The coronavirus-fuelled slowdown may be an opportunity for startup founders to take stock of the situation, envision new market needs, and gear up for a fresh start.
Even as economies and countries are fighting the COVID-19 pandemic, businesses, entrepreneurs, and SMEs across the globe are feeling the brunt of the resultant slowdown.
The pandemic is estimated to hit India’s economic growth by up to 50bps in FY21, as per government sources.
With 13 deaths and a total of 665 cases across India, we are headed towards a major health crisis already.
These are tough times, but entrepreneurs can actually use this effectively to reflect and strategise a way forward plan, with a resilient attitude and a winning mindset.
Instead of spending this time counting losses or panicking over the situation, the slowdown could actually be a boon.
It is an opportunity to allow startup founders to take stock of the situation, envision market needs and demands after the pandemic is over, and gear up for a fresh start.