1. What are the roles of entrepreneurship in COVID-19 crisis in the world?

This pandemic has left us with all uncertainty. Fortuitous event like this
give us endless cancelation and postponements from school classes,
graduations, sport games, travel plans or even occasional gatherings and have
created a new world where hours, days, weeks and months are unusually and
different from what we used to. And, what’s more difficult is when we don’t know
what tomorrow will bring.

What happening today resembles an entrepreneur or someone which

starting a business. “Extreme uncertainty faced by most start-up companies is
closely related to the situation we are currently in,” says Serguei Netessine,
Wharton’s Dhirubhai Ambani Professor of Innovation and Entrepreneurship and
vice dean for Wharton Global Initiatives. Maybe, most of us have absorbed what
is happening right now and focus on how we will adopt to this new normal that
this chaos bring to us. In these times of extreme uncertainty we need to be ready
to change the direction depending on how the situation evolves. Flexibility and
innovative to adopt in this time of uncertainty is the key. An entrepreneur mindset
must embrace this catastrophe and a make this as an opportunity to create a
great and productive solutions.

This could bring you a new business idea – or not. But, let’s focus on the
lens of hope and think of the risk of success because what important is that as an
entrepreneur you don’t just sit back and accept the failure in front of you, what
important is you actively look for solutions and new approach in problem like this
pandemic. As what Lori Rosenkopf, Wharton Management Professor said, “Look
at this time of being confined and restricted from your typical opportunities not
just as a crisis and a problem, but also as an opportunity to experiment.”

NAME: RENELLE HABAC SECTION: CBET-01-401P

 Other entrepreneur uses this as an opportunity to try and experiment what
product or services they can offer that both the seller and buyer will benefits. I
also have seen that in this time of crisis, many people especially students’ use
this as an opportunity to focus on business aspect because they have more time
because of the social distancing and stay home policy of the government. Most
of my friends use this time to sell online because most of the schools offer online
classes so they have more time to focus on starting a business.

Most people especially entrepreneur also uses this opportunity to invent

product that was needed by most of us such as trendy mask which is not just like
the ordinary mask we have but it was made more fashionable with different
colors, designs and can match with your dress and turbans while keeping you
safe.

Others also, conducted research to help our frontlines like this University of
the Philippines (UP) students who made a drink out of ginger and calamansi to
aid the body pain of our brave front liners in combating the unseen virus.

“Entrepreneurs aren’t just identifying solutions, they are figuring out how to
enact them and ensure that people can, and will, gain value from those solutions.
To think like an entrepreneur in a time of crisis, don’t just think about which tool
could solve the problem; think about how you can get that tool into the hands of
the people who will create the most value with it”, says Jax Kirtley, a Wharton
assistant professor of management who studies early-stage entrepreneurial
firms.

The role of this entrepreneur or those aspiring one is focusing on how they
can help and still satisfy the needs of the consumers and ultimately open for
changes because who knows that this unusual for most people in normal times
will be the new normal – because time are not normal now.

NAME: RENELLE HABAC SECTION: CBET-01-401P

2. What will happen if all the stores are closed at this time of crisis?

As you reading this, maybe at this time malls are now open to public
because of lifting of Enhance Community Quarantine (ECQ) but many business
are affected by Covid-19 virus not only in Philippines but globally.

Being an entrepreneur or aspiring one, we know the risk involved in

building a business – It’s not always about success. In recent years, global
competition and fast changing demand and technology are one of the risks that a
business must consider but, what if there’s more that we can’t see or even touch
that can cause a deadly impact not only to the business but the country’s
economic status? What happened if because of this chaos, stores are
continuously shutting down? We never know what future will bring us.

We’ve seen the impact of the coronavirus outbreak in the stores or industry
globally – business is going down. This pandemic also has its domino effect not
solely for the business owners but also to the country’s economy. They say that
entrepreneurship is the backbone of the economy so which means it supports the
economy of a country but what if this support system has a problem? Of course,
every part that connected to it will be affected.

The global pandemic and associated policies restricting people’s

movements have caused major disruptions to business enterprises. Many
business practices shift in what we are now referring to the new norm like
working from home and replacing face to face transaction to virtual form of
communication. But, even with this alternatives and what we called new normal
we can see how devastating it cause to most of the business specially to these
small enterprises and unfortunately most of them choose to closed their stores
because of operating cost that they continuously paying while suffering from low
income – no income at all.

