It’s been more than a year since Covid-19 landed on Malaysian soil and it seems like this “new normal” that we’re experiencing is becoming, well, normal – it doesn’t seem to be going away anytime soon.
This trying time has definitely affected us in every way possible including our economy. With this, everyone has a part to play in recovery, including entrepreneurs. Let’s take a look at how entrepreneurs play their part in society today.
One of the ways entrepreneurs play an important part in today’s society is by providing new employment opportunities. Due to the pandemic, some conventional businesses and companies have found themselves laying off staff or shutting down completely. This has caused people to lose their jobs, putting them in a difficult struggle to fend for themselves and for some, to feed their families. When entrepreneurs open new businesses, they will have to eventually hire employees to help run the business. This creates new employment opportunities which provide job and financial security to employees which sustains employees’ lives and these new businesses in the long run.
Another reason entrepreneurs are important today is because they provide innovative solutions to meet everyone’s needs. An entrepreneur would have the ability to look into the current products and services available in the market as well as research for any new needs to fulfill. In turn, they are able to develop and innovate solutions for new products or services to fulfill those new needs. In our context, entrepreneurs are able to overcome Covid-19 challenges and have products or services which adapt and provide consumers with what they need. For example, developing e-conferencing or e-commerce solutions.
Lastly, entrepreneurs are important today because they contribute to the country’s overall economic development. Opening new businesses, creating job opportunities, and providing new products and services ultimately leads to more cash flow and growing our country’s income and gross domestic product (GDP). All of this stimulates economic growth which would lead to the country’s advancement and further sustainability as a whole. This also creates a significant positive impact to the standard of living of citizens.
There is no denying that entrepreneurship will stand the test of time and circumstance. Entrepreneurs are built in such a way that they are able to adapt to whatever circumstances and be able to thrive in the midst of uncertainty. Once their plans are set in motion, it can be sustainable and can contribute much, even in the midst of a pandemic.