1.

We know, because of the COVID-19effect, almost all the business enterprises in our
country are at risk now, which is pointing towards the industrial sickness. How do they
overcome this devastating situation?
Ans: The Covid-19 pandemic has managed to not just slowdown the progress on the business
front, but has also led to bringing certain businesses and entire industries to a standstill. It is a
challenging phase for all, and as entrepreneurs, all are facing a new set of challenges, dealing with
which could be really taxing. Even though this might be a tricky situation to deal with, it is
definitely not the time to lose heart over the losses that businesses might have incurred.
Here’s a list of practices that can be adopted by entrepreneurs in order to cope with the ongoing
crisis.
i. Integrating design and concept alterations
Businesses need to realize and work upon the alterations that might be required. Innovation
has always been the key to overcoming challenges in the evolving market situations.
Bringing about innovation in the design of the products and the concepts that we, as
businesses, are offering can help overcome this challenge posed by the pandemic. The
spread of Covid-19 has essentially altered the demand-supply dynamics of many industries,
including tourism, ticketing, restaurants, etc., and the only way to get through this would
be to carefully pivot the business models as per the changed industry dynamics. EdTech,
Health Tech, social impact businesses, agriculture, and food processing startups are
expected to gain traction post COVID-19 crisis.
ii. Managing funding and investment
A sustainable business approach needs to be followed, wherein all the resources,
particularly monetary resources and funds, need to be used consciously. Managing cash
flow and conserving resources for a few months post resumption of normal operations shall
be the key to sustainability.
iii. Incorporating short cycle planning
Post the pandemic and once the operations get back to normal, planning for short durations
and short cycles should be the mantra. Instead of looking at long-term plans, three months,
six months, and one-year plans should be ready. In the current scenario, making up for the
lag due to lockdown and preparing the organization to cope up with the situation needs to
be focused upon.
iv. Enabling effective mentoring for re-strategizing
Since all are looking at re-strategizing business models, startups should strive to get
relevant mentors on board. Businesses can also look at connecting with experts from
different sectors who can significantly benefit the operation cycle by their inputs.
 v. Maintaining the channel of communication during the crisis
During times like these, it is essential that the channel of communication is effectively and
efficiently maintained. Being open and available to the concerns of all stakeholders,
including customers and investors, becomes extremely important so as to maintain their
association with the business.
vi. Embrace new sales channels
Even as more of the country goes into lockdown, people still are going to want and need
to buy things, creating opportunities to serve your market via alternative sales channels.
For example, if coronavirus is cutting down on foot traffic to your retail business, look to
expand your e-commerce offerings. Restaurants in China have seen a decrease in in-store
customers, so they’re selling takeaway meals instead.
vii. Work on long-term investments in business
This unprecedented situation is obviously driving a lot of cancellations for things like
airline reservations, concert tickets and business conferences, but bigger-ticket B2B sales
may not be as severely affected, unless the crisis goes on for so long that it causes
companies to cut back on their spending and investment. Keep nurturing the business leads
with the long view in mind, even if the short-term headlines are crazy and the situation
feels uncertain.
viii. Prepare for pent-up demand
There are always challenges and crises affecting our businesses. We can adapt and embrace
the opportunities and bounce back stronger, even from a major crisis like coronavirus.
ix. Communicate transparently with the customers
We are all in this together, so the ideal way is to stay transparent with the consumers about
what the business is going through. Customers can empathize with companies facing a
crisis, as long as the communication is transparent. Communicate with customers to
understand their perception of the product/solution offered by the business.
x. Maintaining healthy relationship with contracted parties
It is understandable that it might be difficult to pay out vendors/suppliers during the
lockdown. However, it would be helpful to give your vendors, suppliers, landlords’ etc.
sufficient notice in case there is going to be any delay in payments so that they can also be
prepared and there is no bitterness in this already difficult time.
xi. Managing employees & related optimization
For large companies considering layoffs, the primary option should be to cut the salaries
of the higher paid exec/employees to try to retain the people who can least afford to lose
their jobs employed. However, when the time comes to make the tough call, do it with
 compassion look out for government directives, and offer extra compensation as and when
required. Such implementation should be carried out only once and not in stages.
xii. Communication to stakeholders
Consult with the investors or external experts to plan the right form of communication with
stakeholders, most importantly customers and employees. Have an honest conversation on
the situation and its impact on the business with the entire leadership team. Any negative
message should be delivered with utmost empathy along with transparent reasons.
This is the time when understanding the gravity of the situation and turning it favorable for the
business is all that matters to let it sail smoothly in these difficult times.
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2. Explain various business trends that may help the entrepreneurs to Start their businesses
smartly.
