Image Logo on Coronavirus, design thinking and COVID-19

#DesignEntrepreneurship Magazine Bot | coronavirus and business reinvention| Like this magazine? Subscribe here | Business reinvention in the post-virus era  | Expert-driven AI top articles posts about #DesignEntrepreneurship, #DesignThinking, and #LeanStartUp in #entrepreneurshipeducation #entrepreneurialmindset #emprendimiento More Design Thinking Use Cases | More on Health & Medicine

Image of Corona Virus Business Word Cloud
Corona Virus Business Word Cloud

Whoever is behind Citi Small Business has their head screwed on right!  The author takes an evidence-based approach to entrepreneurship and design.  Relying on evidence to reinvent your business improves business success. They make reference to the leaders in the field:  Discovery Driven Planning, pioneered by Rita McGrath[i]; the Lean Startup Method, crisply described by Ash Maurya[ii]; and Design Thinking, first articulated by David Kelley.[iii]

Business has changed, perhaps forever, due to the coronavirus. To start, let’s admit the obvious disruptions to existing businesses: supply chains are missing a link; company owners have little cash on hand; employees are eager but scared; consumer confidence is low except for staple products and services; and consumer habits have shifted to online-only channels.

After business managers have made immediate decisions to reduce cash burn, you have a lull during self-isolation to contemplate what the future might hold. Once we emerge from this crisis, entrepreneurs must re-invent or pivot their product offerings to survive in the post-coronavirus economy used evidence-based scientific methods.  We call it Hypothesis-Based Entrepreneurship.  In the future, we have to re-state each of our basic assumptions as a testable hypothesis .

Citi Small Business. (n.d.). How To Reinvent Your Business To Thrive After The Coronavirus—Forbes. How To Reinvent Your Business To Thrive After The Coronavirus – Forbes. Retrieved March 29, 2020, from

[i] McGrath, R. G. (2010). Business models: A discovery driven approach. Long Range Planning, 43(2), 247–261.; McGrath, R. G., & MacMillan, I. C. (1995a). Discovery driven planning. ; McGrath, R. G., & MacMillan, I. C. (1995b). Discovery-driven planning. Harvard Business Review, 73(4), 44. i&e-hf.; McGrath, R. G., & MacMillan, I. C. (2009). Discovery-driven growth: A breakthrough process to reduce risk and seize opportunity. Harvard business press.

[ii] Maurya, A. (2012a). Measure Product/Market Fit. In Running lean: Iterate from plan A to a plan that works (pp. 155–168). O’Reilly Media.; Maurya, A. (2012b, February 27). Why Lean Canvas vs Business Model Canvas? Love the Problem.; Maurya, A. (2012c). Running Lean: Iterate from Plan A to a Plan That Works (2 edition). O’Reilly Media.; Maurya, A. (2016). Scaling Lean: Mastering the Key Metrics for Startup Growth. Portfolio.

[iii] Kelley, David. (n.d.). How to build your creative confidence. Retrieved September 18, 2017, from; Kelley, T. (2001). The Art of Innovation: Lessons in Creativity from IDEO, America’s Leading Design Firm (1 edition). Doubleday.; Kelley, T., & Kelley, D. (2012, December 1). Reclaim Your Creative Confidence. Harvard Business Review.; Kelley, T., & Kelley, D. (2013). Creative confidence: Unleashing the creative potential within us all. Crown Pub.

View source article at How To Reinvent Your Business To Thrive After The Coronavirus – Forbes

Follow me

Leave a Reply

Your email address will not be published. Required fields are marked *

entreVersity | Design Entrepreneurship

Re-imagining education for entrepreneurs through #DesignEntrepreneurship


Enjoy this blog? Help spread the word :-)

Visit Us
Follow Me
Creative Commons License
Except where otherwise noted, the content on this site is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
Copyright Howard Frederick articles are all timestamped and protected by Blockchain.