We speak to Saras Sarasvathy, who holds the Paul Hammaker Professorship at the University of Virginia Darden School of Business about how companies can be better prepared to overcome crises and uncertainty in the future.
In spite of the recent drop in energy prices and inflation in Europe, many European businesses are struggling to stay afloat and bankruptcies are at their highest level since 2015 - up by more than 8% on the previous quarter.
European firms are having to fight crises with innovation in order to weather the storm. Business Planet spoke to Saras Sarasvathy, who holds the Paul Hammaker Professorship at the University of Virginia Darden School of Business, about how companies can be better prepared to deal with uncertainty in the future.
"We literally live in a world that entrepreneurs built and yet we don’t think that entrepreneurship is worth teaching, so my question for everybody else is why aren’t we teaching entrepreneurship a lot more? Why aren’t we investing in how to teach entrepreneurship better?
"That is why this became a quest of my life. It is way easier to teach than people think it is, it is just we hadn't looked into the research on what should we be teaching, and what is worth learning.
"But there is one aspect of it that makes it very difficult for people because entrepreneurship is about handling uncertainty, and we think uncertainty is by definition something we cannot teach.
"Think about rolling up your sleeves and changing the world. That’s why I want everybody to learn entrepreneurship because it’s not about starting a company, it’s about seeing crises, seeing difficulties as input, as resources that you build on and you transform and reshape your own circumstances."
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