“Business resilience: Thriving in the New Normal”

The pandemic brought drastic changes in many aspects of life of every individual and the
detrimental effects are very evident especially to businessmen and entrepreneurs whose
businesses are under crisis prior to the pandemic. With that, the webinar that was held themed
“Business Resilience: Thriving in the New Normal”. Specifically on the topic “The mind of an
entrepreneur: Coping Up with the Challenges Amidst the New Normal”, is very significant, in
terms of providing the students particularly the aspiring entrepreneurs about the important things
to be remembered in business especially during crisis.

The things that were tackled on the webinar focuses on the important things that an
entrepreneur should remember in business especially on crisis. Based on what I have
remembered from the guest speaker, Mr. Celso Noel D. Aban, it is very important to monitor and
calculate the cash inflows and outflows of the business to know whether there is a loss or gain on
the operations and to know if the business can still survive. In addition, it is vital to always take
in mind on how to increase sales or revenue of the business. On what I have learned, in order to
increase the revenue, an entrepreneur should observe some strategies such as, offering lower
prices of products to allow more buyers with the affordable prices. Another, by reducing
production cost without sacrificing the quality of products or services and also by giving up with
the products that contribute only little revenue to the business. It is also important to remember
to optimize the financial structure of the business by selling the assets that does not contribute to
the operation of the business. The most substantial information that I learn about the webinar is
that, it is very important to maintain cash or the liquidity of cash in the business to procure raw
materials that is needed for the production or operation of the business in order to continue
operating and generate income.

As an accountancy student, I have acquired many essential details particularly about

business, knowing that it is important to engage myself on business related events with regards to
my chosen field, in order to have a better grasp of how to manage and contribute on the decision-
making of the business particularly on financial information.