Entrepreneurs’ Perspective in Coping with the New Normal: Basis for Business Model Development

Abstract

This descriptive quantitative study was conducted to determine the entrepreneurs’ perspective in coping with the new normal using weighted and average mean as statistical tools in analyzing the data.  Findings revealed that the 22 restaurant owners had experienced challenges or business gaps in the new normal situation, which centered on the administrative, production, and financial aspects. Whereas, respondents' perspectives on the opportunity in the new normal situation are on working in flexibility, creating a more responsive business environment, and creating new needs as a break in restaurant business operations. To support the plight of the restaurant entrepreneurs, a business model named 3Ms Strategic Innovation Business Model is developed to reinvent and redesign its corporate strategies in response to the new normal situation. The study concluded that restaurant entrepreneurs in the province of Camarines Norte, Philippines need to adopt a business model suited to the new normal context in order to promote business growth, create competitive advantage, and generate value for their business, its customers, and other stakeholders, making them more empowered individuals in dealing with this crisis.