ON ENTREPRENEUR MENTALITY IN THE PANDEMIC ERA!
By Khodijah Ishak & Siswati
Entrepreneurship is one of the approaches to increase economic growth and generate employment opportunities in a country, in addition to being a generator of innovation as well as a vehicle to improve the socio-economic status of society. Through the economic carried out, employment opportunities as well as protecting the marginalized and less fortunate can be achieved out.
The field of entrepreneurship has the potential to contribute to national productivity. Furthermore, balanced income distribution will improve the standard and quality of life of the people and in turn, bring social benefits to society. Strong economic growth can be encouraged through innovative and creative entrepreneurship, as well as through the new economy and the digital economy.
Entrepreneurship and innovation are two important things in driving economic growth. At the global level, entrepreneurship policy not only facilitates the process of cultivating entrepreneurship as a driver of innovation and encourages new job creation but also outlines a country’s transition plans from a traditional economy to a new economy. The new economy can be defined as the rise of a knowledge-driven economy by the digital revolution, in which knowledge plays a role in creating innovations to support national development. In contrast to traditional economies, the new economy is more collaborative, less dependent on material resources, more knowledge-intensive and requires highly skilled talent.
The economic success of entrepreneurs depends a lot on their own efforts and skills even though there are many forms of support from the government. Thus, efforts to assist and provide support to entrepreneurs need to be made holistically and strategically to reduce their dependence on government assistance. In addition, entrepreneurs also need to be nurtured with a strong entrepreneurial spirit, so that they continue to look for opportunities to boost their business to a higher level.
That spirit can be achieved if the entrepreneurs are willing to make a shift and change their orientation from needs-based entrepreneurship to opportunity-based entrepreneurship and subsequently to innovation-based entrepreneurship. This change can only be realized with the transition from a fixed mindset to a growth mindset. With this measure, the country can increase the number of opportunity-based and innovation-based entrepreneurs.
The biggest challenge for governments around the world is to move from a “traditional economy” to a “new economy”. Entrepreneurs who are born to build businesses need to be equipped with “21st-century skills”, digitize business operations and collaborate with other entrepreneurs to survive in this dynamic environment. The Covid-19 pandemic had two distinct impacts on entrepreneurs where some recorded sales that soared so high and some had to swallow the bitterness when sales declined.
For entrepreneurs who follow the current circulation, their sales are seen to increase higher than usual. For example, entrepreneurs in food and beverage based fields are using digital platforms where ordering and delivery can be done online so that their sales increase compared to normal.
The best solution in facing business challenges in the future is to emphasize the aspect of digitization. Entrepreneurs should change and make full use of the digital transformation of their business as it can increase sales as well as reduce operating costs.
22 September 2020