Spirit of entrepreneurship
In a world ravaged by Covid-19, millions are not only quitting their jobs, but also pursuing opportunities for new business ventures
In the past two years, the emergence and eventual spread of Covid-19 has prompted us to stop and reflect. This pause, combined with the silence caused by lockdowns, has resulted in what has been called the “Great Resignation” – millions of people voluntarily resigning from their jobs.
The phenomenon has been attributed to wage stagnation, the growing cost of living, job dissatisfaction and safety concerns brought about by the pandemic. Some have likened the Great Resignation to a general labour strike.
The Great Resignation has also helped give birth to a great entrepreneurial renaissance, resulting in record-breaking registrations of new companies in both the United States and Britain. This should be celebrated, despite – or perhaps because of – the inevitable failures that come with starting new careers or ventures.
The policies of both employers and governments should embrace the new non-linear career paths many of us have embarked on. They should allow us to hold onto the insight gained from Covid-19’s forced moment of reflection and realignment.
Failing to protect this insight could mean our workforce and attitudes revert to their prepandemic ways. We risk looking back at this moment as a missed opportunity when we could have started something new – something that would foster our own spirituality and bolster our ability to navigate this brand new world.
Covid-19 changed so much – our economies, our ambitions and our lifestyles. The revelatory nature of silence has turned out to be fuel for new business models and value propositions.
Often, that means new startups. Asia’s start-up scene has clearly taken off. The region has the biggest share of investment, with a global deal share of 36 per cent in the fourth quarter of 2021. A senior member of Microsoft Asia’s strategy team recently noted that India, China and South Korea were seeing the emergence of unicorns – start-ups valued at US$1 billion – every week.
The rest of the world now seems to be learning from Asia. Even when we are not starting new businesses, we are often looking for new jobs.
Malaysia leads Asia in terms of the number of active jobseekers, according to the Hays Asia Salary Guide, which analysed data and surveyed jobseekers on the mainland and in Hong Kong, Japan, Malaysia and Singapore.
A better salary package was the top reason respondents were looking to change jobs in Malaysia. Nearly half said they were looking for new challenges, while 48 per cent wanted to receive better benefits such as healthcare insurance and allowances.
These are not just statistics. They are signs of a collective awakening and a reassessment of business priorities, profits and our role in them in today’s world.
As an entrepreneur, these developments are exciting and I want them to last. That means remaining mindful of what the pandemic revealed about what we want in life. We want a working life that helps, not hinders, our personal well-being. To achieve that, we need some insight beyond the everyday.
I believe the 63 per cent of US workers who quit last year citing low pay and lack of career advancement were lacking some deeper meaning to their working lives. It is for employers to create and sustain that deeper meaning to hold onto their staff.
That means developing workplaces that foster connectedness, acceptance, peace, trust and a sense of purpose among employees. Today, one’s job is attached to one’s personal identity. It is seen as an extension of the individual.
I have found that fostering a sense of spirituality in the management of a business helps establish a sense of well-being among my employees. Spirituality in this context does not automatically imply adhering to the teachings of an organised religion. It means looking within and finding beliefs to hold onto.
Businesses need a sense of purpose – a soul. This isn’t easy. It requires work, self-assessment and, like digging a well for water, it can take a while before it’s found.
But when you do find it, it can help steady your mind, focus your ambition and remind you of the reasons you went into business in the first place. It can shape your attitude towards work, ensure you’re giving your best and, above all, help you overcome the fear of failure in the face of adversity.
That fear of failure is far from irrational. Roughly 70 per cent of new businesses survive their first two years and roughly half make it past five. If we want the pandemic payout of new businesses to last, we need to embrace opportunities without fear of them not playing out as hoped. This applies at the individual, corporate and even national level.
The most successful companies all have a sense that they are special and have a particular purpose in the world. This “spirit-preneurship” helps them prevail against the odds, which is exactly what we need to do after the pandemic.
My “spirit-preneurship” is unique to me. People will need to develop their own destiny in line with their beliefs and the insights they gain from their own downtime.
I would not have achieved what I have without contemplative silence and the embrace of failure. This must become routine for us all as we emerge into a more uncertain and unstable but ultimately more exciting world.
Businesses need a sense of purpose – a soul. This isn’t easy. It requires work, self-assessment and, like digging a well for water, it can take a while