Present condition of the whole world is deficient and vulnerable due to pandemic hits hard. As we all got shocked with an unpredicted future when the pandemic got outbroken. There’s no vaccine been made till to date which shows lack of preplanning and how subvert we are about these obstacles.
People are struggling through bad economic conditions. All of us badly in need of help from each other, support others during this worst psychological condition we are passing by with full capabilities that we have. Besides the government’s initiative, youths have a large duty to be taken care of.
Entrepreneurship, that we know this single word comes with many social responsibilities and solving real life challenges. As the recent challenges kindred with the corona virus pandemic mount, there is no other way or any shortcut of innovative entrepreneurs who have stepped them out to help. These innovative minds from all over the world, coming up with new ideas and solutions that all are needed to be mainstreamed by administration and government panels, whether entrepreneurs are able to initiate properly or not.
We have seen many innovative ideation contest based on current problems are being called for to offer the attention of megaminds. It can be a good path to take action by the best submissions.
There are some major key-paths that can be followed by, necessary thinking and planning is the most vital for this moment as fast entrepreneurs can decline the worser condition developing by their smart solutions.
Innovation for long run
The first thing is to ensure, the innovation is required for long terms rather than some prompt solutions.So determining a long term solution is a must choice unless those can not be usable or smart enough to initiate further after the pandemic.There’s a lot of demands for fulfilling the medical equipments, protective items and other technical requirements that doctors need the most. The demand can be fulfilled by entrepreneur’s smart solutions although a short term infusion. As the most challenging part of any country while fighting against Covid-19 is the health sector undoubtedly that we witnessed. All we need is an adoptive solution to make which can be sustained in the long run. In order to define if the product or solution is addressing a long-term or short-term problem, it is suggested to look at the past. History says many things that we need to adopt while taking necessary steps.
It is required to construct a market opportunity analysis using data from the last five or ten years. If the idea or solution was lying in the past then how can the new idea be defined more uniquely and feasible. How much relevant this is with the current problem and what were the issues to lack the previous idea got behind are mandatory to ask ownself and re-check or moderate.
Detect the long term market
The next path is to project whether there will be a huge and dedicated market for the product or service to be launched in a post-covid future. Many researches show us that major of the startups get failed and collapsed because of less market demands, specially it’s a crying need in the situations like this pandemic. Identification of market value, market demands are most important to study before get in hand. Making own viable business is much prior to get ownself stick to research with up-to-date thinking. The world has faced numerous challenges within last half year. Technology that is new or trendy is not the appropriate to look on but to consider the most suitable solution by what customer’s get happier and pleasurement also gets ensured. Product or service should be cheaper and available. That’s how we have been seeing a different look on working systems.
Officials, professionals are appreciating the remote jobs. The telehealth communication is also explosively growing all over the world. Remote patient monitoring, the uses of artificial intelligence in healthcare are also being increased that keeps a good sign.
In a nutshell, entrepreneurs need to ask themselves whether they are delivering an innovation that their customers passionate about?
Besides as a entrepreneur of pandemic era, can their product be satisfying after pandemic or will there be enough customers remaining even in post-covid world helping to grow their business?
Need to map own business model
During this epidemic, many non-profit organisations, ventures are getting supported by donations from many international and multinational company, even from the government side. These scale-up funds are definitely a token of inspiration for initiators to look forward. Though the leaders of the ventures need to understand and prepare themselves without funds as there will be less funds in the post-covid world which make sense.
All we know , maintaining a donation exclusive organisation is really difficult over the long run in the present economic circumstances. So all of the new entrepreneurs should consider the revenue models native to the field of social entrepreneurship. Social venture is somewhat difficult in nature as it has a dual target of social impact, development as well as financial growth. At the same time, develop an array of business models to achieve these parallel goals which seems pretty challenging right now according to financial conditions and poor investment due to pandemic effect.
People from all over the world are trying to fix the problems and limitations that we faced. The best try with our potential and intelligence of movement to conquer against coronavirus and all of it’s worse consequences to rebuild our beautiful world.
Al-Amin Ifty/ Intern, YSSE