IMPACTS OF COVID-19 PANDEMIC ON ENTERPRENEURSHIP AND SMES

  • Michael Ojodale ODOMA Kogi State College of Education (Technical), Kabba, Kogi State
  • Rose N. Ojoma AUDU Kogi State College of Education (Technical), Kabba, Kogi State
Keywords: Covid-19 Pandemic, Entrepreneurship, Small and Medium Enterprises

Abstract

The COVID-19 pandemic has challenged the very nature of our existence. Today, we are asked to maintain social distance from our fellow humans in order to survive. This strikes at the very heart of the human story and our way of life as a species, because to interact socially, to collectively build societies that become nations and civilizations, and to live in 'collective purpose' is at the core of being human. Owing to the COVID-19 pandemic, many businesses have become affected negatively. To cut back expenditure, many of the businesses are downsizing,  mbracing the effect of layoff leading to increase in unemployment, low cash level, crime and insecurity. This transformational effect is not momentary; it is significant and is here to stay. Governments across the world have incentivised businesses to innovate in the fight against COVID-19, and the same needs to be done for enterprises that are solving societal issues. All entrepreneurship can be socially impactful if  overnments can develop  policy frameworks for creating a virtuous cycle of shared value. Therefore, it is imperative to think about how can we create local and global ecosystems that support models of individual enterprise acting in harmony with collective purpose. How can we move towards a world order where entrepreneurship is in harmony with greater societal good? Governments, businesses, civil society, academia, media, innovators, philanthropists and developmental institutions must all now collaborate to co-create a roadmap for 'entrepreneurship with collective purpose.

Published
2021-06-18