Entrepreneurship in times of crisis: challenges as stepping stones to success

“In addition to my experience, history itself shows us that moments of adversity can also be catalysts of innovation and growth”, highlights the multi-businessman and entrepreneur Reginaldo Boeira who, of humble origin and after major falls and the diagnosis of cancer (now in remission) overcame challenges and today is president of KNN Group, holding company that manages more than 20 companies. Among them, Boeira started in Brazil the KNN Idiomas network, which in little more than 10 years already occupies one of the highest positions in the ranking of language franchises in the country and invoicing around R14 billionT1,2.

Transforming challenges into opportunities

Reginaldo Boeira, who is also a speaker and helps crowds to “make money and SUCceed” states that crises, however challenging they may be, can be seen as opportunities for reinvention and growth. Some of the most effective strategies to turn challenges into opportunities include:

• Innovation and adaptation: the crisis requires companies to adapt quickly to new market realities. Innovation in products, services and business models becomes essential to meet the new demands of consumers. Example is KNN Idiomas itself, one of the companies of Reginaldo Boeira, which stood out in the market by the commitment to humanization in learning a second language and a practical and exclusive learning methodology for native speakers in Portuguese.

• Customer focus: understanding the needs and pains of customers in a time of crisis is fundamental. Companies that can connect with their customers more deeply and offer customized solutions tend to leave strengthened. In the case of Reginaldo Boeira, an example of success was the launch of another of their companies, Boeira Construtora. When realizing a great appreciation of real estate on the coast of Santa Catarina and increasingly high prices, the entrepreneur innovated by bringing high standard ventures, but with values more accessible to those practiced in central areas, in strategic locations and with potential for high profitability to customers.

• Digitalization of business: the pandemic accelerated the digital transformation in several sectors. Companies that invested in e-commerce, digital marketing and remote collaboration tools were able to maintain their operations and even expand their business. However, when evaluating that social isolation also brought the need for socialization, Reginaldo Boeira brought business models that mix digital with face-to-face, as are the cases of the courses offered by KNN Idiomas. In addition, in the tourism industry, understanding that the pandemic also drove people to invest more in leisure and quality of life, enhanced the services and attractions in Rancho Otto in Serra Catarinense, a high standard. 

• Cost optimization: in times of crisis, it is essential to optimize costs and increase efficiency. The review of processes and the search for alternative solutions, but that do not interfere with quality can help the company overcome difficult times.

• Building relationship networks: collaboration with other entrepreneurs, partners and suppliers is another competitive advantage, as Boeira guides. Building a solid network of contacts can open doors to new business opportunities.

“Crises, however challenging, can be opportunities for entrepreneurs who are willing to innovate, adapt and build strong relationships.By turning challenges into opportunities, companies can emerge stronger and more resilient”.

Tips for entrepreneurs in times of crisis:

• Keep informed. Keep up with news about the market, your competitors and industry trends.
• Be agile. Be prepared to make quick decisions and adapt your plans according to market changes.
• Invest in your team. Encourage creativity and collaboration among your employees.
• Do not be afraid to seek help from mentors, consultants, and other companies.
• A positive attitude is essential to overcome challenges and find new opportunities.