Question

Some of the characteristics of a successful entrepreneur are creativity, innovativeness and risk-taking. Explain how these three characteristics can help an entrepreneur to overcome business challenges that have risen as a result of the Covid-19 pandemic. Provide appropriate examples to support your arguments (500 words)

Answer 1

Answer) When we talk about entrepreneurship, the three words mentioned in the given question(Creativity, innovation, risk taking) becomes very important ,these three words are the soul of entrepreneurship and are even more important now when businesses are facing an unprecedented challenge ,when we talk about innovation,it is time to innovate the whole business structure where the onus should be to convert this challenge into an opportunity, to see it a way to restructure the teams and processes to make them more efficient ,the changes which were always delayed owing to too much reshaping should be done too,coming to creativity this is the time to show something new in almost everything right from acknowledging customer 's fear to assuring them of safety measures you are taking,in a way it is a test of how creative an organization can be in solving queries of their customers ,these two qualities are important but what is most important at this time is risk taking, whether you go for aggressive marketing or you reduce your team size or you altogether let go of one part of your business in order to save other parts,every of these decisions can decide your company 's future,so what is required is a restructuring and reshaping approach with a clear decision tree right from which business part to keep and which to sacrifice to which team to be reduced, how to turn from an evolving organization to one which is focused and every player is bringing something to the table. An example will make it more clear,industry most hit by this pandemic is wellness industry, let us assume a luxury chain of salons,now it has to see whether it needs to revamp services such as threading and provide new innovative touch less waxing ,as an entrepreneur of such chain one has to think whether marketing team is required given lesser opportunities for outdoor promotions and consumer preferring safety over prices,then a creative attempt could be to send transportation to client 's home as a pick and drop so client can experience this convenience ,in nutshell what we saw through this example was how entrepreneurs need to adapt a whole new way of thinking and use these three qualities to overcome the challenges caused by this pandemic.

Answer is complete. Thank you!