• 5241 Finchley Lane
  • Virginia Beach, Virginia
  • 23455
  • (757) 636-1775
PUBLIC PROFILE

Innovation and Entrepreneurship: Dealing with the Impact of COVID-19

Posted by Joe Antle on May 29, 2020 8:35 AM EDT
Joe  Antle photo

While it is true that all innovations aren't necessarily created by entrepreneurs and all entrepreneurs have their ventures based on....

...innovations, some well-regarded business researchers and scholars feel that there are common links to how entrepreneurship and innovative projects and ventures are impacted by pandemics.  Some of the rules for surviving and thriving in and after pandemics may be applicable to all kinds of innovative projects or entrepreneurial ventures.  If so, it is highly likely these principles can be useful for the innovations and entrepreneurial ventures which lie ahead or have been recently put in place to help drive significant improvements in population health generally, and in chronic conditions recovery specifically.

Given this premise, a recent article by a professor from Wharton Business School who also is a successful entrepreneur on the side focused on advice for entrepreneurs in dealing with pandemics.  The title of the article which arrived this week in my email as part of my personal subscription to the "Knowledge@Wharton" e-newsletter is: "Pulling Through the Pandemic: Advice for Entrepreneurs" written by Karl Ulrich.  

The article is an excellent piece and an easy "read", meaning it's not too long, nor to academically-worded for most pragmatic and busy readers.  In fact, even I can understand it.  I wanted to share two key excerpts from the article that I found sort of summed up the issue presented by the author.    However, for those who prefer to read such bits of knowledge on their own to form their own conclusions, here is a link to the article:  

https://knowledge.wharton.upenn.edu/article/pulling-through-the-pandemic-advice-for-entrepreneurs/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2020-05-26

So, the following are those excerpts.

The VIDE Model

 

Ulrich teaches the VIDE model to his students. The acronym holds that value, or V, in entrepreneurship is a function of three factors: the idea (I); your skills and capabilities, or what you do with the idea (D); and exogenous factors (E) that are out of your control. That could be a fire that destroys the physical store, a sudden collapse in demand because of a change in technology, or even a viral outbreak that changes daily life across the globe. 

“For Karl Ulrich, vice dean of entrepreneurship and innovation at Wharton, the existential threat to small businesses struggling through the coronavirus pandemic isn’t just an academic exercise “We need to find a better way to communicate to young people that these things do happen and that there is tremendous value to being lean and flexible in the event that some disruption occurs,” he said. “I think tempering optimism with a sense of there is going to be something, it’s going to be outside of your control, and being resilient and lean to navigate it is an important quality in entrepreneurs.”

“Focus on what are your skills, and those skills better be tied to recognizing problems and solving those problems. Those are the skills that make you most useful in a crisis and that I think make you most useful in general in life,” he said. “We were in a period of a lot of irrational exuberance, a lot of capital available, a lot of people [getting] by on swagger. I think those times are gone.”

There are no comments

Sign in to add your comment.

Recent Posts

Another Perspective on "Personal Legacies"
The recent series of blog postings that Joe has presented in regards to his "Saturday Bike Rides...
read more
Saturday Bike Rides with Bob: More on "Personal Legacies"
On our most recent bike ride, Bob and I continued our discussion on the impact of "personal legacy"...
read more
Saturday Bike Rides with Bob: A Person's Legacy and Wellbeing
As one approaches retirement years or is in retirement years, the question sometimes comes up, what...
read more
Saturday Bike Rides with Bob: Career Wellbeing and Emotional Intelligence
The Saturday bike rides with Bob continues with an impromptu question for discussion that arose from...
read more
Saturday Bike Rides with Bob: Emotional and Spiritual Wellbeing-Do they Fit in Gallup's Five Essential Elements?
After a couple of weeks hiatus from our Saturday bike rides, Bob and I set wheels to the road again....
read more
Saturday Bike Rides with Bob: Continued Career Wellbeing in Retirement
As an extension of our last topic and discussion a week earlier, Bob and I had a free-flowing...
read more
Saturday Bike Rides With Bob: Career Wellbeing Before Retirement
In earlier Saturday bike rides with my friend and former newspaper industry colleague, Bob, he...
read more
The Five "C's" of Continuous Improvement
Over the course of a few years, we have spent considerable time in trying to gain a fuller...
read more
Saturday Bike Rides with Bob: "The Age" of Financial Wellbeing
On our most recent bike ride, Bob and I "angled" into a discussion of best practices for financial...
read more
Saturday Big Rides With Bob: Emotional Care and "Final Chapters"
Going through the final stages of life with someone you care about is a very difficult process and...
read more

Go to blog