HOW ADVERSITY IS FUELING INNOVATION?

“When everything seems to be going against you, remember the airplane takes off against the wind, not with it”                                                             

                                                                                                 - Henry Ford

Adversity is one of the most crucial stages in one’s life- it can bring the best or worst out of a person. Historically, it is evident that the periods of extreme adversities gives rise to innovative minds which in turn help in expansion of an existing business or emergence of a new one. Adversity gives rise to constraints that suppresses the demand and supply curve due to which it results in excess demand and less supply which in turn gives a path for entrepreneurs to meet these demands with innovative ideas.

Adversity also helps in the growth and development of a person and his business. Small innovations during a crisis may have a huge impact because of their affordability and economizing characteristics which pushes the demand upwards to meet the desired needs. For example, in this Covid-19 pandemic, there arose a crisis of masks and sanitizers in India and hence many new businesses based on these essentials emerged to meet the demands of the people with their innovative approach. In this new normal which will comprise of difficulties and bottlenecks, the entrepreneurs who are to survive are the ones who would harness this with innovations.

Adversity has the ability to improvise decisions for the future. It is a fuel for greatness and creates opportunities for entrepreneurs and act as a source of strength.