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

Answer 1

Creativity, innovativeness and risk-taking are three basic characteristics for an entrepreneur to possess for succeeding in his business ventures but at this time of Covid-19 pandemic, these characteristics are more important for them to overcome the business challenges that are facing them.

Creativity is required for redesigning the whole organizational and operational systems followed by businesses. With the changes mandatory to be brought in the way of living lives and doing things, entrepreneurs need to implement those changes in their business practices for the business to survive in this period and grow after it. Forming policies and strategies aligned with the current market, economic and environmental situation requires creativity in the entrepreneur's skills.

Innovation is very important with the changes in the entrepreneurial environment. The business has been at a halt, market stagnant, economy stable or growing in many countries have affected every social segment and thus surviving the business in this situation is a challenge. Innovative methods should be used to thrive in the scenario mainly through digital platforms. With the fear of contagion of the disease, a business cannot run like before as customers are taking all precautions to be safe. Hence adapting technological and innovative ways to reach out to them and sell products has become the need of the hour.

Risk-taking abilities are important because steps need to be taken ahead to grow the business and overcome the challenges faced due to the pandemic. Taking steps ahead in this situation will bring several risks. Being innovative and creative can only be applicable if the entrepreneur is ready to manage the risks which can come with implementing any new methods. The risk of those innovative methods being a failure and thus overcoming the loss incurred through it can be faced only if the entrepreneur possesses risk taking ability.