Effect Of COVID On Business Scenario And Entrepreneurship
“Longer than an earthquake, a pandemic shakes your life and living”
–P.S. Jagadeesh Kumar
COVID – 19 pandemic brought about some unprecedented changes into financial, economical and social scenes all around the world. With lockdowns all around the world trying to contain the spread of the deadly disease, many companies, especially entrepreneurial ventures and startups faltered.
The social restrictions and closing down of office spaces meant that most of the businesses that were slow to change before, now either had to quickly adapt to the new online world and online working or to face the threat of disappearing along with countless other companies. The United Nations’ (UN) International Labour Organization (ILO) forecasts that approximately 20 crore jobs will be lost around the world by the end of the pandemic.
“These so-called bleak times are necessary to go through in order to get to a much, much better place.”
– David Lynch
Although the pandemic brought about much hardship with it, it also brought about the much-needed change in the structure of how businesses are run on a day to day basis. Gone are the unnecessary insistences on working from a common office and gone is the prejudice against people working from home and being as efficient, if not more while doing the same amount of work they would normally accomplish in office.
History has taught us how crises have developed our societies through impactful waves of innovation. The Spanish Flu helped healthcare systems get better, the learnings from the World Wars made the world more inclusive, and the global recessions in 2008-09 opened the doors for app-based tech start-ups. There’s a silver lining somewhere.
Entrepreneurs are rising to the challenge, and with the employment scenario looking bleaker than never before, entrepreneurship seems like the way forward. The world’s post-pandemic future will be very different. The lasting impact will remain for years. The changing world will have a different set of demands attuned to the needs. And this opens up numerous opportunities. From health-tech, psychology-related to service to entertainment to the management of funds, the possibilities are endless and therefore, utilizing your time in upskilling and studying markers, rather than fretting over the job security during these tough times would be beneficial.
“You don’t need 20/20 vision to see that 2020 is a giant caca burrito getting forced down our throats.”
Many firms have initially responded to the crisis not only by cutting costs but by engaging in new entrepreneurial activities. Around the world, we see examples of resourceful responses to the crisis: Distilleries in the United States, Canada, and Australia started to produce hand sanitizers.
Fashion businesses like Zara, H&M, Hedley & Bennett, and Trigema are producing protective gear, gowns, and other supplies for hospitals. Airline crews, including those employed by SAS, are being retrained to help out in hospitals.
The shortage of ventilators in hospital intensive-care units has not only motivated health-care companies such as Philips and Draeger to increase production but also triggered Canadian automotive suppliers and car brands like Ford to produce the life-saving medical devices.
Another new area in business that has seen a sharp rise in demand over the course of this pandemic is the demand for Virtual learning & Education & Virtual meeting platforms. With the world now expected to integrate social distancing in their day to day life even in post-pandemic times, virtual platforms are expected to become a mainstay.
We might not exactly know how the world might look at the end of the current pandemic, but we know that things won’t be the same as before. New skills, new job roles, new working styles, and new entrepreneurial ventures will come forward to fit the demand of the new world. So, we, in the end, will have to learn from this pandemic and embrace the change if we want to be a part of the new business world.
“You cannot swim for new horizons until you have the courage to lose sight of the shore.”
– William Faulkner