Problems faced by Entrepreneurs, Business Owners.
- Businesses are Slowdown or completely shutdown
- Operational Cost is unmanageable
- Office Rent
- Employee Salaries
- Infrastructure Cost
- Loans
- Depression/demotivation
- Uncertainty in Future
Let us look at the businesses during the lockdown across the globe. This is retail sales volumes experienced in Great Britain. During April, 14.3% of all stores described having zero sales. The most unsurprisingly severely hit were department store and textile, clothing, and footwear stores.
Effects of the Problems (long term and short term)
- Many Micro and Small scale businesses would shut down
- Loss of employment to many countrymen
- The poverty Ratio will increase
- The economy will fall down
Proposed Solutions
- Raising funds for MSME segment by Government
- New lockdown with guidelines to operate businesses with precautions
- Allow MSME to open their stores, factories with limited staff
- New standards of living with Social Distancing should be imposed
Action points / Call to action
- MSME: Use technology and digital platforms to keep your stronghold on your customers.
- Govt. : Give relief to MSME Owners in terms of loans
Conclusion: This is indeed a novel situation across the globe and you should adopt an approach of ‘from crisis to innovation’ and work for a ‘self-reliant’ India.
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