Management Masters Roundtable | Li Xinchun: How To Seize New Entrepreneurial Opportunities under the Outbreak of The Epidemic?

For enterprises, the outbreak of epidemic is undoubtedly a challenge and an opportunity. During the crisis of epidemic, there are both risks and difficulties, but also great opportunities to change the competitive playing field.

The COVID - 19 requires enterprises to make greater efforts to innovate and change. The current Internet, platform economy, and intelligent development provide better opportunities for SMEs to innovate and develop. It is expected that after this epidemic, many of our industries and markets will undergo some fundamental changes, and the epidemic and innovation will reshape our business pattern.

Innovation and entrepreneurship are undoubtedly the fundamental way for us to face the future and defeat the epidemic. Here are some suggestions on how to seize opportunities for entrepreneurs' reference:

1. Enterprises should set up a special "leading group on epidemic and innovation development", which combines short-term response with longer-term innovation and entrepreneurship.

2. In terms of innovation and development, enterprises should take the lead, fully ask the opinions of all department heads, especially the front-lines, and give full play to their initiative and creativity.

3. Market research is not only about understanding needs, but also about understanding changes and new challenges in the industry.

4. Understand the changes of leading enterprises in the same industry, establish innovation alliances, jointly solve future problems, create entrepreneurial opportunities, and realize industrial transformation.

5. The mid-term task is to reform and innovate existing products, services and organizations, supply chains, channels, etc. based on the problems and challenges exposed in the epidemic.

6. For a longer period (three years or above), it is necessary to analyze the development trend of the industry over a longer period, consider the integration of different industries and the collection of opportunities for cross-regional (internationalization) development, and carry out strategic layout of supply chain restructure and business model reform.

7. The manufacturing industry needs to re-layout its manufacturing and logistics supply chain. The layout of different regions and even internationalization not only makes economic sense, but also is an important strategic measure to deal with the epidemic or other crises.

8. SMEs need to carry out emergency management and organizational innovation because of their low risk-resistance capacity.

9. The epidemic is also a warning to mankind from nature, which makes us rethink and change the way we live and work, thus pointing out the direction for our future products and services as well as technological development.