As Covid19 pandemic grips the entire world causing serious economic implications, some view it as an opportune time for entrepreneurs to think out of the box and usher in innovative ideas and practices..
We hear a students’ perspective and outlook on both present and future prospects for entrepreneurs owing to the Covid-19 pandemic even as it continues to imbalance lives.
Post Pandemic Opportunities for Entrepreneurs
It has been roughly seven months since the novel coronavirus appeared worldwide and has been spreading rapidly. In order to tackle this pandemic the government came up with a profound solution i.e. ‘lockdown’ and ‘social distancing’.
Lockdown has controlled the spread of coronavirus in a staggered manner. But, with the implementation of lockdown, the business and enterprises are facing huge losses due to minimal or no earnings. This also led to a big fall in the economy. But, there’s a saying- “Bigger the problem, greater the solution”.
However, focussing on the positive and opportunities ahead, there are high chances to earn profits after the pandemic is over. In the upcoming times the business can uplift the economy and there are high chances of exponential growth if an entrepreneur can make good strategies regarding the business plan and design it properly.
Here are some business ideas that entrepreneurs can adopt in order to earn profits as well as provide a remedy for the economy that has gone down:
Hygienic Pharmaceuticals
Coronavirus taught a very important lesson to the USA which people often neglect, i.e. to take more care of hygiene. Entrepreneurs may start with hygienic products such as sanitizers, handwashes, surgical masks, gloves, room cleansers etc. After the pandemic gets over, people will be severely cautious regarding their hygiene, thus, entrepreneurs can take advantage of this situation and come up with innovative ideas and start up their business.
Fitness industry
Fitness will also play a very important part after the pandemic is over, because, people will try to improve their immune system as viruses and any kind of diseases are weak against a healthy immune system; so, entrepreneurs may come up with a business plan by taking the opportunity as large number of people will join gym and fitness classes. It’s a big opportunity for earning huge profits.
IT Industry
Lockdown has given people an ample amount of time to stay at home, to follow their passion and to do various stuff they do not get time off to do such as following their passion in music, gaming, photography, social media etc. which automatically led to a big growth in the usage of internet and phones. Entrepreneurs can come up with ideas related to opening smartphone stores, laptops, iPods, gaming softwares, microphones etc .This business has a great potential in earning good profits with good investment and proper market strategy.
Organic Fruits and Vegetables
This business can be prominent in the upcoming days because people are now understanding that fruits and vegetables are the only way to lead a healthy life. Organic vegetables and fruits which are pure and pest free can make a mark on the food sector, though the price will be higher but people can enjoy fresh vegetables and fruits in order to keep their body fit and immune from any kind of viruses and diseases. So, entrepreneurs can interact with farmers who deal with organic products and can supply them to the customers. This will also be helpful in maintaining a healthy social environment, along with earning reasonable profits.
Delivery based Business
Social distance has become an important practice nowadays and will continue to be a great influence even after the pandemic is over. So, delivery based businesses will be very fruitful within our state where fast paced delivery and social distance is maintained. This should include groceries, clothes and accessories etc. This will be very profitable and also will generate employment for those who are sitting idle and have no work.
The government has also tried their level best to stop the downfall of the economy, but, since many private sector businesses had a sudden shutdown, the economy could not be controlled. For this also the government came to an extent where they put 70% tax rate on alcoholic products in order to stabilize the economy which also gave a boost up and was successful, but, this idea had a big drawback that is neglecting social distance and degrading the health of public that also in a situation when people are trying their level best to stay fit and enhance their immune system. Thus, in my opinion the government should not have resorted to this. It is now upon the entrepreneurs to come up with a solution These are just a few business ideas that I believe can make a stronger impact on the economy. Entrepreneurs have to be cautious regarding their investments, business plan, market strategy etc. since this is not only an issue for earning individual profits, but it is also about the health and safety of consumers which should be topmost priority.
After lockdown, many private companies have fired their new employees. This led to a high amount of unemployment in the country. o, entrepreneurs can start up their business and generate employment for others also. It is time for every entrepreneur to come out of their comfort zone and plan their strategies very well because it is now not only an individual’s problem, but everyone’s problem. This is also the best time for our country to be independent and start producing our own products and be self reliant.
Degree of Thought is a weekly community column initiated by Tetso College in partnership with The Morung Express. Degree of Thought will delve into the social, cultural, political and educational issues around us. The views expressed here do not reflect the opinion of the institution. Tetso College is a NAAC Accredited UGC recognised Commerce and Arts College. The editors are Dr Hewasa Lorin, Dr. Aniruddha Babar, Dr. Pfokrelo Kapesa, Rinsit B Sareo, Meren Lemtur and Kvulo Lorin.
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