Entrepreneurs play a critical role in our market economies and are typically described as the powerhouse of a national economy, activating and facilitating economic activity. We know that entrepreneurs can initiate economic development by breaking up its current status through innovations. More recent studies describe entrepreneurs also as microinstitutional agents that promote institutional bottom-up change, such as the support of market functioning and the facilitation of market access.
Therefore, entrepreneurs are a critical determinant of the level of success, growth, and prosperity in economies. Effects that become even more important in a moment of crisis, a crisis that we are currently all facing due to the COVID-19 pandemic.
In this paper, we explain why entrepreneurs can transform the COVID-19 crisis into business opportunities for long-lasting ventures. We describe three must-haves of an entrepreneurial mindset that help us to tackle the fundamental structural faults of our current economic system.
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ESCP Impact Paper No. 2020-37-EN
In collaboration with Francesco Rattalino