Significance Of Ethical Entrepreneurship In The Post COVID-19 Economy

Even as we prepare to resume our lives – personal and professional slowly, the world around already seems to be a changed place. From the norms for using public transport to the stringent work from home dictates for professionals, there seems to be a ‘new normal’ world order that is being implemented. While the health issues connected to the virus still being around, we need to ensure to be cautious and precautious. At the same time, we can’t ignore the need to keep the economy in good shape. In this article, I have described the significance of ethical entrepreneurship and how entrepreneurs can adopt ethical business practices to help drive positive change.

Companies are today looking towards optimizing their operating costs. This will also benefit the customers as the competition will ensure better pricing due to reduced costs by the companies. This will ultimately benefit consumers.

The current new scenario will now Ensure that every resource will be micromanaged and micro monitored. Each Human Resource too will need to be productive and to be a revenue generator to the company, directly or indirectly. Up-scaling of capabilities will become the need of the hour. This will ensure improvement in the overall quality of output from all the engaged resources.

Innovation in entrepreneurship during these times of crisis can help re-create a balance and synchronicity to the new scenario. With more mindful and value-driven business decisions, entrepreneurs can help drive positive change that leads to a stable business ecosystem, which can eventually help the economy, to boost up faster.

Ethical Entrepreneurship – a concept that drives a holistic development of the entire ecosystem, versus just one’s own business has become the need of the hour. Here are the key pointers on how entrepreneurs can adopt ethical business practices to help drive positive change. Just not only their own business ecosystem but also help in the overall recovery of the economy.

1. Employees are partners

we need to make sure that the employees become partners in progress. One of the major and the most crucial shift in mind-set, required by business owners today, is to view employees as potential partners and wealth creators instead of a liability/ overhead cost. This can happen with the capability up-gradation of each employee.

India is a country with a huge population and our numbers have always been the strength of the economy. Human capital plays a vital role in the success of any business, more so during a suddenly changed economic scenario. Recognizing them as partners in growth instead of cost overheads can go a long way in overcoming the crisis.

Businesses may look at re-imagining strategies to leverage the full potential of their employees while creating a transparent and trust-worthy engagement. These can range from better incentives, extended work hours, or even additional training sessions to help them hone essential skills, etc.

2. Value creation

While creating profit and thus driving growth is the basis for any successful business, the new business environment today demands a much more holistic approach than just benefits. Driving value-creation for all stakeholders through innovative business practices can help generate wealth, opportunity and develop long term collaboration opportunities.

Given the new economic scenario, creating value-driven collaborations and partnerships within one’s business ecosystem can help not only sustenance and growth but also create stable and mutually beneficial business models.

3. Vocal for local

In tune with the PM Modi’s call for supporting local businesses is the way forward for the economic upliftment of the country. From choosing local vendors and employing localized labor to working closely with domestic service providers and IT consultants etc., that has Indian roots; ethical entrepreneurship looks to drive growth across the ecosystem by a consistent flow of business for its smaller, localized partners.

4. Community building

While building a value-driven business ecosystem is important, ensuring the wellbeing of the community that supports the business is also vitally significant for creating a long term, sustainable business model. Community building may or may not necessarily involve a structured CSR outreach. Still, a conscious effort to nurture and help it grow can go a long way to achieve the objective of holistic development.

Disclaimer: The author of this article is Agnelorajesh Athaide, Serial & Social Entrepreneur, Real Estate Developer, Global Citizen, Educationist, Angel Investor, Motivational Speaker, Chief Mentor& Business Strategist -Business Opportunities Club (BOC). Views expressed here are his own.