Due to pandemic of Corona virus, whole world is getting adversely affected. But the worst affected sector is startup sector. Many Startups have worked closely with the government to address the situation of pandemic. In the Webinar organized by Lemon Ideas about achieving survival sustenance for startups and business ventures, Mr. Hemant Gupta(MD Zone startups, MD & CEO, BSE Samman CSR Ltd.) emphasized that for all the business sectors which are down due to lockdown needs to take suppot of technology to think out of the box . He gave some pointers for startups to follow to achieve sustenance:
1] Focus on Strategy
2] Trim cash burn
3] Be realistic
4] Communicate with stakeholders
He further discussed each pointer in detail,
1] Focus on Strategy
- In this pointer he suggested startups to be clear about the issues startups aim to solve with their product or service.
- For achieving the aim, organization may have to change their product or service according to the demand.
2] Trim cash burn
- Due to lockdown many businesses are on standstill thus, to keep floating it is important to cut down expenses, and save money as much as possible.
- Mr. Hemant Gupta suggested to question all the things related to business and think which assets are important in present condition, e.g. office, mode of working, etc.
3] Be realistic
- Startups should aim at product or services which are realistic, can be made in real life.
- The product or service designed to address certain issue should be acceptable to your customers.
4] Communicate with stakeholders
- Businesses should make sure to keep their stakeholders with them. In the time of crisis make sure to take their suggestions.
- Other thing that business needs to keep in mind is that customer is your partner.
- Mr. Hemant further told to discuss the matters concerning business with your Mentors to find solutions for them.
In the time of crisis empathy is more important to bring business for the company, try to understand priorities of your customers as they are also going through same situation as us, if you are their friend and support in the time of crisis than they will be our customers for lifetime.
On the ending note Mr. Hemant Gupta gave two very good points. First, It is not the survival of the fittest, but it is survival of most adaptable. Second, it is your story which you should write yourself, others won’t write it for you.