How entrepreneurs can seize opportunities created by disruption

Michael Dell, the founder, chairman and CEO of Dell Technologies once quoted that "It's through curiosity and looking at opportunities in new ways that we've always mapped our path." 

Having lived in the new normal for more than two years, this statement is sure to ring a bell with entrepreneurs across the globe.  

The drastically changing economies have provoked its entrepreneurs to match the pace of disruption, and seize the opportunities created by it. 

Agility, adaptation and adoption have been key characteristics defining the entrepreneurial ecosystem that is seizing disruption and converting it into opportunity.  

As a first, the digital transformation fuelled by the pandemic induced lockdowns changed the traditional ways of operations across business models, channels, and touchpoints. 

Underlying this shift was the identification of organisational agility, understanding of the customer's changing needs and a quicker turn-around time to supply to the same.  

Remote working sprung out of necessity due to pandemic induced lockdowns making every business digital in one way or the other. 

But the key adaptation lies in embracing the long-term hybrid working module while ensuring consistent skill development and employee management supported by strong culture and values. 

Disruption was spotted in not just altering organisational systems and processes but also in consumer demand and spending patterns. 

A major example is the accelerated adoption of e-commerce for day to day needs of grocery, medicine, learning and much more. 

This change in customer demand was supported by an equally aggressive supply chain ensured by entrepreneurs who were quick to shift. Predominantly brick and mortar businesses went online, cashless transactions and contactless deliveries were incorporated for a smooth customer experience.  

One of the testaments to this two-phased adoption is the latest digital transaction volume reported by RBI's Annual report 2020-2021, standing at an all-time high of 4,371 crore, as against 3,412 crore in 2019-20.  

The drastic change in the economy and buying patterns of consumers led by the pandemic also motivated the entrepreneurs to push their risk appetite. The ecosystem recognised risk and reward as the two sides of the same coin. 

Which initiated as a necessity, soon became the adapted business modules. Be it business diversification, people management or financial prudence, entrepreneurs were ready to drop their traditional methodology and redefine business operations to suit the new normal. 

Out of the many notable examples of adaptation for sustenance is the one witnessed by the hospitality industry. While the 5-Star hotels and wedding banquet halls were quick to convert to quarantine locations, restaurants and eateries adopted cloud kitchens to serve those stuck at home. 

Many FMCG players seized the opportunity created by the pandemic and launched products like sanitizers, hand wash etc. A key change in operation has been the boundarylessness established across sectors due to the realisation that physical presence of employees is no longer an imperative to run businesses. 

This hybrid working module does not just prepare businesses to seamlessly operate in the new normal but also enables them to explore opportunities beyond geographical boundaries; making crossing borders a realistic ambition.   

Extending opportunities created by the disruption to the talent pool of the country a major shift has been observed in the hiring patterns. 

The possibility of distant working due to the hybrid modules have ensured that businesses can attract talent from across the country and not limit their reach to the metros only making it a strong factor for the economy as well as enabling job creation.  

On the other hand, entrepreneurs have also become more empathetic towards their employees as keeping the business affluent became synonymous with maintaining the safety and health of their workforce.  

The disruption caused by the pandemic propelled entrepreneurs to rethink their traditional ways of working and bringing about a much-desired mindset change. 

With prioritising customer and employee needs and wants, they also realised the need to off-load amongst peers which allowed them to discuss their challenges as well as learn and unlearn from each other's experiences. 

Traditionally, a businessperson sharing challenges could have been misinterpreted as a sign of weakness and discussing experiences as plagiarising. 

But, battling pandemic led disruptions made entrepreneurs more open to peer-support and learning, paving way for success and sustainability through companionship and competent sounding boards; thus, creating a more connected ecosystem of DOERS. 

(The author is Head of ASCENT Foundation.) 

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