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Entrepreneurial Innovative Business Strategies for COVID-19 Impact Minimization to Enhance Sustainability
Abstract
The COVID-19 outbreak has caused a global health emergency and economic slowdown. The negative impact of COVID-19 has mostly been experienced by entrepreneurs. This is because entrepreneurs in the COVID-impacted sectors such as tourism are likely to lose 50% to 80% of their turnover. As a result, businesses around the world need to come up with sustainable and innovative solutions to avoid economic disruptions due to pandemics like COVID-19. To remain sustainable, businesses redirected their production to products and services that contributed to the fight against COVID-19. Thus, businesses adopted modern work practices that are based on deliverable rather than time spent at workplaces. Globally, many companies have turned to ICTs to deliver their products and services to customers using online platforms. This chapter argues that businesses need insurances that cover financial losses due to pandemic outbreaks. Hence, universities need to take the lead in research to advise businesses on the strategies to be undertaken during a crisis like COVID-19.
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