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Can COVID-19 Fuel Entrepreneurship?

Do good and strengthen our entrepreneurial ecosystem.

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While we can’t control the timeline of this pandemic, we can control the outcome. So, you can sit back and do nothing or you can press on and take action. Challenging times can create just as many opportunities as it destroys for those who are willing to work harder than ever and capitalize. It’s inspiring to see people flex their entrepreneurial muscles and experiment. In 5 months, I’ve grown my business, BuyandSellaBusiness.com, I started and exited another business and I saw my wife launch a great initiative called Don’t Make it Award – comfort indicator bands that support mental health. I’ve seen others in my community move the needle as well and it’s inspiring.

Throughout history, crises have been pivotal in developing our societies. Pandemics have helped advance many innovations, examples: the birth of Uber and Airbnb during the global financial crisis. COVID-19 will arguably not be an exception; entrepreneurs can be expected to rise to the challenge, because as Michael Dell puts it: “Entrepreneurs change the world”.

I personally believe that if you have the willingness to experiment and allocate your energy to do good, now may be the right time since COVID-19 can actually be a catalyst for entrepreneurship.

While attending TRSM, my business professor used to say:

“Every day we walk through life with blinders…walking by opportunities constantly…we walk by rocks every day, never thinking that that rock could be a diamond…”

We do this even more during tough times. There is no doubt that COVID-19 is a terrible shock to the global economy as well as the thousands of individuals and families it has affected. Over the longer term, COVID-19 has irrevocably changed the way businesses will compete over the next decade, but now more than ever, innovation will be driven by those who think deeply, think creatively and those who are resourceful. COVID-19 has the ability to do good and strengthen our entrepreneurial ecosystem for the individuals and countries that remove the blinders.

What have you learned in the last few months? Have you been reflecting/learning/listening? I’d love to hear – tweet me.

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