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4 min read
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Major upheavals, such as an unexpected pandemic, cause shakeouts in markets. While virtually all businesses suffer, startups and small businesses are typically the ones to go under first. Because entrepreneurs have tight margins and small or no buffers, they suffer immediately and immensely when their cash flow is disrupted.
Entrepreneurship saves business
It’s true, yet what makes businesses survive dramatic change is their entrepreneurial acumen. Big corporations may have the means to hold out longer but will be hopelessly out of sync with the market unless they adapt to the new situation. We have seen many examples of such entrepreneurialism lately, both in big business and opportunity-seeking entrepreneurial startups, from well-established alcohol producers shifting to producing hand sanitizers to offering drive-through coronavirus testing.
The best advice for entrepreneurs is to focus on what they do best — entrepreneurship — or figure out how to best create value for consumers. Simply put, entrepreneurs are bearers of uncertainty because they are creators of tomorrow. When consumers change their behavior, good entrepreneurs quickly adapt, adjust, and try to meet them where they will be.