Covid-19 has forced the world to change and adapt in unpredictable ways. As humanity learns to cope with a global pandemic, so do businesses and the entrepreneurs behind them. Investors are backing out of deals, companies have had to change their selling tactics, and physical locations have had to shut down or otherwise limit their intake.
Meeting The Medical Crisis Head-On
A talented entrepreneur knows when to step in when the demand calls for it. Thus, as Covid-19 hit new heights, the medical industry saw a boom in innovators. Efforts to create and produce vaccines became an all-time priority. Meanwhile, medical supplies were more needed than ever, from treatments and tools to masks for everyone.
Innovators and entrepreneurs around the world met the demand. The aid didn’t just come from non-profits (though this is also true) but from any company or business person who saw ways in which they could help.
Supply And Demand
With all the changes around the world, the global supply and demand status has been drastically altered. Virtual tools (Zoom, Asana, Trello, DropBox), medical devices, and hygiene (masks, soap, hand sanitizer) were in high demand and saw a boom in the industry. In many cases, the demand far exceeded the supply.
Meanwhile, companies that relied upon travel, live experiences, and in-person interactions saw a dramatic decline in business. Companies such as Uber, Airbnb, Victoria’s Secret all saw a significant loss in revenue.
For some companies and entrepreneurs to survive the pandemic, they were forced to switch focus. Aliza Licht discussed several instances in further detail on Forbes. For example, Yuting Su’s company, Thinker-Tinker Inc, had just won an award and had potential investors lining up around the block.
Then Covid hit, and all of that went away. So the company switched to an online equity fundraising campaign, giving them a chance to continue to (virtually) meet with investors and get the necessary funds.
They aren’t the only company that had to take things into their own hands or otherwise face a financial crisis. The lesson to be learned from this is that adaptability is key; the businesses that failed to change failed to survive.
A Positive Take
The changes that came about in the last year haven’t been all doom and gloom. Businesses came together, not just to survive but out of genuine interest to help people. Look at the distilleries that stepped up to help with the hand sanitizer shortage. Or consider all of the companies that stopped their production to create PPEs.
Many companies learned that they didn’t need to force an office format for their companies to thrive. This, in turn, allowed employees to work from home – cutting their commute and increasing their overall happiness. It’s a win-win.
Despite social distancing requirements, people still found ways to stay connected, thanks to all of the virtual platforms. Friends, families, and coworkers have been successfully meeting up since the very beginning and have learned a lot about how we communicate because of it.
A Few Takeaways
What this means is that there are a few key takeaways for all entrepreneurs and businesses out there. As Entrepreneur put it, everyone should be: prepared for a crisis, willing to go digital, diversify, maintain a strong mindset, and find a viable growth strategy.
Realistically, these are all things that a successful entrepreneur should know or be willing to employ as it stands, so the changes won’t be too drastic. But it will help them survive.