Personality Traits Critical For Entrepreneurs For the Market Post Covid-19
Entrepreneurs and investors are openly saying that this can be easily termed as the worst crisis for the broader economy, and for startups, since the great recession. In the startup scenario from fundraising to customers to suppliers and employees, in every aspect of the business, companies are struggling with the impact of the virus. They are burning the night oil to save their businesses from collapse.
In the words of Niren Shah, managing director, and head of Norwest Venture Partners India, “For those startups that are not making a profit, it is an important time to ensure that they have enough liquidity and that they are fully funded for the next quarter, and we need to make sure that firms are able to control the burn rate at this time. Because in some geographies, we expect revenues to undergo significant reductions since demand and supply are going to be impacted in many segments. But we see this impact only in (the) short-term.”
The future seems dark, but at the same time, startups in a few other sectors are undergoing a sharp increase in their business. For instance, videoconferencing firms are adding millions of users as companies start conducting meetings online. Gaming, online streaming, and e-education content providers are all riding the wave with a significant rise in first-time users and time spent on their platforms.
Demand for online delivery of food and grocery is rising rapidly in the metros as people face lockdown during this crisis. Online medicine delivery startups are also increasing as people stock up on medicines apart from masks and hand sanitizers, although due to sudden increase in demand these firms are facing numerous challenges in their supply chain.
Surely this is a trying time for all of these entrepreneurs and the ones who take the right decisions right now will come out as the leaders of tomorrow. Successful entrepreneurs of tomorrow will most certainly possess these characteristics and personality traits that will put them ahead of the rest.
This might very well be the most important skill that one needs to have in the post-pandemic era as successful entrepreneurs are the ones who don’t let failures get the best of them. They think positively and work on ways to succeed rather than calling it quits. Such optimism is not easy to sustain but is the most critical of them.
For many entrepreneurs, starting a business is not about how much money they can make of it. It’s about the passion to find a solution to something or to fill a gap somewhere. The entrepreneurs should remember why they started and stay strong even if the economy weakens after the pandemic. Entrepreneurs need to work extra hard as the returns can be few and slow. Their passion and strong sense of purpose will get them to the finish line.
Creativity in communicating will be a boon in the times to come and thankfully entrepreneurs inherently think differently than the rest. They look at things from a novel perspective, constantly finding new ways to solve problems. It’s why they’re able to have the answers to questions that other people ask.
Entrepreneurs have a clear vision of what they want to do and hope to achieve with their undertakings. They’re extremely persevering as well and surely will rise higher as the industry strives to come out of the effects of the virus. They will strive towards their goal despite hiccups along the way until they achieve it.
Every start-up comes with a certain amount of risk but entrepreneurs are not afraid to take it. Rather than being averse to risk, they see it as a natural part of the entrepreneurship process and surely that a lot of entrepreneurs are already staring preparing to catapult their businesses into a different, much higher, level. Their risk-taking attitude will help them find ways and means to minimize the risk.