Pandemic Pivot: Update Your Entrepreneurship Model

I was reading some articles and some video messages from eminent Entrepreneurs. What they have to say is – yes, the model is going to change. The traditional method hovers around manufacturing, distribution, network marketing, franchise, and service-based offerings. Now, it would move more towards online business. This does not mean that all the traditional methods will disappear overnight. Some of the traditional methods like manufacturing will still be there, but based on the economic trend, the entrepreneur needs to visualize what will be in demand in the future. The distribution will be tagged with E-Distribution. Change is inevitable in many sectors. As we don’t expect that the virus will disappear soon and the vaccination is expected to take some time, we need to follow some of the basic norms, like social distancing, usage of masks. As a result of this change, we shall see some of the sectors will become more successful, and those who cannot cope up with the new norm will be wiped out. So, this will change the Entrepreneurship model going forward and the Leadership of the organizations must understand and take corrective actions. If required, they need to be coached to manage the situation.

For example: if your company manufactures Lipstick. I suspect that the demand for Lipsticks will go down because of wearing masks. In that case, what ideally should you do? The best thing is – plan to change the business model—plan to move to some other business segment, which will sustain.

Similarly, if you are in Learning business and so far, you had training or coaching centers where students used to come in person to get trained, that also is going to change.