ERA OF SMALL-BUSINESSES? HOW TO THRIVE IN THE COMPETETIVE WORLD AS A BUSINESS OWNER? EXPLAINED.

TO LEARN THE AFTERMATH OF ERA POST-PANDEMIC IT IS IMPORTANT TO UNDERSTAND THE LESSONS WHICH WERE LEARNT, AND HOW THE BUSINESS SECTOR HAS CHANGED COMPLETELY IN PANDEMIC

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As said by the great Anthony Robbins “EVERY PROBLEM IS A GIFT----WITHOUT PROBLEMS WE WOULD NOT GROW”, business is something which never comes easy and risk free. It holds a very important role in a country’s economy which further helps generating nation’s wealth, job opportunities and helps boosting Government’s spending which is a catalyst for a country which helps in overall growth.

Starting a business itself involves a lot of risks, due to the unforeseen nature of this sector which is inevitable. The Coronavirus pandemic shut most of the businesses but only the most proactive businesses stood differentiated and held their ground firm while bringing changes. Entrepreneurs and businessman re-strategized their businesses to become:

1. Cost Effective

2. Efficient

3. Technology Driven

4. Innovative

The smartest and the elite of the entrepreneurs found this pandemic as a head start rather than a barrier to start implementing their ideas because of various factors as following:

1. Major breakdown in competition

2. Increase traffic of Consumers online

3. Low cost of highly experienced labor

4. Zero expenses in setting up offices

AFFECT ON SMALL BUSINESSES

Its also true that majority of the small-scale businesses couldn’t sustain the hardships of this pandemic. But a lot did who mainly re-strategized their businesses and went Digital to reach their consumers and the target market. It’s a fact that they became more modernized, flexible and adaptive than the old conventional way of running the business. They embraced this pandemic and improved their businesses

POST PANDEMIC 2021:

Highest numbers of startups were seen with a sharp increase in rate, even higher than the pre-pandemic levels. In 2021 most entrepreneurs still see an opportunity as the market hasn’t recovered yet which means low-cost capital to be invested in their start-ups.

Majority of the traditional businesses have gone digital or has a hybrid structure which is a combination of traditional and modern way of doing their business. Almost all small scaled business which wants to sustain in this market is somehow involved in the e-commerce chain directly or indirectly, for example: Small Grocery stores started providing supply to online grocery store giants like Grofers and Big Basket. Small scales business owners started understanding the importance of collaboration which helped reducing competitions between businesses which proved to give them a steady income, resolve financial problems and helped cut costs involved.

It is projected that E-Commerce will be booming resulting in drastic increase in retail space by 33% from the year before.

There is a massive scope for small scale businesses in 2021 and the years ahead as capital investment won’t be as high as before and are technologically driven and non-conventional, the sky is the limit for small scaled businesses and start-ups.