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Impact of COVID-19 on Indian Entrepreneurship: Challenges and Opportunities, Assignments of Entrepreneurship

Shri Ramswaroop Memorial UniversityEntrepreneurship

The challenges and opportunities faced by indian entrepreneurs during the covid-19 pandemic. The impact of the pandemic on small businesses, the difficulties in finding new customers and accessing financing, and the changing perspectives on entrepreneurship. The document also highlights the resilience of small businesses and the need for support, innovation, and flexibility in dealing with the crisis.

Typology: Assignments

2020/2021

Uploaded on 06/23/2021

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Name: Muskan Sachdeva
Roll no. : 201810702110055
Course/Year: BBA/3RD Year
Subject: Entrepreneurship
Teacher’s Assessment 1
Aim: To study and analyze how Indian entrepreneurs are affected and challenges faced by them
since COVID outbreak in 2020.
In the face of the worldwide COVID-19 pandemic, Entrepreneurs have to face a new reality: that
it is not only a huge sanitary and health crisis affecting million or even billion people in all over
the world. This is also an unprecedented downturn on the global economy. This reveals the
breakability of our economies and its fundamentals. If the world has quickly shifted under our
eyes, the different scenario and reality are not the same depending on where you are running
your business today.
The impacts of COVID-19 have already been catastrophic and devastating for life, societies and
economies around the world. It has cost the life of more than a million people so far and has
created misery for all. In this environment economic actors try to survive and maintain activities,
support their communities and create value in their ecosystems. This book addresses COVID-19
and entrepreneurship by exploring challenges and opportunities for small business. Small
businesses have proven resilient in crisis situations. The direct, unquestionable and passionate
involvement of entrepreneurs and their families provides strength that large organisations usually
envy. However, in such times of crisis small businesses need support, innovation and solidarity
to overcome the difficulties. A focus on humanity for all people involved, including
entrepreneurs and their loved ones, customers, neighbours and all stakeholders is essential.
Liquidity and resilience are also critical with governments, financial institutions and property
owners providing understanding and support. Flexible and innovative operating models are
needed to deal with the uncertainty of any crisis and to address contextual challenges in a smart
way. This book contributes to this discussion by providing research, best practice and a dialogue
from different parts of the world.
While entrepreneurs are optimistic and resilient, the pandemic will require them to shift their
business approach for decades to come. Although some businesses may have plummeted, other
elements surrounding the pandemic will build the next generation of entrepreneurs.
Challenges reported by owners of new, young, and mature businesses during COVID-19
pf3

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Name: Muskan Sachdeva Roll no. : 201810702110055 Course/Year: BBA/3RD^ Year Subject: Entrepreneurship Teacher’s Assessment 1 Aim: To study and analyze how Indian entrepreneurs are affected and challenges faced by them since COVID outbreak in 2020. In the face of the worldwide COVID-19 pandemic, Entrepreneurs have to face a new reality: that it is not only a huge sanitary and health crisis affecting million or even billion people in all over the world. This is also an unprecedented downturn on the global economy. This reveals the breakability of our economies and its fundamentals. If the world has quickly shifted under our eyes, the different scenario and reality are not the same depending on where you are running your business today. The impacts of COVID-19 have already been catastrophic and devastating for life, societies and economies around the world. It has cost the life of more than a million people so far and has created misery for all. In this environment economic actors try to survive and maintain activities, support their communities and create value in their ecosystems. This book addresses COVID- and entrepreneurship by exploring challenges and opportunities for small business. Small businesses have proven resilient in crisis situations. The direct, unquestionable and passionate involvement of entrepreneurs and their families provides strength that large organisations usually envy. However, in such times of crisis small businesses need support, innovation and solidarity to overcome the difficulties. A focus on humanity for all people involved, including entrepreneurs and their loved ones, customers, neighbours and all stakeholders is essential. Liquidity and resilience are also critical with governments, financial institutions and property owners providing understanding and support. Flexible and innovative operating models are needed to deal with the uncertainty of any crisis and to address contextual challenges in a smart way. This book contributes to this discussion by providing research, best practice and a dialogue from different parts of the world. While entrepreneurs are optimistic and resilient, the pandemic will require them to shift their business approach for decades to come. Although some businesses may have plummeted, other elements surrounding the pandemic will build the next generation of entrepreneurs.  Challenges reported by owners of new, young, and mature businesses during COVID-

For entrepreneurs of all business ages, finding new customers was the most common challenge reported. Among those with a new business less than 1 year old, 4 in 5 reported this as a challenge (80%), compared to about 7 in 10 owners of businesses that were 5 years or older (70% among those whose business was between 5-10 years old, and 69% among those whose business was 10 years or older). Entrepreneurs with a new business face the greatest difficulty keeping existing customers: nearly 7 in 10 reported this to be a challenge (68%) compared to just over half of those with a mature business 10 years or older (54%).  Accessing startup and growth financing during COVID-19 conditions was a challenge for more entrepreneurs with a new business. Entrepreneurs with a business under 1 year old were almost twice as likely to report funds to start the business as a challenge compared to those with a business older than 5 years (72% vs. 39%). Although startup funds are most often reported to be a challenge by owners of the newest businesses, they are still a problem facing more than half of those with businesses 1-5 years old (56%). The challenge of finding funds to grow the business was somewhat different, with the same percentage of owners of new and young businesses under 5 years reporting this to be a challenge (64%). Entrepreneurs with businesses 510 years and 10 years and older report similarly about growth financing challenges (45% and 47%).  Changing perspectives on entrepreneurship It is almost certain that the way entrepreneurial businesses are affected today will have an impact on how entrepreneurship is perceived as a job choice in the future. The changes we observe today may be a double-edged sword. Some might argue that the crisis could negatively impact the risks associated with entrepreneurship, and ultimately hinder start- ups in attracting the right talent; others might suggest that the changes we observe today could alter perceptions of entrepreneurship for the better.

  • More than 70% of start-ups have had to terminate full-time employee contracts since the start of the COVID-19 pandemic;
  • Many entrepreneurial businesses have pivoted to meet new needs for goods or services borne out of the crisis;
  • The way entrepreneurial business models and approaches are affected by the pandemic will have an impact on how entrepreneurship is perceived as a job choice in the future. The onset and spread of COVID-19 have left few people, if any, unaffected. Governments the world over have been repeatedly tested and stretched. They have set new rules and norms to try to re-establish confidence and give economies a chance of survival.