Entrepreneurial Imperative: How Can Businesses Thrive in the Post-COVID-19 World – Commentary

Abstract

Even under the best of circumstances high percentage of new startups fail within the first five years. One of the many lessons that the COVID-19 pandemic provides is that no business can think of returning to the old ways. Every business large and small needs to develop better habits to survive downturns and succeed in pursuing the vision towards the future. Every business must have a bootstrapping plan not only for the start-up stage but also for the economic downturn and the recovery stages as well. The question, how to operate the business sustainably, so it can function in every economic climate, should be constantly on the mind of each entrepreneur. This pandemic will cause many businesses to fold, as we already experience it. On the other hand, as things will improve there will be many more rising opportunities ahead, especially in the online space. In this commentary, I recommend a few steps on how entrepreneurs should view the new post-COVID-19 business world.