Ans: The world is focused on combating the immediate economic damages of global COVID-19
pandemic. In the context of entrepreneurship and innovation, - local, state, regional and national
governments, private and NGO entities, along with many individual people with different profiles,
are doing whatever needs to be done to protect their entrepreneurial communities.
From the perspective of Bangladesh entrepreneurs may start new business with new ideas. Such
as:
i. Virtual Assistant Provider: A virtual assistant is generally self-employed and
provides professional administrative, technical, or creative assistance to clients
remotely from a home office. Entrepreneurs can provide virtual assistants to various
business firms.
ii. E-training provider: E-training means the delivery of learning or training program by
electronic means. E-training involves the use of a computer or any other electronic
device to provide training or educational material.
iii. Real Estate Valuation: Real estate valuation is a process that determines the economic
value of a real estate investment. The capitalization rate is a key metric for valuing an
income-producing property. Net operating income (NOI) measures an income-
producing property's profitability before adding costs for financing and taxes. It can be
very good startup for any entrepreneur.
iv. Digital Journalism: Digital journalism, also known as online journalism, is a
contemporary form of journalism where editorial content is distributed via the Internet,
as opposed to publishing via print or broadcast.
v. Outsourced Customer Service: There are several businesses out there that are looking
for individuals to fulfill customer service positions. This requires a fair amount of
experience, good people and management skills and should be familiar with
organizational structures. Platforms like Upwork and Jobspresso provide many
opportunities.
vi. Custom Furniture Production: Custom furniture is when a designer pitches a design
to a furniture manufacturer and, if accepted, the furniture manufacturer produces that
design. The furniture piece is not something the manufacturer already makes. This
would be a new product for the manufacturer.
vii. Handmade Jewelry: There have been several people who have founded extremely
successful businesses based on creating handmade jewelry. In fact, platforms like Etsy
are some of the biggest marketplaces where everyone from novice jewelry makers to
professionals can sell their products. There is a huge market for custom-made jewelry
and even young people have been able to build thriving brands that offer a range of
unique items. Everything from classic and traditional pieces to extremely quirky
statement pieces is appreciated in this market and this segment is currently growing at
a rate of 5-6% a year.
viii. Keto Foods: The ketogenic diet is a high-fat, adequate-protein, low-carbohydrate one.
The diet forces the body to burn fats rather than carbohydrates and has become fairly
popular over the past few years. While the fitness and healthy food industries are
constantly hit with swells of new-age fads, the keto diet has some solid medical backing
and thus has stayed around for a while. There is a niche for keto products and it has a
pretty solid consumer base too. In order to break into this niche, it would be advisable
to really dig in deep into the world of fit foods, ingredients that constitute such foods
and alternative nutrient sources.
ix. Accessories of Accessories: With consumers adding more and more technological
products into their daily routines there is more interest in accessorizing these devices
to make them more stylish, streamlined and functional. These accessories can add style
to the device itself whether it be a phone, computer, camera, drone, etc., or these
accessories can be a more stylish version of something anyone regularly use in tandem
with a device such as docking stations, power banks, cords, chargers, etc. Some popular
accessory items include the iRing which adds additional functionality to the iPhone,
AirPod Skins add style and protection to the Apple Airpods, or even sweaters for drones
and Airpod floss stickers. Yep. Those are a thing. Take advantage of the demand for
stylish, sleek, streamlined and functional accessories and create a new product that
makes an existing device or accessory better. The beauty of this approach is that it
doesn’t have to be complicated. Spend some time thinking of the devices you use every
day and what small accessory would make them either function or look even better.
Nobody has to reinvent the wheel here, just think about useful, functional, quirky or
customizable additions that make existing devices better.
x. Vegan Foods: Veganism isn’t just a trend anymore but instead a lifestyle or cultural
choice for a growing number of people. The vegan food industry is booming and it’s a
market with a lot of development potential as it isn’t quite in the mainstream yet. Be it
soy products or vegan “meat,” vegan alternatives to household items or even chains of
vegan restaurants—there is so much untapped potential. Think about all the food
choices and options that are available to the majority of the urban population—
confectionery items, condiments, gourmet desserts, home-delivered meat cuts, recipe
books, website and channels—it’s an endless world. Finding alternatives to these
 products and services for the vegan sector can help entrepreneur break into and carve
own startup in this segment while establishing a base for a solid business in the vegan
foods industry.

The global pandemic and associated policies restricting people’s movements have caused major
disruptions to many businesses. We’ve already observed major shifts in business practices.
Working from home is the new norm, while many personal meetings and conferences have been
replaced by video meetings and other virtual forms of communication. After these epidemic
situation entrepreneurs may try these types of new business ideas.
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