Stimulators for rapid economic growth, radical innovators, and creators of high income job opportunities, these are some of the terms that are often associated with startups. The number of entrepreneurs daring to launch their own startups has increased significantly in the past decade. There are business coaches who help these individuals in arranging capital and bringing their startup idea to fruition.
Like in every other area, the unprecedented Covid pandemic has had its negative effect on these startups as well. The business mentors are trying their best to help the new startups in understanding these challenges and accordingly adjust their plans. Some of the main challenges observed by the startup advisors are:
- Increased financial fragility: Investors are more cautious about the reduced demand that has reduced revenues and the risks have increased.
- Reduced support from governments: The governments have to spend huge amount on Covid management to support existing firms. This leaves very little fund with them to offer support to these new startups.
- Business ideas which need personal transactions and regular contacts will have to be rethought. There is no guarantee how long this pandemic is going to last.
- The business consultants do reiterate that not all is lost. There are some opportunities as well that this pandemic has offered for the startup businesses.
- Reduced competition: During such uncertain times, the number of new company registrations drop. Hence, if you have a really good and relevant business idea, the chances of it getting market support increase significantly.
- Economic restructuring: Recession is the time when new policies are formed and economic restructuring happens. This can actually be a good thing for the startup businesses.
The business mentors need to give their clients a complete understanding of the threats, opportunities and changed economic and customer behaviors patterns. This will help them ake the right decision with regards to their startup idea.
Guest Mentors
- Girija Nair
- Smita Pethe
- Sashi Reddi
- Padmaja Ruparel
- Sudhiranjan Dey
- Rajneesh Kacker
- Paavan Nanda
- Rakesh Kalra
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