Covid-19 pandemic has impacted millions of business worldwide, startups and digital entrepreneurs are no less impacted. The novel coronavirus has struck the world and everyone in the world is dealing with an unprecedented public health crisis. However, this pandemic has somehow improved the process of digital transformation across worldwide in all sectors.
Although the current pandemic has had a serve impact on the global economy, the digital economy has proven instrumental in the battle against COVID-19. Those who were already established in the market as a digital entrepreneur and those who are planning to establish one has an advantage to fast track their business growth with the help of internet. The ability to leverage digital tools has become a must for a business to survive the ongoing crisis.
This is an opportunity to all the entrepreneurs to better and advertise their digital platform and to create solutions to solve the problems of their communities so that they can have a chance to survive the crisis even thrive in the long term.
The pandemic has accelerated the process of digital transformations in almost all sectors. We can see that the world is slowly starting to adjust and survive this outbreak and as the world is steadily shifting to the recovery stage, we can see that the panda mic has also changed the patterns of consumer behaviour that are likely to stay for good. This can be considered as an opportunity to all the digital entrepreneurs. The one question then arises is how can we empower entrepreneurs to adapt to new consumer behaviours using digital tools?
First, it is clear that the digital economy plays a vital role in understanding the change in patterns of the consumers. Plus, it is as important in the recovery of the global economy post-COVID-19. The digital economy is resilient, quick and able to rapidly adapt to change. The digital services that people dependent on during the outbreak like online marketplaces, cashless payment, and contactless delivery and live streaming will almost certainly become universal now. In building an ecosystem, entrepreneurs need to adopt a platform approach that can enable multiple players to solve issues together.
Secondly, the benefits of the digital economy will also see mass entrepreneurship outgrowth on social mobility, and there will be greater economic participation from marginalized populations. The digital economy could also help create millions of direct and indirect job opportunities worldwide. The benefits of the digital economy will also see mass entrepreneurship spur on social mobility, and there will be greater economic participation from marginalized populations.
Finally, digital entrepreneurship is the backbone of the digital economy for job creation and economic contribution. Digital entrepreneurship shows an economical way to recovery and leads to a better quality life of people despite pandemic. Whether it is to continue business operations or maintain access to essential needs, the digital economy will play a crucial role in all aspects of our lives. This is the brave new world we will have to create together, and now is the time to empower and work with entrepreneurs to help build it.