Byline: Akash Goyal
As the whole world has been relentlessly reeling under the influence of notorious coronavirus for more than a year and a half, humankind has come a long way ahead in adapting to the perennially changing circumstances. But there have been times when people have doubted the future and expressed the uncanny feeling of lingering despair.
Entrepreneurship was no exception; even this lucrative segment had to bear the brunt of the economic slowdown. But as Albert Einstein has rightly said "in the midst of every crisis, lies great opportunity," undeniably the pandemic opened new avenues for the entrepreneurs to capitalize on and grow their business and at the same time also contribute to the revenue model of the country.
Let's recapitulate some opportunities on which entrepreneurship can bank on for a more lucrative future:
A crisis is the mother of all innovation
It is a universally accepted fact that funding plays a very crucial role in deciding the fate of the business. As the macro economy across the world witnessed discouraging sentiments, the company finances were also disrupted severely.
Acquiring investors which was already a challenge even in the pre-pandemic day only intensified with the arrival of COVID-19. Hence, businesses require being agile enough to come up with unique innovations that help in grabbing the attention of the investors as well as the stakeholders. They must be perceptive enough to comprehend the innovations desired by the society and deliver solutions that are in service to the community.
Ironically, the crisis has given a boom to need-based entrepreneurship. Businesses have the opportunity to venture into new areas and tab on the unexplored segments.
New ventures not just garner financing but also have the potential to drive the sale of the products/ services based on the uniqueness of the idea.
Although robust digital penetration had already been underway, the pandemic only accelerated the digital transformation. As the lockdown forced the companies to discontinue their functioning from the office, the only option available was to take leverage of the online platforms. Businesses exercise the liberty to carry on their work smoothly without being bothered about violating the safety protocols of the government or fear of contracting the deadly disease.
It can be considered as an opportunity disguised in crisis. For companies get the leverage to connect with their customers. They can also expand their presence on the various leading social media platforms; establish a connection with the virtual communities and initiate acquaintance with the influencers.
Online platforms serve as an instrumental tool that gives insights into the on-going trends and the changing behaviour of the customer. By understanding their aspirations better, businesses can devise strategies accordingly to deliver just the right mix of services desired by the audience.
The innate possibility to diversify
The pandemic has taught entrepreneurs to be as versatile as possible. Staking all their fortune into one segment can be detrimental. Diversifying into different verticals must be considered seriously. This way even when the market shows discouraging trends, the entrepreneurs have the other channels to compensate for the loss incurred by one business.
This way they can constantly acquire and upgrade new skills, much required to compete effectively in the fiercely harsh environment. By up skilling themselves with the latest technology and keeping a tab on the digital tools, they can add new experiences to the company, proving to be instrumental in enriching the scope of the business.
Therefore, instead of reiterating the drawbacks of the pandemic, businesses must be foresighted to unravel the opportunities by going beyond the blinding effect of the crisis. It can be truly said that the businesses that withstand the test of time are the ones with the real survival skills.
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