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Project in Entrepreneurship: de Leon, Irish N

This document discusses the challenges and opportunities for entrepreneurs during the COVID-19 pandemic. While establishing a business is difficult during times of crisis, entrepreneurs are naturally optimistic and see opportunities in challenges. The pandemic has disrupted many industries and consumer behaviors, requiring entrepreneurs to adapt their strategies and ensure their businesses meet changing customer needs and can operate successfully during the ongoing pandemic. Digital marketing and demonstrating how products and services are relevant given current lifestyles are emphasized as important tactics for entrepreneurs during this period.

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Irish de Leon
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43 views3 pages

Project in Entrepreneurship: de Leon, Irish N

This document discusses the challenges and opportunities for entrepreneurs during the COVID-19 pandemic. While establishing a business is difficult during times of crisis, entrepreneurs are naturally optimistic and see opportunities in challenges. The pandemic has disrupted many industries and consumer behaviors, requiring entrepreneurs to adapt their strategies and ensure their businesses meet changing customer needs and can operate successfully during the ongoing pandemic. Digital marketing and demonstrating how products and services are relevant given current lifestyles are emphasized as important tactics for entrepreneurs during this period.

Uploaded by

Irish de Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PROJECT IN ENTREPRENEURSHIP

DE LEON, IRISH N.

As we all know, establishing a business is a tough challenge even in the best


possible circumstances, it becomes much more challenging during COVID-19
pandemic. It's hard, but not impossible, to open a business amidst a global pandemic.
Although people really do believe that developing business in times of uncertainty is
unachievable, yet it may not be such a terrible idea. In reality, during a global
pandemic, a business has the opportunity to persist and sometimes even succeed. The
economic consequences of the governments' lockdown and social distancing
measures have been terrible for entrepreneurs. The pandemic, though, has taken a
huge toll. Many people are getting tired of lockdowns, government service
inconveniences, continuously updating mechanisms to cope with, and personnel and
merchandise constraints.

Coronavirus disease 2019 (COVID-19) has had tremendous economic


consequences in addition to its significant impact on public well being. The COVID-
19 virus continues to serve as a wake - up call that pandemics, like other
unpredictable catastrophic events, have actually happened in the past and will
continue to do so in the coming years. Even if we simply cannot stop catastrophic
viruses from spreading, we should be completely ready to help alleviate their societal
effects. The ongoing pandemic is having a devastating impact on economies
everywhere across the world, and it is not likely that any country will be safe. This
does indeed have significant consequences for not only the business, but for the
larger community, resulting in significant shifts in how firms and consumers handle
themselves. There are also other commercial zones, such as changes in consumer
behaviour and management, legitimate concerns, and worker and leadership-related
dilemmas. Even if businesses are trying to operate in extraordinary circumstances,
there will always be a need to maintain customer satisfaction high.   In the end,
entrepreneurs will carefully consider and be continued to serve by the best quality
services offered. Entrepreneurs are doing it within uncertain occasions, in various
manufacturing environment, and/or with a new team.

"Even though there are undoubtedly some tremendous difficulties in opening


any business right now, the opportunities to launch a new enterprise is also
excellent." (Shoykhet,2020) Pandemics like COVID-19 encourage immediate and
long term entrepreneurs to reexamine everything, including their product offering
and their strategic approach. The interruption generated by COVID has forced
individuals to reconsider their source of income. 1But entrepreneurs are
unquestionably naturally optimists who "see the opportunities in every challenge.”
(Churchill, 2013) Any entrepreneurs and their performance of the company depends

1
Chruchill, Winston S. Never Give In!: Winston Churchill's Speeches. 2013.
on their ability to adapt. One should have a strategy in mind, but be adaptable as
things can change.

The industry across the world is dramatically different now than it ever was a
couple months earlier, and it may transform once more in the upcoming months.
Having long-term, economic downturn business strategies in mind, as well as
prudent financial preparedness, will enable a business to survive any hurdles.
"COVID has made marketing significantly more difficult, since many of the
conventional methods for promoting a consumer brand, such as gatherings, are not
possible at the moment." (Shoykhet, 2020)

"We've been depending on digital marketing and consumer recommendations


as our primary communication channels. Social media is an effective method to
attract potential customers and communicate with existing ones. Of course, you
would really like to showcase your business and any forthcoming happenings.
Entrepreneurs can use their social media profiles to really communicate with their
customers and stimulate their interest in the business. "Do not waste further moments
if you have the urge.” "YouTube, virtual conferences, publications, and textbooks
are only a several of the thousands of resources available to entrepreneurs. Beyond
everything, do not be embarrassed to ask for assistance. 2You might have been
astonished about how many individuals are willing to lend a hand if you simply ask."
(Nizzolo, 2019).

Since customer expectations have transformed dramatically as a result of the


pandemic, think about just how entrepreneurs' products or services work into their
purchasers' current lifestyles. I suggest making sure that your business is COVID-
proof, which ensures that it can be experienced in the COVID time. 3Animal
adoption agencies, for example, have increased by 700 percent over the last year as
people are seeking animal companionship while spending more and more time at
home. (Vincent, 2020) I encourage making sure that your business is COVID-proof.
That suggests it's something that someone might appreciate in the COVID
environment we're in right now. If you don't, you risk investing expenses that you
won't be able to pay back.

2
Nizzolo, Riccardo. “"A Business-Oriented Framework to Evaluate Advanced Analytics for Predictive Maintenance: Measuring

Benefits-Effort Tradeoff."” https://doi.org/10.2118/197626-MS, November 2019, https://doi.org/10.2118/197626-MS.

3
Vincent, Aviva. PEOPLE AND THEIR PETS IN THE TIMES OF THE COVID-19 PANDEMIC. 3 ed., vol. 4, Uniwersytet im.

Adama Mickiewicza w Poznaniu, 2020. Accessed 14 04 2020.

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