On World Entrepreneurs’ Day, we remember words of co-founder and former CEO of Apple, Steve Jobs “I am convinced that about half of what separates successful entrepreneurs from the nonsuccessful ones is pure perseverance.”
He can’t be more true. Perseverance is key. Especially in these trying times amid Covid-19 and lockdown in the country and around the world. As we celebrate world entrepreneurs’ day this particularly should apply to young and upcoming entrepreneurs and most of them showed that they do have the determination to stay in the present and overcome these obstacles.
Keeping this in mind and celebrating World Entrepreneurs’ Day on August 21, Wadhwani Foundation, a not-for-profit salutes the startups and entrepreneurs hit badly by the COVID-19 related business slump and the National lockdown.
Wadhwani Foundation is working with a mission of accelerating economic development in emerging economies by driving large-scale job creation through entrepreneurship, innovation, and skills development.
The Foundation gives guidance on how startups should ensure liquidity and slow-down the burn rate while diligently planning for an 18-month runway.
It strongly recommends that startups should not waste the crisis, as it provides an unprecedented opportunity to pivot to new businesses and diversify into growth verticals like healthcare, emerging tech, online education, grocery delivery, and e-pharmacies.
On this occasion, Dr. Ajay Kela, President, and CEO, Wadhwani Foundation, advised startups and entrepreneurs saying, “The COVID-19 disruption has created a once-in-a-lifetime opportunity for entrepreneurs and startups. Behavioral changes of doctors and patients, teachers and students, retailers and consumers, companies and employees, policy evangelists and policymakers, etc., which would have taken years, have changed overnight and will become the new normal.”
He added that “New entrepreneurs should build solutions that align with these new behaviors, and existing entrepreneurs have the advantage of having started the journey to pivot quickly. Data suggests that the best time to start a company is during a crisis. This pandemic is the mother of all crises, hence, also offers the mother of all opportunities. Please don’t waste the crisis, start something new or pivot to the new norm, and I wish you the very best.”
Wadhwani Foundation was founded in 2000 by Dr. Romesh Wadhwani, with the primary mission of accelerating job creation in India and other emerging economies through large-scale initiatives in entrepreneurship, small business growth, innovation, and skilling. The Wadhwani Foundation works in partnership with governments, foundations, corporations, and educational institutes.
In the view of this pandemic, many sectors except a few will suffer due to low demand and consumer interest. So, this should be the time for startup entrepreneurs to preserve cash, get nimble, be ready to pivot to meet new customer needs through change and innovation, and not hesitate to seek help.