Startups: Corona Outbreak and its Impact

COVID-19: Story 5 - Startups: Corona Outbreak and its Impact

Ahmedabad, April 2, 2020: India being the 3^rd largest emerging country for startups in the world after China and United States of America. According to Government startup portal, there are 79,783 startups, 563 mentors and 565 incubators are exit in the country. Startups have poised in Indian business ecosystem. This national lockdown due to novel coronavirus outbreak has impacted a huge loss to the common man to the established business & flourishing industries. World Economists already have predicted the results of COVID-19 outbreak and signaled vulnerable situation of economic slowdown. Small and Medium (SMEs) industries and startups which are contributing around 30% of India’s GDP will have to start with a new approach. But, we can see this outbreak as multiple opportunities to many startups, if they are able to grab in pragmatic manner with right attitude, they will grow like never before. 

First of all, under this global lockdown all startups can introspect themselves or reinvent themselves. It is the time to plan and make workable strategy for the startup business. Try to figure out your strengths and prepare your future map to find product, price, place and promotion with right approach. At the same time, you have to re-analyzed and know your SWOT (Strength, Weaknesses, Opportunity and Threat) and prepare yourself how to overcome. Learn about your competitors, customers, eco-system so that you can be able to beat the best after this pandemic crisis. Glaring the reality that startups need to change – not just change the sake of change, but, in fact, reinventing their core factors. By its nature, the reinvention of a business requires courage and daring.

Contributed by: Bharat Thakkar, Business Mentor and Founder of Business Growth Technique Partners Network (BGTPN) and Dr. Shashikant Bhagat, Faculty, National Institute of Mass Communication and Journalism (NIMCJ), Ahmedabad, Gujarat, India.

Tourism Turmoil in Coronavirus Outbreak

COVID-19: Story 4 -Tourism Turmoil in Coronavirus Outbreak

Ahmedabad, April 1, 2020: We are very much aware that COVID-19 has silenced everything from man to machinery, only nature is very active. But, tourism that is close to nature and people always to go discover and explore nature’s beauty, travel & tourism is the only carrier through which people travels to explore. Tourism Industry is entering a great crisis due to the worldwide panic of Coronavirus. Duration and scope still unknown, which is leading to the stock market crash continued for a week to all the giants of the sector. Impact of the Covid-19 on world tourism is unquestionable, and the authorities' forecasts are based on previous experiences with similar crises such as that of SARS or H1N1.

The coronavirus outbreak that has spread to all continents barring Antarctica has brought the travel and tourism sector to a standstill. There is a global scare. It is not just about India. People are not wanting to step out anywhere. If the entire economy is getting impacted, tourism would get hit too.

According to industry chamber Confederation of Indian Industries (CII), this is one of the worst crises ever to hit Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure, adventure, heritage, MICE, cruise, corporate and niche segments. The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit.

The World Travel and Tourism Council (WTTC) says up to 50 million jobs could be lost because of the pandemic. New figures from the WTTC suggest that the travel sector could shrink by up to 25% in 2020. But present scenario says it could worst than that. 

Contributed by: Bharat Thakkar, Business Mentor and Founder of Business Growth Technique Partners Network (BGTPN) and Dr. Shashikant Bhagat, Faculty, National Institute of Mass Communication and Journalism (NIMCJ), Ahmedabad, Gujarat, India.