Answer to Question #301557 in Marketing for Rod

Question

Write your reflection on being an entrepreneur amidst of pandemic?

Answer 1

The coronavirus pandemic has affected different sectors of the economy, including the entrepreneurial and business sector. For instance, entrepreneurs in COVID-19 impacted sectors have lost approximately 50% to 80% of their turnover and significant portions of their market valuation. Research also shows that entrepreneurs with new and young businesses were more likely than old businesses to be discouraged and dissuaded during the pandemic (Galindo-Martín et al., 2021). One crucial factor to understand is that with a lack of knowledge and experience on how to manage a crisis, new businesses and ventures are more likely to fail. During the pandemic, entrepreneurs were also faced with the challenge of finding new customers. The pandemic disrupted the normal flow and functioning of business activities. Organizations were increasingly limited in reaching their consumers, let alone ensuring that they were completely satisfied. As a result, entrepreneurs were increasingly challenged with identifying new customer segments for the survival of their entities. 

References

Galindo-Martín, M. Á., Castaño-Martínez, M. S., & Méndez-Picazo, M. T. (2021). Effects of the pandemic crisis on entrepreneurship and sustainable development. Journal of Business Research, 137, 345-353.