Uploaded on Dec 23, 2020
PPT on How startup entrepreneurship will change post COVID-19
How startup entrepreneurship will change post COVID-19
HOW STARTUP ENTREPRENEURSHIP WILL CHANGE POST COVID-19 INTRODUCTION • The pandemic of COVID-19 forced entrepreneurs to scramble all over the globe. • Businesses operating in a conventional workplace environment have been pressured to come up with a home-work strategy; in fact, 42% of the U.S. population is still employed full-time from home. SOURCE: www.entrepreneur.com BUDGET • Many that counted on service consumers in person had to work out a way to provide or serve online in any capacity. • And of course, in addition to the economic effects of the pandemic, many entrepreneurs have had to fully rethink their budgets. SOURCE: www.entrepreneur.com REMOTE WORK • The transition from home to work has become one of the most visible changes forced by the COVID-19 pandemic. • Businesses who have considered the concept of becoming entirely remote have made the complete change to avoid the spread of the coronavirus, and a new paradigm has been followed by even businesses that were staunchly against the idea of remote work. SOURCE: www.ameinfo.com ADVANTAGES OF REMOTE WORK • Millions of company owners and workers have experienced the advantages of remote work firsthand in the midst of this transition, whether they want it or not. • Employees benefit from non-existent commutes, increased versatility and leisure time, and greater control of their workplaces. • They are more competitive and have higher morale. Company owners save money on workplace costs to see their companies prosper even though scrambling to adopt them under these new circumstances. SOURCE: www.shrm.com DIGITAL MARKETING • The dependence on digital marketing by both new start-ups and existing businesses would be another lingering impact of the pandemic. • The pandemic has shown that conventional messaging such as printed advertising or direct mailers is not the only way to attract consumers, but by tweets, retargeting ads, PPC ads, SEO, and hundreds of other digital marketing techniques. SOURCE: www.disruptiveadvertising.com INVESTMENT • Over the past 20 years, the digital marketing industry has expanded dramatically, but the pandemic is going to inspire much more progress. • This will boost additional investment on the growth and positioning of web presence and advertisement, and encourage emerging MarTech startups to create new marketing technologies to satisfy demand. SOURCE: www.thefinancialexpress.com FINANCIAL RESILIENCE • The pandemic of COVID-19 taught us just how vulnerable most corporations are, running on slim margins and minimal resources. • It can not last for long if an emergency occurs and an organisation is no longer able to make money the way it used to do. • It is projected, for instance, that 60% of temporary business closures due to the pandemic are now permanent. SOURCE: www.wisebread.com RESOURCES • Of course, all of this material is taken from restaurants and other local firms rather than start-ups, but start-up businesses are also able to learn from these lessons. • To keep financially resilient, it would be more necessary to have sufficient resources, cash on hand, strong cash flow, and a tight schedule. SOURCE: www.entrepreneur.com FAIL SAFES AND BACKUP PLANS • Start-up entrepreneurs would be more interested in incorporating failure protections and contingency strategies along similar lines. • When one mode of service or one aspect of the organisation fails, in order to replace them, other elements can kick in. SOURCE: www.entrepreneur.com REVENUE LINES • This might manifest itself as the formation of several revenue lines for the company, running concurrently. • When the organisation has four different ways to make money, it won't matter if one or even two is unexpectedly unavailable; from those discarded paths to more reliable ones, you will temporarily funnel capital. SOURCE: www.method.me
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