Corporate Review

How to succeed in your startup during Covid-19?

How to succeed in your startup during Covid-19?

The recent statistics associated with the number of newborn startups during the phase of the pandemic took the Indian business world by surprise.

Even the toughest times of the century has failed to destroy the sheer will and passion of thousands of entrepreneurs, who have successfully established or achieved some of the proudest feats during the pandemic.

The way they have glued themselves to their ambitions and the strength they displayed in overcoming the herculean challenges is undoubtedly something from which a number of budding entrepreneurs can get inspired.

This piece aims to discuss and explore some of those factors which the entrepreneurial heroes of the pandemic used to their advantage. 

Abundant recruiting opportunities

Apparently, the pandemic can be blamed as the core reason behind innumerable layoffs all over the world.

Some of the industries, like travel and tourism, took a major hit and immediate and rigorous layoffs seemed to be the only option to cut costs and save the drowning ship.

This left behind countless unidentified and unexplored talents, experienced and skilled human resources for the businesses that actually had a strong vision to march forward.

The startups can therefore concentrate more on expanding their labour source and make the most of adding the best suitable candidates to their existing workforce. 

Also Read: Start-ups that became unicorns in 2021

A strong purpose of existence 

The term vision, which is often referred to as the description of the purpose of existence of a firm, should be aced in order to survive the challenges possessed by the pandemic.

Similar to every other established firm, startup companies are forced into a situation where they have to alter their long term goals and objectives, in other words, the vision statement.

A valuable takeaway from the pandemic is that both the startups and established firms need to have a much flexible mission and vision statement, which can be altered on the basis of those elements which are not directly in control of the organization. 

The Funding factor

Borrowing from the textbooks, Finance is indeed the lifeblood of the business. Proper and timely funding is also essential for a firm to survive and expand further in terms of markets and other diversifications.

It is a well-known and acknowledged fact that the investors are majorly attracted to the profitability and marketability of the business in a specific future tenure.

Ever since the pandemic started gripping the industries tightly, the investors are keenly in search of the business models whose applicability extends to a post-pandemic state too.

Therefore, the startups who are pitching their models should never miss out on the practicability of their business, even in a post-pandemic phase. 

Image and Brand building

Since a good part of the world is undergoing a health emergency, the activities initiated by the startup firms can make and leave a deep impact on the minds of potential customers and other key stakeholders.

This will further help the startup gain a good amount of public image and attention, which are core to activate the process of brand building, especially when you are eyeing a long term run.

Indulging in CSR activities, investing in R&D to put efforts on bringing in new and more adaptable products and services into the market could come in handy for startups in contemporary situations. 

Lead by example

The fact that the toughest situations give birth to the most influential leaders can be acknowledged solidly as the world is witnessing the acts of a number of global business leaders who are battling all the odds of the pandemic.

Ever since the trend of ‘work from home’ emerged as a necessity, the hardships of managing human resources have multiplied to several extents.

It forced the leaders to bring out their best in keeping the employees motivated and maintaining their productivity while they themselves were on the verge of losing these.

Therefore, building and maintaining a versatile and strong workforce who can easily adapt to any provided situation and condition which is led by an influential leader should be rephrased into a need of the hour rather than a mere goal to achieve, which often goes unnoticed. 

Going Digital

One of the trends that caught everyone’s attention in the startups of the last decade is the invincible and the emerging power of digital business.

The type of business that needs minimal investment and a lot more perks where in return it demands only a good idea and a practical execution plan to be successful.

It didn’t take much time for the general public to absorb the idea of digital business and make use of it for better comfort and convenience. 

The pandemic has so far appeared as a boon to the firms which have a well-built digital space, regardless of the brick and mortar business they own.

Ever since the largest part of the global population was forced to stay indoors, it marked the boom of digital businesses.

The ever-growing demand in the industry calls for startups to go digital and further enhance the offerings for a huge potential customer base.

Establishing an online store, making optimum use of the advanced digital marketing techniques, utilizing social media to its fullest for branding, advertising and consumer engagement purposes, etc., are only some of the possibilities that can be explored by the startups on their way to setting up a new business. 

The Final Word

Until time innovation and creativity go hand in hand, the emergence of fresh startups cannot be terminated as they appear and groom even in the toughest terrains and conditions, no matter what. The mantra ‘this too shall pass’ should keep the adrenaline running in the veins of the startups as they ought to face the biggest set of adversities and setbacks.

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