COVID-19: Story 5 - Startups: Corona Outbreak effects in Startups Enterprises
Ahmedabad, April 2, 2020: India being the third largest emerging country for startups in the
world after the United States of America and England. According to the Government
startup portal, there are 79,783 startups, 563 mentors and 565 incubators are
exits in the country. Startups have poised in the Indian business ecosystem.
This national lockdown due to novel coronavirus outbreak has impacted a huge
loss to the common man to the established business & flourishing
industries. World Economists already have predicted the results of the COVID-19
outbreak and signaled vulnerable situations of an economic slowdown. Small and
Medium Enterprises (SMEs) industries and startups which are contributing around 30% of
India’s GDP will have to start with a new approach. But, we can see this
outbreak as multiple opportunities to many startups, if they are able to grab
in a pragmatic manner with the right attitude, they will grow like never
before.
First of all, under this global
lockdown, all startups can introspect themselves or reinvent themselves. It is
the time plan and makes a workable strategy for the startup business. Try to
figure out your strengths and prepare your future map to find product, price,
place and promotion with right approach. At the same time, you have to
re-analyze know your SWOT (Strength, Weaknesses, Opportunity, and Threat) and
prepare yourself how to overcome. Learn about your competitors, customers,
eco-system so that you can be able to beat the best after this pandemic crisis.
Glaring the reality that startups need to change – not just change the sake of change,
but, in fact, reinventing their core factors. By its nature, the reinvention of
business requires courage and daring.
Contributed
by: Bharat Thakkar, Business Mentor
and Founder of Business Growth Technique Partners Network (BGTPN) and Dr. Shashikant Bhagat, Faculty,
National Institute of Mass Communication and Journalism (NIMCJ), Ahmedabad,
Gujarat, India.
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