The Covid-19 Pandemic has changed the way of people’s lives and the structure of the business world. Negativity and uncertainty can describe the economic and social times many people live in.
London, United Kingdom: 12 May 2021
The 2021 Global Entrepreneurship Monitor covers 43 countries that participated in the Adult Population Survey. According to the Survey, one in three adults reported a decrease in household income due to the COVID pandemic. At the same time, for over half of the countries outside of Europe and North America, more than two out of three adults reported a decrease in household income.
The Global Entrepreneurship Monitor (GEM) provides its readers annual reports of entrepreneurial activity and how it has affected the challenging economic times around the world for over 22 years.
The Report’s findings are based on interviews with almost 140,000 participants, ages 18-64, from 46 different countries.
The introductory GEM Global Study was launched by researchers from all the G7 nations (Canada, France, Germany, Italy, Japan, UK, and USA, along with Denmark, Finland, and Israel) in 1999. Ever since then, researchers from over 120 different countries have worked closely with GEM, publishing hundreds of GEM Global, National and Special Reports.
Philip Ammerman was profiled in the 2021 Global Entrepreneurship Monitor (GEM) Report. In his profile, Philip talked about the lessons of Covid-19 Pandemic and the reactions entrepreneurs and businesses have taken as a result.
When asked about lessons learned during the Pandemic, Philip responded:
The pandemic has taught me many lessons, particularly around patience, better communications and compassion.
In 2019, we were really working extremely fast. During last year’s lockdown, I took time to stop, think and reprioritize. Moving forward, we have sharpened and improved our strategic management and marketing processes through better reporting, procedures and decision making. We are extending this to other areas of our business.
Francisco Valencia from Mexico responded that:
We have learned to adapt quickly, sometimes putting ourselves in uncomfortable situations. The only way to survive and grow continually is by doing experiments and learning from them. We are increasingly planning to exercise the skills of non-stop learning and change in the following years. This is just the beginning.
Mandy Bowman from the USA responded that:
One of the key lessons I learned is that rest is not a luxury but a requirement. The pandemic slowed many of us down, including myself, and taught me how important it is to prioritize mental and physical wellness. For me, this means creating boundaries with my business by implementing office hours and making sure I’m actually taking weekends off to rest and recharge.
Ivan Jelusic from Croatia responded that:
We can all agree on the fact that pretty much anyone can be a leader during easy times. However, when challenging times occur, like the events of 2020, it becomes clear who has done a good job of building their teams. Leaders who were genuinely empathetic towards their team members had an easier job of maintaining trust levels during the hard times of 2020. Trust allows team members and leaders to focus on the task at hand and build resilience through even harder times. Genuine empathy during smooth times is the key to resilience during tough times.
We are honoured to be mentioned and take this as an affirmation of our commitment to innovation and entrepreneurship.