NAME: RENELLE HABAC SECTION: CBET-01-401P

 Some businesses — especially restaurants, tourism operators and movie
theatres — have come to a complete stop. Others, like manufacturers of
consumer goods, have seen a sharp drop in demand as consumers are either
unable to visit shops or lack the spare cash for nonessential purchases . The
short-term impact is far different from the cause of long-term impact. Although,
some are continuously shutting down and closing their shops, others are
responding to crisis not only by cutting costs but engaging and thinking in a new
entrepreneurial activity. Example is these known branded fashion businesses
which also started to make and produce protective gear, gowns and other
hospital supplies and necessities. Other sewing shops are now producing mask
to aid the problem in supply of mask.

They say that crisis create opportunities for businesses to become

innovative. Facing extreme pressure may cause these businesses to stop and if
that happens the economy of our country will continue to drop down, shortage of
products, the price will go high and of course we may not know what more
possible outcome or result but that’s why entrepreneur becomes the back bone
of the economy. No matter what circumstances they can still adopt and look for
more ideas and solution that will not just bring profit but supply the demands and
needs of the people and their consumers. They step down to their usual routines
and comfort zone to become creative problem-solvers.

Although, some are closing their stores but let not be over dramatic to this
pandemic because we are now in midst of technology era where you can use this
advancement in your business. Both individual consumers and businesses —
are becoming accustomed to new forms of business, such as online ordering for
home delivery. Maybe some are shutting down but there are more to emerge
using the new volume of technologies and customer will likely be more ease with
using it because it reduce travel cost and carbon emission – and yes, traffic.

NAME: RENELLE HABAC SECTION: CBET-01-401P

3. What is the impact of COVID-19 pandemic in MSMES?

Businesses play a key role both in helping society get through an

economic crisis and in creating innovations that shape society after a crisis. But,

it is not easy to fight the unseen chaos while dealing with continuous dropping

down of the economy. With the government imposing lockdown and social

distancing is the new norm; this will result in a new trading culture in present or

even in future times.

This pandemic cause a big impact in business industry that impacted many

sectors and some of the worst-hit sector is the micro, small and medium

enterprises (MSMEs). The outbreak and stoppage of economic activities triggers

panic globally with business facing a lot of risk. Although, the essential goods

and services are continuously open and serving the community from this

quarantine but majority of the MSMEs which are relying on the day-to-day basis

are the most vulnerable and the demand for their product are dropping.

According to a survey covering 5000 MSMEs, conducted by the All India

Manufacturers’ Organization (AIMO) has revealed that 71% of the businesses

weren’t able to pay salaries in March. The survey further revealed that a

whopping 43% would shut shop if panic extends beyond eight weeks.

Considering the stoppage of economic activity over the past few weeks, it is

unfathomable that a vast number of MSMEs will be choked, perhaps to the point

of permanent closure. 

NAME: RENELLE HABAC SECTION: CBET-01-401P

 The struggles of this sector are more devastating than of the large

enterprises. Despite the fact that the government is creating counter measure to

aid and help them in combatting the loss incurred due to this pandemic but they

still struggling for the stability and additional factors like shortage of working

capital and a decrease in demand of non-essential goods.

The government needs to arrive at a decisive plan to revive the MSME

sector. However, it may not be an easy task as it will take time for the situation to

get anywhere near normalcy because it cause not just short-term problems but

also long-term. The damage is fatal and the recovery and survival of most of the

MSMEs is at risk.

Some MSMEs remain dried up because of this pandemic. While revenue

are uphold, several expenses that these companies can’t stop to dealt with such

as salaries of employees, tax deposit, rents and offices spaces and more many

others. These MSMEs needs a helping hand because they tremendously

contribute in economic growth. Since, it is unclear as to when life comes back to

normal or if we will still be back to normal, government and businesses will have

to work together to combat this problem and be prepared for more structural

changes in business activity.

NAME: RENELLE HABAC SECTION: CBET-01-401P

4. As an entrepreneur how can you help your community?

It is not the first time that we experience a kind of pandemic like this.

Seventeen years ago, an outbreak which named SARS was rapidly spreading

across China and at that time, there is a four year old business which is the

Alibaba. They were quarantined that time and suspending operations dealt a

devastating blow to the company. It was unclear that time whether the young

start-up business would survive but their employees packed up their desktop

computers and telephones, carried piles of documents home and began to

work. The crisis was, in hindsight, a transformative moment for the company.

