Latest Articles from UPG 2021 Members
Challenges and opportunity for an entrepreneur from COVID 19
Er. Pragyan Bhattarai
As the challenges of Coronavirus pandemic mount, the entrepreneurs around the globe are facing hard time to bring back their business to the form. This circumstance has been very difficult for the start-up and this situation reflects that we need more time and energy to get back to the normal situation. There are many hinders still to be faced but having said all these, we have to acknowledge the fact that we are also entering to the new era of our time. New innovation and advancement will be followed up in the future. It’s imperative call that we need to change the way of living, way of thinking and way of acting from now onward. Entrepreneurs are the first to get affected by the pandemic in the past and they are also the first to bring the innovation and new horizon in their field. Flipping up the past pandemic and recession, it shows that it has always change the trajectory of people. From the 1300’s Black Death that broke the long ingrained feudal system in Europe, replacing the modern employment contracts and spreading the same message to the world. SARS pandemic of 2002-2004, gave birth to the new technological era emerging Ali Baba and other online retail platform booming in the field of online sales and marketing. Financial Crises of 2008 had its own descriptive effect and boom the people’s perception about smart saving giving birth to Airbnb and Uber shot up to help people to share rooms and riding and other different activities. This shows that we have been able to get rid of the pandemic and have been able to built a smart system to get rid of the problem. Entrepreneurs are always committed for fast adopting approach and helping people to adopt the innovation for bright future. This COVID 19 also needs lots of advancement and innovative approach in order to get back to the normal life. This might take a bit of time but then we would be able to step up in the new era of the world leading our posterior to take up its advancement responsibility. For instance, we can just think of the advancement in the network arena in such a small time.
This transaction period is always a puzzling time for everyone and we must have patient and perseverance during this run, smartly handling the business is must, as getting excited at this time can drag us in the depth of ambiguity ruining our toil and asset. This COVID would have its biological, Psychological and Economical Effect. Getting rid of this effect at once is not at all possible but limiting its effect in our entrepreneurial life is in our hand. Smart Analysis of problem and approaching accordingly forecasting the future is the only way for this time. Planning at this time is very crucial for every entrepreneur. We can have tremendous approach as we can seek for the online based service, have a concrete plan to reduce and control the unnecessary expenses, Focus more in consultant approach rather than hiring employee for certain interval, planning the yearly budget as per companies capacity in advance and stuck to it, pause all the expensive expansion process, get in touch with old clients, adopting Social media boosting approach, Collaborate with the same kind of organization and merging to avoid difficult situation, Reserve and Allocate for the future expenses by exploring any assistant from outsource funding agency or being aware about the help from the bank, Utilizing the time in networking, identifying the possible future clients and research based work in this interval, Making a five year plan to get survive in this field are some of the alternative that can be incorporated in order to be in this field. Every entrepreneur has to plan for some good alternative for the post Covid, we have to accept the fact that the ongoing or previous ways of working is not going to help us to take up the business for a long run. For instance, Hotel and Restaurants need to adopt some other approach such as use of 5G, Robotics, IOT, advance delivery system etc to bring innovation which can ensure public’s safety and restore the market back as before. Every affected entrepreneur has to adopt innovative approach and they need to be mentally prepared for it, seeking up and researching good alternative can helps us to promptly revive the business. This pandemic also has focused for the emergency storage fund in the organization that can be used for difficult circumstance to survive for at least one year. Every entrepreneurs are fighters, optimistic and resilient. They always bring solution to every problem as they have a tendency to bounce back the difficult period. Every Crisis is not limitless and the entrepreneurs can absolutely undertake something for the great future.
This time has been a very difficult situation for the new start-up. Getting suck to nothing and difficult situation can lead them to depression but its pragmatic that they need to be in hold for sometime and need to plan accordingly for the same as soon the situation would be favorable for them as well. Having advance plan for execution always help them for prompt recovery. They also need to follow some steps to hold the situation before ruining anything. Such organization need to convince their staff about their future, limit the staff and also limit the outgoing expenses, Reach for funding agencies, ask help from experienced experts, go for collaboration or merging process with possible organizations, reserve the fund for at least 6 month of basic operations, do not get hurry for grand plan, Get advantages of social medias, plan for such facilities which are not provided by other similar organizations, talk to people, conduct basic conversation about your product and reach through social media, Focus in training of your employee, do not take huge loans and also think for some innovative ways to push the sale of your organization. These ideas can help in tremendous ways to get survive in this difficult time. The only way to get success for an entrepreneur is to ensure weather the solution that your company is forwarding is going to address the market’s need and is for long run, weather you have identify the long team market, proactively pivot when needed and mapping your business model is the key to success.
Every organization have to motivate their staff, should provide proper return to their toil, should have proper back up for any such difficulties, maintain proper database and get regular feedback from their old clients, engage in different activities which helps them to reach to the people, focus in digitalizing their approach and adopting green concept in organization. It’s very important that our pattern of work and our vision have direct influence to our future, we have to think many times weather our approach is hampering to the nature or not. The ongoing situation also shows that no one is above the nature, we can’t rule if we keep on disturbing the component of the nature so every entrepreneur have to think for green approach, we have to work in collaboration with the environment else we might have more difficulties in the future. We have to adopt some ground green rules and have to think twice before disturbing the nature.
(Pragyan is Youth Activist from Nepal)
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