As big of a health impact that COVID 19 has created, the economic impact is far bigger. I have word with Startups founders, teams and Entrepreneur in Bihar and most of the Startup’s founder is in pain due to economic impact on their Startups. Few of them have money in their accounts to survive for next months to give salary to their employ, pay electricity bills and rents of their offices, but most of the startups comes to end and in position to close the venture in upcoming next few months due to financial crisis,but all of knew that we are Entrepreneurs, and entrepreneurs are made to take risks and wake up again and again.
The ongoing COVID-19 lockdown has impacted all businesses, including startups and small and medium enterprises or SMEs, with less cash on hand are being hit hard. While sources of revenue for most have nearly dried up, the challenge to survive is for all due to the contagion effect of the economic downturn triggered by the ongoing pandemic. Around 27% of startups and SMEs said they are already out of funds and 20% of startups and SMEs said their cash would only last them less than a month.Collectively, 47% of startups and SMEs then have less than one month of cash left.Around 6% of them can survive for 6 months whereas 23% said they have a runway for 3-6 months. Another 24% said they only have cash for 1-3 months.
While a small percentage of businesses are now doing extremely well, the reality is most industries are severely hit. Some of these businesses will never return.Zooming in on their survival strategy in the next 6 months, 61% of startups and SMEs are looking at scaling down while 7% were looking at selling their business. About 13% of these startups and SMEs are looking at a complete shut down while only 13% said they are looking at growth. But a percentage of them will fight and re-establish themselves because of certain qualities the business leaders from those companies have.
One of the biggest factors for any kind of success is simply how had you want it. If you don’t want something bad enough, the chances of you getting it are pretty slim, especially if it is something that is particularly hard to achieve. When you want something bad enough, your actions are in sync with the desire and the chances of you getting it skyrocket.
Your work ethic is in direct proportion to your burning desire for something. If you think about it, when it comes to getting or achieving something, you really have no control over many of the factors that would determine whether you get it. Whether it is a business deal or a relationship related issue, the other person’s response is not under your control. What is under your control are your actions and how hard you work to make that thing come to fruition. The more you focus on work, the lesser you have to worry about luck.
At the same time, remember that hard work isn’t enough to guarantee success. It is a bare minimum. You still need to work in the right direction and in the right way.
Working in the right direction and the right way basically means you are working smart while working hard. It does not mean you get lazy. It just means that you make sure all your time is directed towards activities that deliver the highest return on investment on your efforts. That’s it, plain and simple. Working hard in the wrong direction will lead to disaster. Working smart but being too slow will get you nowhere either. Working hard and smart makes you the best of the best in business or any other field in life.
As I have conversation with Suman Sourav,Co-founder of Medishala said,”We are already suffered due to lockdown in the due to financial crisis,but it’s also an opportunity for us to find alternate and enhance our platform as per demand due to lockdown in medical field. “
If you don’t believe you can do it, you will never put in the effort to do it, as a result you will fail by default. Self belief gives you the courage to start when it all seems impossible and the courage to keep going on when things inevitably get tough. Everything in the world has been achieved because of people who believed they could do something even when the world around them believed they were crazy.
You maybe surprised to hear this as the above point is completely opposite to this point. However, a healthy degree of paranoia and fear is actually very important for success because if you become too confident, you will become too comfortable and you will be completely unprepared when life or your competitors or an economic crisis smacks you in the face.
Not all fear is bad. The fear that motivates you to perform better is crucial for your success. Only the fear that paralyzes you is bad. That is where self confidence comes in and gives you the courage to start.
If you are not moving forward you are moving backward. If you are not improving, you allow someone else to get ahead of you in the race. If you are not improving constantly, you become like stagnant water. After a while, stagnant water stinks and so do stagnant people.
The most important thing to realize in order to foster an attitude of constant improvement is that, even if you are great at what you do, there is always someone better. Even if you are the best today, you cannot remain the best forever. The only way to make sure you remain the best for the longest time you can is to absolutely commit to constant improvement.