During the outbreak, Alibaba launched Taobao, its first consumer-facing

platform and now the world’s largest retail online marketplace. In doing so it

proved that in times of crisis, challenges can be turned into opportunities so

long as there is optimism, determination, and a common purpose.

Today, a new novel virus spreading worldwide and the world are stuck

to global health crisis. As the different business sector are in challenging

times, Alibaba has again moved to help small and medium-size enterprises

(SMEs) and keep essential services flows.

We can be the new Alibaba because as an aspiring entrepreneur we never

let any circumstances like this pandemic to stop us. We can be the future creator

and problem solver.

NAME: RENELLE HABAC SECTION: CBET-01-401P

 As an entrepreneur, even you are small and just starting up remember that

you are one of the supporter of the economy of the county and through this you

are helping the people and also your community. By doing a business, you are

giving the need and wants of the community by providing them your product.

You can also help your community by inventing or innovating products that

will help you and your community at this time of crisis. You can see most of this

aspiring small business owner use this pandemic to develop products an

example is the affordable face mask made out of fabric and made fashionable

than the usual mask itself.

But, remember that even you were an entrepreneur, politicians,

millionaires, artist or just a students you can find ways to help your community by

simply following the health orders such as staying home, practice social

distancing, cleaning and disinfecting your surroundings and helping your

neighbors that in need. You are not just helping yourself but also the community

and the front liners.

Although, we don’t know what lies ahead of us and the lasting impact of

this pandemic, but let’s include the future we envision is one where people and

businesses are prepared especially in terms of technology. Let’s take a great

contribution to build a new brave world for our future people but let’s create it

together, now is the time to empower and work it with entrepreneur to build it.

NAME: RENELLE HABAC SECTION: CBET-01-401P

5. As a student who has knowledge in entrepreneurial minds, what type of
business and products will you make that are suitable at the moment?

In response to the pandemic, government and businesses institutions are making

a big help and contribution in taking care of the people and saving human lives.

Government is implementing regulations that the people must obey in order to help the

front liner to slowdown the spread of the virus. But, these regulations are changing the

economy, consumer buying habits and our day-to-day activities.

Most of the people are affected by this; some becomes jobless and less

opportunity to the poor individuals and families. So, a lot of people are thinking about

starting a business to still support their everyday needs and necessities. As this global

economic crisis continues, it is expected that businesses will not return to normal for a

long time. Even consumer behavior will take a new turn. Hesitation among consumers

to go out and shop will be visibly seen, impacting the overall seller-buyer connection.

But, it will not hinder these entrepreneurs to start their business instead it will open an

opportunity to individuals to set up their online businesses. Even in the current scenario,

going ahead with an online business will be a win-win situation for you.

Also, as a students who wants to start up a business can go online to sell his or

her product because most people are now into technology and it will more easy for a

student because we can study while taking care of it. A home based business is

suitable to students, we just need an entrepreneurial minds and think of creative ways

to sell the product because like in actual market, online market also have a big

competitors but as an entrepreneur you must be flexible and ready to every possible

outcome.

NAME: RENELLE HABAC SECTION: CBET-01-401P

 During and after quarantine period, people will find difficult to go out because of

this pandemic nightmare that’s why it is best to just buy and order via online. As a

student, you can sell online these desserts that this generation known as comfort foods

such as leche flan – which is one of the most beloved and popular dessert in our

country; halo halo – most popular merienda for Filipinos particularly during summer;

turon – which is one of the accessible treats in the Philippines; ube halaya, grahams, ice

cream or ice candy and the list goes on. We can also create drinks that will refresh the

customer like milktea and fruit shake or juices.

As what they say that the best way to get a man’s heart is through his stomach

and same goes to the customer. We knew that Filipinos are very fond of eating

especially sweet delicacies and because of this pandemic we can give them comfort

foods without going to any restaurant instead it will delivered to their home. They can

eat together because no pandemic can take away the chances to celebrate or spend

time with your family.

Entrepreneurs are in a unique position to play a critical role in helping people

take care of themselves during this time period. If you can create strong customer

relationships during this difficult time, you have a great chance at turning them into

lifelong customers when things get back to “normal” – whatever that may look like. The

most successful online entrepreneurs are nimble and know how to adapt to changes in

the economy and consumer behavior. 

NAME: RENELLE HABAC SECTION: CBET-01-401P