The novel Coronavirus (COVID-19) outbreak has been declared by the World Health Organisation (WHO) a pandemic.
In order to stop, mitigate and contain this Bio-Security threat, various Countries have responded with various strategies and these include: shutting down airports, hotels, businesses, and social gatherings and restricting social movements.
Enterprise and Family Business
Entrepreneurship is indispensable to economic growth and development. It enhances regional development, generates employment, creates wealth, promotes invention, and facilitates the introduction of new products and services in the economy.
Elements of entrepreneurial activity exist within every SME. A business would never be able to succeed without this key component. Initial opportunity identification and the drive to exploit such an opportunity in the form of a successful business venture are brought about by the firm commitment of the owner-manager.
Small and medium-sized businesses are the driving force behind the social market economy system in Germany and other nations of the world. For instance, more than 99% of all German firms belong to the “German Mittelstand”. The “German Mittelstand” contributes almost 52% of total economic output and employs roughly 15.5 million people. That equates to approximately 60% of all employees subject to social security contributions. Furthermore, the training provided by the “German Mittelstand” makes a major contribution (7.9%) towards the comparatively low level of youth unemployment in Germany.
This novel Corona pandemic is having a negative effect on the world’s micro and macroeconomy and has forever altered the way businesses are done globally. Therefore, re-engineering the business process will be a merit to enterprise and family businesses.
