Effects of Pandemic on Entrepreneurship
By Sumoti Mahato
In the face of the worldwide COVID -19 pandemic, entrepreneurs need to face a replacement reality, that is not an enormous sanitary and health crisis affecting millions, or maybe billions, of people across the world. This is also provoking an unprecedented downturn within the global economy. The new generation is starting more businesses, now it’s a time where old concepts and ideas for business are being taken by a new generation of entrepreneurs, as they are already outperforming.
Many platforms and competitions are coming to showcase their talent. With growing entrepreneurs in the country, the government of India has stepped in to provide assistance through many platforms such as “ Startup India, Standup India'' The campaign's not only a golden opportunity but also helps the country to overcome the situation and to lead a better life with new ideation and concepts. In order to be self-dependent, we have to resolve the problem ourselves. Covid -19 has fostered a wave of innovation, both positive and negative within the world of entrepreneurship. Researchers and entrepreneurship dedicated their lives to create a future for the country. Along with the considerable risks that entrepreneurs take, designing new techniques to adapt to a post-pandemic world is essential for ending the sudden outbreak happening in the business market.
While Covid has drastically affected the younger generation, it has also shocked the global economy. Before covid, there were millions of Indians youngsters who wanted to be risk-takers. But as many businesses that took a hit due to Covid broke their dream, now many of them are moving to government sectors. According to the resources, Uber has lost $2.9 billion and let go of over 3000 employees since the start of Covid. Several large corporates and smaller companies have also faced a similar issue.
While entrepreneurs are optimistic and resilient, the pandemic required them to shift their business approach. This makes it a big challenge to stand alone in this crowd. Ultimately, young entrepreneurs today have been faced with a new reality that will shape them into resiliency. COVID -19 pandemic is about to over, survival has to become the imperative focus for startups. Many new businesses face a big issue for cash management. A few vaccines have been approved but it will still be a long while before they can reach the general young public. It is inevitable to have the fundamental question: how does a startup survive during this period?
It’s become a big challenge for existing start-ups but is also a concern when it comes to creation of the new ones. Youth are acting with the future mind, but in the current atmosphere where budgets are tight, and layoffs are likely, long -term strategies are needed to deal with this economic turbulence. During this COVID-19 crisis, start-ups have played a critical role in the economy.
Some innovative young minds have reacted fast and flexibly to the pandemic, and are critical in helping many countries towards fully-digital work, education, as well as medical goods and services. As there is an urgent need for start-up, systemic change is needed to help new generations of young entrepreneurs succeed in the innovative economy.
The time to act is now.
The answer lies in identifying the simplest fit people to start out and grow businesses. Government, businesses, and civil society need to work together to know more about the policies and kinds of support that best enable the start-up and growth of youth-led enterprises. It can also be positive to some young minds. It will be an opportunity to some in pandemic many ideas and innovation are much needed. Young generations find their way, rather to a job in an IT firm and spend the whole day. It’s time to come forward, accept the challenges, and help the nation to become self-dependent.
Due to a densely populated young generation, India has the third-largest start-up ecosystem in the world. The expectations are high as in the current situation, many young individuals are embarking on different new ideas. The pandemic, however, disrupted financial markets and left the world teetering on the edge of an economic downturn. These short -term challenges can be turned into long term opportunities for a start-up. After all, the Indian start-up ecosystem has been speedy in adapting itself to the dynamic business environment.