The Coronavirus pandemic was a harsh reality check for humanity as a mark and it has left an unprecedented mark on our economy. Many businesses cut losses and shut down, many were forced to let people go to stall the sinking ships and many diversified into other sectors to stay afloat. “This was the ultimate test for entrepreneurs and those who have managed to survive this now need to capitalize on the opportunities in the market”, said Praveen Sinha Jabong founder. Despite the pandemic continuing to affect many sectors, there are several new businesses that have become lucrative and profitable. “Entrepreneurs who are looking to start a second innings or just plain raw entrepreneurs should look into some of these avenues in the last quarter of 2020. Some of the buzzing categories in the market right now are Edtech, ESports, Fantasy Sports, Hyperlocal Delivery, Cloud Kitchens, Healthtech, Placement Services etc. amongst others and I fully expect many disruptions in these sectors in the next 4-5 years,” adds Praveen Sinha.

The way forward
There is no set rule book when it comes to entrepreneurship, as the game continues to evolve and change everyday. However, I have listed a few tips that entrepreneurs should consider before starting a new business in these challenging times.

1. Digital is expected to drive demand - Digital services have been growing steadily over the last decade and have now come to the forefront as the pandemic made physical retail a nightmare for both sellers and buyers. Consider digital or phygital forms of operations.


2. Avoid frivolous expenses - Astute financial management is the key to making the most of whatever finances are available. Entrepreneurs need to ensure that they are not wasting monetary resources on things that can be done without in these tough times.


3. Drop the expensive offices - One of the biggest costs to companies are the exorbitant office rentals. The pandemic has shown that employees can continue to be productive from anywhere provided they have access to high speed internet. The real estate market, which is going through a correction of its own may present cheaper options for consideration.


4. Be fluid in operations - Entrepreneurs should be flexible in their operations and explore options to cut costs wherever possible. For instance, they can explore beyond traditional hires by delving into the freelancer economy to get jobs done at competitive rates.


5. Avail public/private financing options -The central government has several attractive financing schemes for certain sectors. Aspiring entrepreneurs should definitely apply for such funds. Financing is also available through banks, NBFCs, Decentralized Finance Apps etc. with extremely attractive repayment options.


6. Spend time in networking - Attend business webinars to learn and connect with like minded individuals in the space. Expand your personal networks on corporate networks like Linkedin.


7. Never stop innovating - No matter what, the development of a product and service should never stop. Explore ways to make your product/service better, engage with consumers and take feedback constructively.


8. Improve your personal skills - Last but not the least, take up online courses that can help your business. Courses on Coding, Accounting or Digital Marketing could be particularly useful in these times.

Final thoughts
“Indian entrepreneurs and businesses have stood strong amidst many setbacks in the market and the indices have always bounced back. The new generation of entrepreneurs have all the resources and capabilities to steer the ship into smooth waters again and those who grab the opportunities well not only change many lives but will have the incredible opportunity to shape the Indian economy of the future”, concludes Praveen Sinha.