The Author is Chairman of Leading Power Company Hindustan Powerprojects.
Analyzing forthcomings risk and preparing an appropriate plan of action is the inevitable characteristics of an entrepreneur.
COVID 19 has created an unprecedented situation in the world. But while the world copes with the impact of the pandemic on economic structures, a new horizon of innovation has taken birth. All sectors have been severely hit, notably transportation, automobiles, aviation, manufacturing, tourism and hospitality tourism, etc. Many businesses have successfully adapted to the work situation. The lockdown has led almost every sector to go deep into the digitization of businesses.
Analyzing forthcomings risk and preparing an appropriate plan of action is the inevitable characteristics of an entrepreneur. However, the sheer scale of the risk caused by the pandemic is unprecedented. Operating from home yet assuring smooth functioning of products and services is the new normal that entrepreneurs have synced themselves with.
The shutdown was also challenging for the power sector, leading to a crisis with Discogs’ most lucrative consumer segment - commercial and industrial consumers. Due to the closure of industrial establishments during the lockdown, power consumption in India dropped by more than 22%. However, the task for the leadership is to swiftly face these challenges and ensure the sustainability of the business with minimum damage.
Apart from enabling the smooth operation of a business, it is equally important for an entrepreneur to ensure that his workforce remains motivated and encouraged through these challenging times. It is extremely important to maintain two-way communication between the leader and his team to understand the current scenario, challenges, and possibilities. While most economists and analysts believe that the damage posed by COVID-19 will have an impact lasting several years, entrepreneurs need to start taking appropriate decisions.
COVID-19 has led to most businesses to re-examine the way they have been operating. This situation is ripe for innovation. The lockdown has made the world realize the vast possibilities of remote access. Entrepreneurs are slowly adopting these new cultures, such as work-from-home to digital modes of payment, e-learning, and communications, to name a few. It is equally important for entrepreneurs to understand the opportunities that lie ahead after the pandemic and which will almost certainly recast the overall industry.
While the pandemic has led to exponential learning and upskilling in every individual’s personal capacity, it is an ideal move to keep improvising new skill sets. Multitasking and adding new skills will be the greatest weapons in the days ahead. It is important to abide by social distancing, restricted travelling, regular sanitizing, and avoiding large gatherings to fight the deadly pandemic.