path for improvement of human capital, property rights protection, and access to financial capital to abject poverty contexts. In this uncertainty surrounding COVID-19, entrepreneurs try to maintain entrepreneurial thinking while under severe strain through policy direction, further innovations to societal needs, depending on the feasibility of idea and perseverance of those involved. As per Lindsay Brownell, "The engine of innovation steams ahead despite pandemic uncertainty." So, entrepreneurs should have the mindset to continue their enterprise even during a pandemic.

                        

Nepal is hugely affected by COVID-19. Since the onset of COVID-19, enterprises have been struggling to carry on business. Although COVID-19 restrictions have disturbed Nepal's economy- the pandemic has created new opportunities Youth-led enterprises are developing social and economic resilience to sustain their business activities during the pandemic and leading the way in responding to the crisis through innovative measures. Young entrepreneurs are displaying exceptional capabilities in leading initiatives that are both socially and environmentally favorable. The lockdown caused by COVID-19 has generated creative ideas for young generations. Thanks to COVID-19, the country now has a national e-commerce strategy and an interagency coordination, facilitation, and supervision committee to ensure the strategy is implemented incoherent and inclusive manners. It has increased skill development services, access to finance for e-commerce, and tech startup lag. Most importantly, it has increased women's entrepreneurship leading to women empowerment. Many women in e-commerce sell homemade, handicraft goods.

 

                                     

One best practical example of rising entrepreneurship in Nepal during COVID-19 is Sabji Land. Sabji Land sells fresh organic fruit and vegetables. Before COVID-19, this store used to have fewer customers. But since the government extended lockdown during the pandemic, the idea of online delivery generated in the store made the sales grow by 60%. Thus, in Nepal COVID-19 has made many enterprises capitalize on new e-commerce opportunities maintaining an e-commerce ecosystem.

 

To sum up, COVID-19 led to the need for remedies and solutions with an urgent imperative for entrepreneurial transformation. It has increased awareness about how innovation and futuristic thinking can turn hardship caused by pandemics into opportunities through a positive outlook of entrepreneurship. Thus, in this ongoing and continuous nature of COVID-19, entrepreneurs as economic actors should try to survive and maintain activity, support their communities, and create value in their ecosystem. The research must continue to focus on entrepreneurship management and policy implication to support their communities.