Currently, COVID-19 is the harsh reality of everyone’s life, the infectious diseases caused by the coronavirus is as contagious and as dreadful as no one can ever imagine of about. The strain of coronavirus has become a global pandemic, with over seven million confirmed cases worldwide and four hundred thousand plus deaths, as per the WHO report (2020). Countries around the world are facing a tremendous breakdown, alarming health crises, economic downfall and social turbulence, and for over two to three months every nation has gone for a lockdown, with no fixed ultimate disclosure on “till when will it continue and how will it get over”.
As the pandemic started from the end of 2019 from China, it slowly spread all over the world, leaving no human civilization apart, people from every state, culture, background, and group got infected either with the actual virus itself or due to the threat of being infected. Further, as many developed nations have now, started to loosen their lockdown restriction with strict policies and safety measures, the developing and underdeveloped nations are still struggling to take some control, over the effect of the Nobel Coronavirus, be it the health of the citizens, the economic balance of the country or the social security of the people.
Entrepreneur of today must understand and cope with is, the new culture and a “new normal” in everyone’s life, “Social Distancing”
The threat and the challenge that the virus has caused is undeniably outrageous, globally; moreover, as per UNDP, the effects of it on the developing nations are beyond measure, with an expected $220 Billion income lose and 55% of them being deprived of social protection and basic rights like education, food, nutrition, and health facilities. Along with devastating short-term and long-term consequences on every sector of the country, undertaking, and suffering the livelihood of every individual.
However, as rightly said by Einstein, “…in the middle of difficulty lies opportunity”, so, with the increasing impacts and everyday challenges caused by the pandemic, there are some opportunities that need to be explored and some to be created by the risk-takers, the entrepreneurs of this generation. Firstly, the very first challenge and the opportunity that the entrepreneur of today must understand and cope with is, the new culture and a “new normal” in everyone’s life, “Social Distancing”.
The entrepreneurs and cooperate houses are compelled to revisit their business model and amend them to fit it according to the current state of the pandemic, by noting the culture of “social distancing”. As being a social animal, it is very natural for us to interact and be a part of a social group and show physical presence and collectivism, but now due to the coronavirus, there is an exceptional rise in “individualist consumerism”.
The primary opportunity that the entrepreneur must reform is, to change their modality towards collaborative digital platforms. As directed by WHO and the government officials all over the world, any sort of physical closeness is nothing more than a life-threat to humankind, so to maintain the “social distancing”, all entrepreneurs must look, to bring their services and products to the market with a needed physical distance through digital platforms.
Yet with this, we cannot deny that not everyone from these developing and the underdeveloped nation has access to the internet, so without underlying this factor, entrepreneurs can join together along with the government to recognize the importance of the internet and, develop the policies to make it available for every individual in the country- it can be a long term project, but definitely, a worthy and sustainable one, which will help create more opportunity to help people in their daily lives and incentivize businesses.
Similarly, undertaking the “social distancing” the other thing that the entrepreneur can explore is “internal tourism” and “internal cooperation”. For many in-grown business houses in the developing countries, the prime problem has always been a strong presence and high competition from the foreign companies and market, but now due to the pandemic, things have been sceptic. Despite, the strong presence of globalization, which is yet highly integral, the small enterprise or the home-grown entities can now, find more market than ever before. Therefore, the entrepreneurs must focus to treat the consumers in a more personal manner to attract them, as there is no immediate option rather to go for locally available things, for safety and socio-economic purpose.
Lastly, there are many opportunities that an entrepreneur, can explore and do, to help today’s society, build a better world at the time of crises caused by the coronavirus, despite being from the third world country. And to do so, you may join hand in hand with KAii Initiative Group, where we support government, start-ups, and various other firms to achieve their goals through consultation, mentoring, project design, development and management, fund-raising and many more.
At, the time of COVID-19, where every business is going through a downfall, KAii stands to support and empower entrepreneurs, to regain their status and achieve socio-economic sustainability, with innovation and reformation of existing system and policies, executing Better World Goals 2040 and by also aligning thoroughly with UN Sustainable Development Goals and WHO health instructions and laws.