Abstract
One of the many lessons that COVID-19 pandemic provides is that we can not think of returning to the old ways. We need to develop better habits to survive this type of downturn and succeed in the future. Every small business must have a bootstrapping plan not only for the start-up stage but also for the economic downturn, and the recovery stages as well. The question, how to operate the business sustainably, so it can function in every economic climate, should be on the minds of each entrepreneur. This pandemic will cause many businesses to fold. On the other hand, as things will improve there will be many more rising opportunities ahead. Those that manage to cease this challenging time and make something new of it will succeed. Current thinking, however, will not help the business as usual to persevere. The new thinking, ability to spot new opportunities, and pursuing these opportunities will enable the success of many. Bootstrapping is important here for most companies large and small the restart will be slow. No one should think of returning to business as usual, people should put their thinking hats on and think as if each and every day is a new opportunity and how not to become complacent. In this review, I recommend a few steps on how entrepreneurs should view the new post-COVID-19 business world.
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
KEYWORDS
Entrepreneurship, Small-business, Pandemic, Newthinking, Economicrecovery, Bootstrapping