People expect results overnight and get discouraged when they don’t get them. The truth of the matter is that most great things take time to achieve and unless you win the lottery, they will not happen overnight. It is important to have the quality of patience in order to overcome the obstacles and struggles that you are inevitably going to face in your journey. If you don’t have patience, you will quit at the first sign of difficulty and set your self up for failure.
Patience is a virtue when it comes to waiting for the result. However if you are patient in terms of your action, everybody else will beat you in the race. You need to be massively patient when it comes to expecting results. However, when it comes to your action, you need to be so impatient that you need to always be thinking about what you ought to be doing next to achieve your goal. Edison said, Good things come to those who wait, but only those who hustle while they wait. Like the Gita says – Focus on your actions, do not be attached to the rewards. Ironically, if you focus on actions, eventually the reward will come.
One of the most important traits required for success is the ability to change with changing times and scenarios. When Edison came out with the light bulb, the candle making industry people complained that it killed their jobs. When Henry Ford started mass producing cars, the horse carriage industry complained that it was killing their jobs. Much of these businesses are not around anymore. Instead of complaining, if many of those business owners had instead adapted to changing times, the companies would have still been around.
As Darwin said, life is about the survival of the fittest. Change is inevitable. You can either accept it, adapt and survive or you can resist it and die. The choice is yours.
Steve Jobs said that your work will fill up much of what you do in life and you need to be really passionate about what you do because if you don’t, things inevitably get so hard that any rational person would give up. The only thing that sustains you through those tough times is your passion for what you are doing. Jim Carrey said that he saw his father getting fired from his “safe job” as an accountant and came to the following conclusion: You can fail miserably doing what you don’t love, so why not take a chance on doing what you do love!
People think that in order to succeed in today’s world you need to be dishonest. In the short term, dishonest people tend to succeed more than people who are honest. But in the long run, people who have used dishonest practices to run their work have eventually crumbled. The greater the magnitude of their dishonesty, the greater the chances are the eventually things will implode. Things do not get hidden for too long. Stick to honest practices to ensure the long term sustainability of your business or any work you are doing.
People pay when they think the value of what they are getting is equal to or higher than the price they are paying for it. Now sometimes, you maybe able to convince people to try something without them knowing its value but in the long run, you will only get repeat customers or have people trust you when you can demonstrate the fact that the value you provide is far greater than the money they pay you for it.
If you can’t take risks, you will never achieve what you want in life and will forever be a slave to fear. Along with the ability to think intellectually, risk taking is one of the most crucial qualities that have led to the progress of human kind over thousands of years. When you stop taking risks, you become stagnant and stagnancy is actually the biggest risk of them all as it becomes only a matter of time before a major change happens and smacks you in the face.
At the same time, taking risks does not mean gambling or getting into life threatening situations. It simply means assessing all the possibilities and understanding the rewards involved. You then take the leap, knowing that even if you fail, it may result in setback but not a disaster.
One of the biggest reasons that people don’t go after what they want is because they fear that they will be laughed at by others. What they don’t realize is that one day, it will be too late to go after their dreams and they will be miserable with regret. The only thing they can do then is cry at themselves.
Being laughed at by others but being happy is way better than crying at yourself. Understand that most of the times, criticism is just an opinion. If the criticism is grounded in facts, study it and then make a decision objectively. But if it is just an opinion, forget it and move on. What is true, correct it. What is not true, reject it!
It doesn’t matter whether you are involved in business, self employed, doing a job or involved in any other nature of work, we are all salesmen/saleswomen. If you do not have the power to communicate and convince the other person of your value or your product/service’s value and sell them on why you/your product/service will be highly beneficial for them, you simply won’t be able to get very far in life.
Although sales has gotten a bad rep because of many sales people, it is the single most important quality which will help you grow your business or work. Even a sportsman, artist, an actor or any creative has to be a brilliant sales person in addition to being great at their craft. Because if they cannot do that, it becomes close to impossible for others to notice them.
Many VCs and entrepreneurs have said that the next 6 months will be very critical for the Indian startup ecosystem and thousands of people will face layoffs.