Many people doubt how new entrepreneurship would look like post-Covid. There are many questions to be answered about the existence of entrepreneurship post covid 19. We are now stuck at a juncture of not only overcoming the crisis effectively but also using the lock downtime constructively.
Every crisis is, in fact, an opportunity. It will emerge new innovative ideas for survival. There are no more questions about market conditions. All the struggle now is to manage sales, supply chain, engage staff at the production line, and repay the suppliers.
Focus on the short term problems
Unlike past, the focus of entrepreneurs post-Covid is focusing on short term problems rather than longer ones. They should work on addressing to achieve the right balance between the raised demand for production and a shortage of human resource availability. This could be quite challenging for many entrepreneurs. In turn, they should innovate and search for smarter ways to meet the production demands with less human capital. This innovation, of course, will give them long term benefits and basket more profits in the future.
Accept the change
After the prevalence of the covid -19 pandemic globally, it has inevitable for the entrepreneurs to accept the change. They have to accept that the previous business plan is irrelevant for its survival in present conditions. The entrepreneurs have to prepare a plan for the worst-case scenario. As an entrepreneur, one should analyze current business conditions, cash in hand, expected cash needs for business in the future, and expected income trajectory meeting the expenses aimed covid-19.
Low external investment
Many entrepreneurs, be it budding ones or the big ones now, are about to face an investment crisis. Don’t expect subsidy funding from the government in the near time, and even getting an angel investor into the business is quite challenging due to the economic crisis. The investment accesses for a start-up business is likely to be accessible only when the economy enters the recovery and rebuilding phase.
A smarter way to handle the small business phase is to shift from traditional office to coworking space in Noida, which would liquidate capital investments into working capital for the business while there is no compromise on the facilities used. The flow of working capital into the business will boost productivity in turn, and the business will survive an intensely competitive market.
Use time effectively
As peer to peer conversation is unlikely to happen for most of the businesses in the near future. Use idle time effectively. The entrepreneurs may have to train their marketing and sales team to new shopping methods of employees. Make them learn the address the changing trends of the customer, improve the product to meet the target customers’ demands.
Imagine the future way of working
Aimed covid 19, every business is going to experience a new way of working. The office premises may have to incorporate a new sanitization schedule to combat the spread of the virus. These repeated sanitization schedules may increase business operational costs and disturb the work schedules, so; you may have to rework on timings to ensure the employees’ safety and well-being. You may have to offer flexibility in their work timings and places by offering employees remote location work over traditional office space. This may boost employee morale as they gain more flexibility to work and bring the right balance between personal and professional life.