With immense uncertainties pertaining to Covid-19, several startups in India and abroad are facing everyday challenges to keep up with their businesses. Now, when the third wave of Coronavirus is expected to hit shortly, here’s how you can keep your businesses up float.
Last year, when the government took a series of precautionary measures to curb the spread of Coronavirus, it had a direct impact on the economic lives of the people. While the implementation of strict pan-India lockdown had helped the nation prepare for the pandemic, it has thrown severe challenges in front of businesses across industries.
New-age startups, with a relatively less experienced workforce and several of them having lesser cash availability at their end, have been continuously facing a threatening situation of a business collapse. Ex-MD and co-founder of Jabong, Praveen Sinha has suggested a series of measures for the startup to cope up with the shock brought by the pandemic.
“It requires persistence and perseverance to make your venture a success”— Praveen Sinha
Changing the mindset
“First of all, we need to change the discourse here. I believe, we need to alter our attitude and should look for opportunities amid uncertainties. I work with such an attitude and with empirical experience, I can say that with such a mindset you can overcome any challenge thrown in front of you. Such a mindset will automatically help you in exploring multiple opportunities in uncertainties. Indeed the pandemic has brought drastic disruptions, but if you will look at it closely, it has also brought immense opportunities to serve the people and grow your business altogether,” says Praveen Sinha.
Be flexible, dynamic, and self-sustainable
With over a decade of experience being an entrepreneur, Sinha suggests that it is perseverance and dynamism in the ideas and practice that have enabled him to succeed in almost all of his ventures. “Today when there are immediate disruptions with the imposition of lockdowns, we need to be a little more flexible and dynamic when tackling such situations. You need to think about finding ways to reduce costs, moving to a flexible working model is a good solution. Moreover, if you have the right type of team with a mindset to grow, mere survival is not an option. You can grow and raise funds even today when the market sentiment is not great.”
Praveen Sinha has always suggested the startups have a strong and dynamic team that can overcome challenges and grow all together. “If the team is good and then the idea grows through lots of slugs. They may have textured with a certain solution but the solution or the approach requires changes. If the team is good, they can certainly do it,” he adds. Praveen Sinha is an eminent entrepreneur and angel investor. He has helped many startups to realize t