Most of today’s business people think that the best times for investment and new business was form 1950’s to 2010s’, but in a general sense even today is a great day to start a business with a product or service, but the major factor of the business is its demand in the current covid pandemic, any product or service cannot be successful without its demand in the market, so today we are going to discuss the topic: advantages and disadvantages of post covid economic developments and business functions.
Basically economic growth depends on various elements in nature from human resources to technological and industrial requirements, and with the corona virus pandemic many elements such as human resources have come to a halt, with the fear of infection it is ethical and moral for the companies and organization to go into lockdown and have stopped/ delayed their business. And some business having the ability to continue through internet have been providing online services, but overall delay and stoppage of business activities have caused a downfall in the economies around the world, and the new era of business and developments is waiting for the vaccine, and after the pandemic every country will strive to increase its economic position in the world, being a part of a country’s economy, you can be a part of an economic growth, basically starting a business can develop your country’s economy
Technology: The world is racing with time in development of new technologies for the satisfaction of users and customers, any basic technological development is done for reducing the stress for human work, and human work or man-hours are precious in the developing world.
Human resources: after the pandemic there will be rapid generation of new jobs mainly the jobs that require man power, and physical presence, and hence we will have a large variety of highly skilled people, ready to get a job and start making money. And hence you can get skilled people for your startup/ business.
Any business or startup needs a new idea or a new perspective of their business, each sector of the economy will have their changes and will require new policies and safer working conditions, for a better progress they also require a better payoff, in a consistent manner. If you are able to provide them with such privileges, and having a good product with need and demand in society, you will have a large chance for a better business.
Any entrepreneur will have his/ her hard times in their business but have some patience and perseverance and will to have a better day. These motivate us.
With motivation and determination one can achieve success for himself/herself and for his/her team and his/her fellow mates.
Coming to disadvantages there are a plenty of them, mostly due to novel COVID-19 pandemic, and due to shortage of people to work due to lockdown.
The effect of corona virus pandemic is everywhere; across the world businesses are experiencing major impacts of the pandemic. There is equal effect on the global economy as well.
1. Impact on production: There is a direct impact on production. As Chinese production is already affected by shutdown of industries, which is the same in other countries. This is slowdown in china effected the exporters china.
2. Supply chain and market disruption: The slowdown in economic activity and transport restrictions in the most affected countries will likely have a huge impact on the production and profitability of specific global companies. Travel and tourism sectors are facing losses that are likely not recoverable.
3. Financial impact on firms: These temporary disruptions of imports and or production are creating lot of stress in some firms, particularly the firms with inadequate liquidity like, startups.
4. Financial markets: The effect is even being faced by the traders. Traders were unable to correctly anticipate or understand which firms can be vulnerable. This has increased the risk of financial markets.
5. The spread of the virus has resulted in cancellation of various summits, tech conferences which therefore results in missing numerous partnerships across the world.
6. The sales function is the most affected and the worst hit in the pandemic, which is followed by production and supply chain.
7. Disposable income: due to lockdown most of the people have ran out of their savings and are in need of livelihood and money for their basic needs, hence they will not use their money to buy luxuries; they will only buy their necessities.
Authors: Nitya Santhoshi, Yuvaraj Rajarapu.