Enable, promote and facilitate peer-to-peer learning & advice among entrepreneurs in times of crisis
About this good practice
Entrepreneurs in times of crisis face a variety of challenges and decisions they may or may not be familiar with. Regardless of their experience it can be an unpleasant and isolating time in which they are forced to make important decisions based on limited information.
Governments can create peer-to-peer support networks for likeminded entrepreneurs or connect early-stage entrepreneurs with veteran entrepreneurs through a mentorship programme.
During the COVID-19 crisis the Regional Development Board of Utrecht quickly established URECA, the Utrecht Region Economic Covid Alliance, an organization consisting of experienced entrepreneurs and consultants that advised entrepreneurs on their business plans and the challenges they faced.
To be an entrepreneur is to carry responsibility. In times of crisis this responsibility can be a burden. The entrepreneur must adjust their business to the changing regulatory and business landscape and make difficult decisions. Perhaps they have to let people go or radically change their business practices. Whilst the burden of responsibility can not be removed from them the weight thereof can be lessened by connecting them with other, perhaps more experienced, entrepreneurs.
Especially those early on in their entrepreneurial journey, who have often only experienced the ‘good times’, can greatly benefit from sparring with peers or receiving advice from veterans.
Resources needed
Depending on the type of support netwerk one wants to establish significant human resources are needed to ensure effective communication towards the entrepreneurs and, if the meetings are to take place physically, organize the meetings themselves. Financial resources are of secondary importance.
Evidence of success
Each entrepreneur that we have spoken to underscored the usefulness of engaging with others in similar situations to improve their own operation, whether they made use of it during the COVID-19 crisis or not.
Potential for learning or transfer
Seldomly do crises manifest similarly to previous ones.Whilst this research pertained to the unprecedented public health crisis of COVID-19 and governmental actions to curtail its effects we currently find ourselves in an energy-crisis with inflationary pressures. The next crisis might be something we have never considered.What doesn’t change is the solitary nature of entrepreneurship and the necessity for entrepreneurs to make difficult decisions in times of crisis.These decisions primarily affect their companies but taken together the sum of these decisions have a large impact on our societies. Thus governments have an interest in ensuring these decisions are made in an optimal fashion. By promoting, enabling and facilitating dialogue and peer-to-peer support networks among entrepreneurs governments aid them in countless ways.To do so effectively governments must ensure that they are in good contact with the business community (prior to any crisis) and act fast once the need arises.
Good practice owner
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