The whole world is turned upside down by Covid-19. Countries are crying out for medical supplies and entire workforces are in quarantine
If the virus doesn’t get you, the economic fallout most probably will
All the fancy jobs, nice cars, nice clothes and big houses amount to nothing when facing a global pandemic. After many seeing this, what will the worlds outlook be like afterwards?
There has been no better time for you to develop that business idea you’ve been thinking about or taking a moment to learn how to move your business online.
Those able to adapt will win. Of course there are the ones who have already adapted, answering the market’s need of Covid-19 necessities, hand sanitizer, masks, ventilators and online food delivery services ect..
A portion of the world is stuck at home. Many are waiting unrealistically for the 14 day lockdown to finish and everything to go back to normal. There are those who are facing life changing realities, picking up the remnants of their business or finding a new job.
So what about those taking a proactive role in sourcing Covid-19 necessities and selling them in an effort to survive.
During the first 2 months of this year a mind blowing 8,950 new manufacturers have started producing face masks in China, according to business data platform Tianyancha — everyone is racing to fill the newly formed massive gaps in the market.
After reading a post on social media. An acquaintance said that there’s a special place in hell for those profiting from someone’s medical needs.
The question is, should governments be in control of this? Filling the gap in medical supplies and medication, or should it be left open to entrepreneurial foresight?
“How much profit is too much profit in this scenario”?
Online marketplaces are alive with mask and hand sanitizer. The ridiculous panic buying that happened in Europe at the start of the lockdowns was sad to see.
Hoarders, buying entire supplies from local shops for themselves. More shocking was people on selling supplies from local shops for huge profits. The latter however is happening in Asia.
Online conspiracy theories seem to appear on every second post on Facebook, talking about how this virus is orchestrated by whoever the poster seems to want to blame. I have to say “there are some very convincing ones around”. However, If you have lived in Asia and witnessed for yourself the diligence, tenacity and can-do attitude of Asians, it’s easy to see why they’re not in complete chaos.
Food (and toilet rolls) are in plentiful supply on the shelves of all supermarkets in Asia. Panic buying is seldomly seen. Occasionally, poorly managed events have occured where social distancing hasn’t been thought through but that’s it. Asia is dealing with this a lot better than the West.
Social media is alive with homemade factories producing masks, hand Sanitizer and everything else that’s needed.
So when is it profiteering or survival?
Chances are everyone reading this is affected in some way by Covid-19. Those entrepreneurs adapting to market changes will evidently survive. Those involved in the procurement and sale of medical necessities will have to navigate the moral obligations themselves of how much profit is enough.
Check out this amazing local Phuket curtain maker transforming her curtain factory to answer the demand of masks.
Serial Entrepreneur and Founder of Asia Lifestyle Magazine.
Originally from the UK, Asa Marsh has been based in Asia for years. Many know Asa throughout the Asian real estate market, when he guided his company Easy Living Phuket to achieve “Top 10 in Southeast Asia – 2018”