Repurposing the Role of Entrepreneurs in the Havoc of COVID-19

Abstract

COVID-19 has caused large-scale disruption across the globe, and no field of human activity has remained unaffected due to this pandemic. It has affected us socio-culturally, economically, politically, psychologically, educationally, and in the arena of trade and business in a big way. Today’s global business scenario is worse than the economic downturn at any point in time in human history. COVID-19 has caused an unimaginably huge health crisis, and governments worldwide are finding it hard to come to terms with the havoc caused by it and the toll on human lives that it has already taken. None has any answer except remaining lamely expectant vis-à-vis the much-awaited vaccine for this devastating virus which has caused havoc globally. Lockdowns that were imposed on the world initially have been left too far behind. However, the elusively unpredictable and disturbing nature of the virus has still been causing serious concern to most countries. Amidst such gloom and despair, entrepreneurs’ role becomes extremely crucial as something innate in the entrepreneurial spirit tends to fight against adversity and tide over seemingly insurmountable challenges. Bessant and Tidd (2007) aptly describe the entrepreneur’s ability to meaningfully contribute to society as they signify dynamism and vibrancy of sorts in static economic environs via generating and circulating newer ideas due to their ability to think afresh. The indispensability of entrepreneurs in transition economies has been underscored by the likes of McMillan and Woodruff (2002). Entrepreneurs being innovative intrinsically has been highlighted by Baumol, Strom, and Sheshinski (2007) alongside describing their role in being agents of industrial change. Small businesses have been at the receiving end of the COVID-19 pandemic. That is where the entrepreneurs’ role becomes all the more critical in introducing collaborative activities and opening numerous possibilities for engaging with customers and the owners of small businesses. Lifestyle entrepreneurs also play an important role in such trying circumstances as they can turn their passion into business ventures, thereby creating opportunities for themselves to contribute multifariously (Chhabra, 2018b). Moreover, technological advancement and adaptation in businesses go a long way towards helping small-scale businesses. Software like Big Data and cloud computing too are conducive and help business houses operationally and strategically. In view of the enormous contribution that entrepreneurs can make in times of crisis (Chhabra, 2018a), this chapter seeks to repurpose, redefine, and reassess the role of entrepreneurs in the context of the havoc caused by COVID-19 so that the health and well-being of humanity can become a reality sooner rather than later. The need of the hour is that entrepreneurs from diverse socio-cultural locales come together to collaborate and meet challenges thrown by the COVID-19 pandemic with technological advancement and via using Big Data and analytics to make informed and contextually relevant decisions. Since the entrepreneurial ecosystem has undergone a drastic shift in the crisis of the present, focused entrepreneurial forays into various areas of life need to be made, since we believe that only the entrepreneurs can tide over devastating distress and despair caused by the pandemic at the present times.