What Indian Entrepreneurs Need To Learn From COVID Crisis?
In a panel discussion titled ‘Baptised by Crisis’ at the recently held virtual Young Entrepreneurs Awards and Summit by BW Businessworld, industry experts discuss major lessons from the pandemic era that entrepreneurs should take away.
The answer to the question is many. This pandemic period has been a learning experience, among many other things. Indian entrepreneurs have faced a lot of challenges given the cash crunch happening worldwide and a lot of confusion prevails in taking the right action and moving forward. Against that, several positive signs are also seen.
Tej Kapoor, MD & Head, Fosun RZ Capital India speaking at a recent panel discussion at the virtual 6th Annual Young Entrepreneurs Awards and Summit by BW Businessworld said, “Companies have become more efficient. They have become cash conscious.” He added, “COVID-19 as an event has given a major push to online technology.” Also, Kapoor predicts, “The online consumers are going to grow from 80 million to 200 million in a matter of few years.”
Taking the discussion further, Monisha Advani, Partner, Emmay Entertainment and Motion Pictures Today shared, “The lockdown has given a lot of time to pause and reflect.” Addressing the challenged actors are facing during this period, Advani says, “In the last four weeks, we have different units started shooting in different parts of India. It is tough.”
Sharing some recommendation for the startup ecosystem, Sanjay Nath, Co-Founder & Managing Partner, Blume Ventures, said, “I would like to see corporates recognising the value in startups.” Nath though acknowledged the fact that there has been more corporate involvement with startups. He shared, “We would love to see more B2B startups here.” Further, Nath makes an observation, “Today I think Indian entrepreneurs are very bold. They want to build for global right from day one. I think the scale and scope of ambition has changed.”
There is still a lasting debate on how much the work-from-home trend is going to stay and how much is that successful. Vipul Roongta, Managing Director & CEO, HDFC Capital Advisors Ltd (HCAL) thinks that the entire benefit of work from home is overrated. “There is going to be a loss in productivity.” Roongta touched upon the specific challenges in the real estate sector and said, “COVID is not the only problem that the real estate sector is facing. The sector already had a lot of problems.” Roongta’s advice for Indian entrepreneurs is: “They have to learn not to be too sentiment focused.”