To be honest, entrepreneurship is a person’s career choice, but it’s believed to be the most difficult of all.
An entrepreneur is the managing director, financial officer, marketing officer, responsible supply chain management, procurement officer, personnel officer, administrative officer and quality controller of his own company who deals with the constantly changing market trends, consumption patterns and customer behavior.
He himself is involved in all kinds of risk taking, dealing with the 360-degree aspects of his business and foreseeing the big guns that will prevail in competition.
The effects of Covid-19 are not only limited to human health and the well-being of social life, the economy and communal life cycles of evolution have also been disrupted. Both global and national GDP growth has retreated significantly. Unfortunately, many large companies have laid off people, and many smaller ones, especially SMEs, have closed shops / businesses / factories. Undoubtedly, COVID-19 has hit many entrepreneurs hard in Bangladesh as it does around the world, but there are few others who have shown resilience and even grown enough in this time of crisis.
How feasible is the entrepreneurial path now in the midst of the prevailing new normal scenario? What footsteps could an entrepreneurship think of? It is indeed a complicated position to act, predict, and exist as a whole. Still, we have to accept reality and think according to the new era of the new normal.
Be preventative when approaching customers. The old adage “The customer is the god” is the foundation of the business, even if it is pandemic or post-pandemic times.
Yes, it is true that reaching customers in this new normal is very difficult. As entrepreneurs, however, we have to think outside the box in order to be connected with customers.
In many cases, crisis situations create opportunities and the online marketplace is the greatest example. This pandemic and new normal has advanced our digital experience and online shopping practice by 10 years.
In line with customer communication, it is very important to know our customers and the solution they need in this new normal.
We have to remember that this hostile situation has also changed customer behavior, consumer behavior and customer needs.
Adaptation to a dynamic environment: Adaptation is the key to survival. We have to keep asking and answering the right questions. There will be a continuous 360 degree end-to-end review of the business.
We may need to change and readjust with the pattern of sourcing, warehousing, distribution, operations, etc. overall.
This new normal also requires empathy. This empathy applies to employees, customers and society as a whole. Our adjustment process to this new normal will be based on the precise forecast and precise focus on the days ahead.
Think digital: This is the most important advancement that is required for any company in the new normal. Most of us didn’t know about Zoom Meetings 2 years ago, but it is now the ultimate solution provider for organizing meetings where the required social distance is respected. Educational institutions are currently used to the Google Classroom and Zoom platform.
The advancement of the online marketplace and the sudden surge in e-commerce transactions show how quickly customers are becoming familiar with this new era of pandemic reality.
As entrepreneurs, we have to think and react accordingly. After all, the right digital advancement in business could be the game-changing strategy for any business in a new normal.
Well, in this long period of pandemic, there will be many initiatives in a company. Some will pay off and others will fail. We have to take a sporty approach and learn from our mistakes and successes. It is also very important to understand the cause of the success of other entrepreneurs. Knowing the reasons for failure and how to overcome them can also lead initiatives to success. Proper navigation in this new normal will ultimately bring positive results in business.
Cash is the ultimate leverage component for any business. The correct use of cash in terms of generating income and minimizing costs are ultimately important here.
For example, marketing activities via a digital platform significantly reduce costs. Entrepreneurs should try to take advantage of the digital marketing process here.
For the delivery management system, a number of channels have grown at minimal cost. There are also many ways to outsource resources for ultimate survival.
There are things that will definitely differ from business to business, but as an entrepreneur in all areas one should seek to maximize revenue and reduce cost components in line with customer needs and the dynamics of the new normal. The unprecedented situation that prevails today requires cash inflows from companies to survive.
Take care of your health and wellbeing. Health is wealth. All of our business dealings and relevant activities will pay off when we are in good physical condition. Covid-19 is a great learning experience for us in every way. Cleanliness and following proper health regulations are essential. As entrepreneurs, we should focus here on ourselves, our families, our neighbors, our employees, our suppliers, our dealers, our customers, our society. We will definitely overcome in the long run.
The author is a senior banker.