Post Covid-19 Trends of Entrepreneurship According to the Changed Market Demand
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Organizations are impelled to reassess their business strategies due to the occurrence of COVID-19 pandemic and its proliferation across the globe. The potential for survival and sustainability has become a matter of concern for many business leaders and entrepreneurs in the wake of the widespread negative impact of COVID-19 pandemic. With the recovery from this crisis as the fulcrum of the community for entrepreneurs, it has become crucial to estimate and predict the future trajectory of entrepreneurial success and market leadership. In a post-pandemic (COVID-19) world, growth avenues of entrepreneurship need to be ascertained since it is vital for making positive on the Indian economy. In the landscape of academia and the tentative business world, these aspects are needed to be addressed with a strategic focus on entrepreneurial growth and productivity augmentation.
With the appearance and growing manifestation of COVID-19 pandemic, a few trends have come into the limelight in business. Work from home or remote work is one of these trends that has gained immense popularity among entrepreneurs and businessmen. In recent research published in the International Journal of Advanced Science and Technology, Purwanto et al. (2020) notified that work from home is disadvantageous and advantageous for corporate entities at the same time and irrespective of these, the realization of this particular concept requires accountability of both employers and employees along with the maximization of communication and optimal of the state-of-the-art technology.
The application of work from home concept by entrepreneurs requires the accentuation on effective management as well. Referring Mercer survey result, it is deduced that work from home aids environmental, social and governance initiatives of the organization with a focus on bringing about changes in the traditional course of work office (Mercer, 2020). The global survey of Mercer also shows that 75 per cent of organizations are putting a focus on changing policies and philosophies so that workforce is encouraged to work flexibly. Leveraging emerging technology, virtual business meetings, yearning for the new content for customer engagement are the trends that hallmark the newly emerged paradigm of business practices and entrepreneurship.
Owing to the COVID-19 pandemic, many businesses have become affected negatively. To cut back expenditure, many of the businesses are downsizing. To stay competitive and ensure continuity of business, the first thing that needs to be done is to embrace a feasible marketing strategy so that the survival of business can be ensured. Owing to COVID-19, the education sector has felt the need of maximising digital interactions for making learning productive and mutually beneficial. Of late, the vice-chancellor of the Eternal University (Himachal Pradesh, India) asserted that the use of online media is an undeniable and existing phenomenon the relevance of which cannot be denied (Digital Learning Network, 2020). This paradigm shift is hallmarked by the increasing use of Zoom, WhatsApp, Hangout, and other learning portals.
Despite hit hard by COVID-19 pandemic, the media industry has been able to keep its chief stakeholder (i.e. customer) informed and engaged through providing up-to-date information. COVID-19 pandemic is beneficial for PR professionals since managing investor and industry relations is of prime importance for business leaders or to be exact media barons and mediapreneurs. In an effort of conveying messaged to clients, publicity and advertising are deemed necessary. In this situation, the PR and advertising industry would likely be beneficial in the post-COVID 19 words. E-commerce is another sector that has been beneficial despite being affected by COVID-19 pandemic. Despite being faced with a stressful time, Amazon has been able to cope with the changing situation. Content production industry players such as Netflix and Amazon witnessed the increase in viewership as a result of which, their financial performance was escalated. Popularities of Skype and Zoom have surged since many organizations have shifted their preferences for these tools instead of offline face-to-face meetings (Bindra, 2020).
The socialization during quarantine was made easier with the increased use of these video conferencing tools. Most importantly, the onset of COVID-19 pandemic triggered the augmentation of the sake of surgical and respiratory masks. Many businessmen, retailers, small shop owners have been selling masks at price higher than reasonable market rate and in case sticks are depleted, they are sold at a premium rate as well (Ghosh, 2020).
People who are willing to pursue their careerist's ambitions in entrepreneurship need to study the market properly before investing. In light of the above-deciphered industrial trends, careful planning for a career in entrepreneurship is the need of time. In a research article published in the International Small Business Journal, Brown, Rocha & Cowling (2020) stated that chronic uncertainty posed by the COVID-19 pandemic made a major impact upon the entrepreneurial finance market to a greater degree. Personal disposable incomes of individuals have been reduced to a greater degree in the post-pandemic world. Since the wheels of economies across the world including India have been halted due to the unimaginable impact of a pandemic, there is a possibility that recession may occur in near future and it may continue till the next year. In this scenario, entrepreneurship is viewed as a vaccine to the affected global economy and employment.
The burgeoning crisis arising out of COVID-19 pandemic has undermined the confidence of executives and investors to a greater extent. It is advised to young aspiring entrepreneurs to identify opportunities for augmenting profitability before entering into business. Referring to the research findings of Kawamorita et al. (2020) published in the Journal of Entrepreneurship, Business, and Economics, it can be recommended to entrepreneurs to make optimal use of digital technology, online network, and social media-enabled platforms.
Growth estimation and opportunity exploration in the tentative market are important for entrepreneurs since they lead to rendering entrepreneurial efforts successful. In the post-COVID world, understanding the essence of digitalization and applying it in the real business scenario are the two aspects that would dominate successful entrepreneurial efforts in the future with a continuous focus on clients’ satisfaction and engagement.