How is coronavirus affecting the Entrepreneurs?
The world knows that until a crisis doesn’t take place or comes into existence, the world will see no vast development, a development so significant that it can probably change the face of the world. Before the pandemic the world is facing today, not many had understood the importance of our health care systems & what new technologies it needs to better the health infrastructure. Just like that, the financial crisis worldwide helped in the advancement of tech companies like Airbnb & Uber. And wars made us realise the importance of technological innovations. The current pandemic called COVID-19 can also prove to be a crisis that can bring about new hope to entrepreneurs or businesses, uplift their spirits & help them respond to unfortunate global situations in the future smartly.
Supply chains, trade & businesses collectively work together to carry out the economic activities & carve the economic growth of the world; but when anything disrupts this chain, the global economy gets shaken. The pandemic has done the same to the world right now. Many small businesses & entrepreneurs are already facing loss where some of them are even laying off employees & some of them are out of work. For example, entrepreneurs who deal in mobile phones & gadgets are facing a hard time since most of these tech gadgets are manufactured in China from where the disease had spread to the world & many factories & plants have been shut since then. However, these entrepreneurs can maximise their profits by offering mass discounts on handsets or gadgets already in stock & by giving discounts & offers online during the pandemic or even after it ends.
Travel/Tourism operators who work 365 days in a year have seen a drastic loss in their business since most of the people in the world have cancelled their travel plans & would not even think to travel in the near future with the ongoing pandemic. But, these tourism entrepreneurs can make use of this time to offer people packages for 2021 with discounted rates for holidays or tickets & offers for group bookings. This way they can earn the required profits for the time being.
Entrepreneurs from the textile industry as well are equally affected due to the pandemic where some of them have even closed their boutiques & factories. During such crucial times, what a textile business person can do is offer home delivery of apparels or accessories of their current stock with free delivery charges. This way, they can hold on to their customer base for a longer time. Till then, they can work upon more ideas to design & make masks & other gears to wear during lockdowns. This will help them make money even during the global health crisis.
Public markets of the world have literally crashed due to the health crisis still, it can be said that the pandemic is helping entrepreneurs & firms by shaping them now to prepare them for the future. It is forcing entrepreneurs to come out of their comfort zones & learn problem-solving in order to help them rediscover themselves & their firms & motivate them to take advantage of every small opportunity that comes their way even during a global health emergency. The entrepreneurs all around the world may be facing heavy losses for now but after all this ends, they can see a ray of hope in their businesses & would be well prepared to face any challenges in the future. And if taken the right steps, they would be able to move at a faster pace & come out even stronger than before.