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Pandemic Crisis Spikes Entrepreneurship

Pandemic Crisis Spikes Entrepreneurship

In human history, disasters have been essential in developing our societies. Previously, pandemics resulted in advanced health-care solutions, and battles powered technological innovations, and the global financial crisis led to the birth of advance tech companies like Uber. The present Covid-19 pandemic will debatably not be an exception; new entrepreneurs are to be expected to come out of this crisis.

Key reasons:

Pursuit of Passion

This Covid-19 crisis has created a market of opportunities for new entrepreneurs, who wanted to work for themselves and wished to pursue something they were already passionate about.

More time to get the business up and running

Though these new entrepreneurs had an idea earlier, they might have suffered lack of time that hindered the process. Now, the Covid-19 crisis has prompted them with extra time to start their new business.

Pandemic Crisis economy – Motivating Factor

This gave a massive encouragement to new entrepreneurs that may be hesitating about starting a new business. Knowing that the pandemic crisis has acted as a motivator for other new businesses, this inspired new entrepreneurs to act.

Money as a key motivator

The need for money has also been a crucial motivator in the emergence of new entrepreneurs during this crisis. For many of these new entrepreneurs, their ventures don’t mean only employment and sustenance; it means success and growth too.

Pandemic-Born Entrepreneurs Look Like?

  • Digital Entrepreneurs - They conduct business mainly online.
  • Economy driving Entrepreneurs - They either have staffs or plan to hire soon as they grow.
  • Staying Entrepreneurs – They plan to keep their current business as a source of income, not a temporary solution or part-time gig to survive.

Typically, where there are challenges, there are hidden opportunities for entrepreneurs. The current positive trend of the entrepreneurial wave across the globe will have a good lasting impact on the society.

About the Author

Manickavel Muthusamy is the CEO & Co-Founder of Expert Solution Technologies Canada Inc. He is an Entrepreneur with in-depth understanding of Sales & Marketing of IT Services, Outsourcing and Global Delivery, worked with leading MNCs in multiple geographies including India, Canada and USA.