Entrepreneurship and COVID-19
Along with its physical destruction, the COVID-19 pandemic has caused major ramifications to economies across the globe. This moment in our human history, requires all of us to be more proactive, to be self-starters, and to be resilient in the face of uncertainty. A tall order, but these requirements are not new to the average entrepreneur. In fact, entrepreneurs can be a beacon of light and an exemplar of how we should brave our new normal. As history has shown, entrepreneurs create new ventures that are the dominant source of job creation, market innovation, and economic growth in many societies (Baum et al. 2012). Most entrepreneurs’ tolerance for uncertainty and their sheer grit in overcoming obstacles, make them a strong investment option during this time, and beyond Covid-19.
The right entrepreneur for the job
But in this moment where risk and uncertainty are magnified, how can an investor be sure that they are investing in the ‘right’ entrepreneur. Put in another way, how can an investor ensure their investment in the entrepreneurial venture will provide sufficient returns at acceptable risk? Is having a business plan the best predictor of entrepreneurial success? Researchers think not. To fully understand the orientation of an entrepreneur, one needs to go beyond business knowledge, to consider the true psychological strengths and developmental areas of the entrepreneur.
The Entrepreneurial Readiness Assessment
The Entrepreneurial Readiness Assessment (ERA) does just that as it assesses a person’s entrepreneurial orientation. Rigorous and theoretically underpinned it is used to proactively identify training/coaching gaps to target development interventions, thus mitigating risk.
It is specifically designed to be used by:
- Investors who have or require a “full picture” view or criteria, to mitigate their risk, before making an investment in a new venture.
- Entrepreneurs who want to ensure success through strengthening their psychological profile.
- Training institutions focussed on preparing entrepreneurs for their entrepreneurial journey.
How it works
The Entrepreneurial Readiness Assessment (ERA) is the first building block of a comprehensive entrepreneurial development journey.
For the Entrepreneur, the ERA provides a profile of their psychological capability to function effectively as an entrepreneur, thus preparing the individual with self knowledge to actively strengthen their entrepreneurial capacity. The profile consists of scientifically informed markers that reflect the entrepreneur’s mindset.
For the Corporate client, Training Institution or Entrepreneurial incubator(s), Worklife.Digital provides a hosted solution to assist in determining if the entrepreneur is ready for the psychologically journey of entrepreneurship. This is aligned with research from venture financiers, who have found that entrepreneurs’ personal characteristics are the most important factors for business success, even beyond the business idea or industry setting. The hosted solution empowers the Client by easily deploying and maintaining the ERA, thus saving the Client valuable time, money and resources.
Backed by science
Embedded in scientific research, the Entrepreneurial Readiness Assessment is backed by a team of experts consisting of Industrial Psychologists, Software Engineers and Organisational Development specialists. In addition, the ERA uses a proprietary mathematical model allowing for scientific calculation of ERA, as well as combining various statistical methods to ensure validity.
The ERA benefits from the intersection between traditional Industrial Psychology and Software engineering. Whilst Industrial Psychology is the scientific study of human behaviour in the workplace, in the entrepreneurial space, it brings the added advantage of understanding and strengthening the psychological factors that affect entrepreneurial success in interaction with situational and environmental conditions.
Our software engineering team brings their vast global expertise to implement the ERA in a practical, efficient and engaging way. Through the concept of the digital journey with enhanced analytics and reporting, we empower your business whilst contributing to human growth and flourishing.
It does not stop there
The ERA provides a holistic and integrated picture of the candidate’s entrepreneurial readiness and is the first building block in the bigger tool set of the entrepreneur. We recognise the full cycle of the entrepreneur’s venture, namely prelaunch, launch and post-launch phases. To adequately cope with the various challenges and demands that a particular phase holds, and to be successful, the entrepreneur will need to develop very specific skill sets.
Worklife.Digital empowers the entrepreneur across all the phases of the entrepreneurial journey through various packages focussed on the development of the entrepreneur skill sets.
Step into the new normal!
Contact us for more information or to book your seat today:
Cell/ WattsApp: Yolande Coetzee, +27 71 392 2444
Cell/ WattsApp: Dr Anna-Rosa le Roux, +27 82 8745 794
About the author
Yolandé Coetzee is a registered Industrial Psychologist (HPCSA PS0216063), who holds a Masters (Cum Laude) and has worked in the field of psychology for over 16 years. She has worked in various industries, and has supported the innovative thought leadership of students, during her term as lecturer at the University of Johannesburg.
As the founder of WorkPsych, Yolandé believes that the birth of all organisations starts with an entrepreneur. Whilst WorkPsych can assist companies with a wide range of topics within organisational behaviour and work psychology, most important is its work in identifying and cultivating psychological success factors of such entrepreneurs. Yolandé is passionate about helping entrepreneurs take bold steps to grow their business, and helping investors to make sound investments in innovative new ventures.
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