2020 was a rollercoaster year with the infamous coronavirus, several natural calamities hitting several parts of the world, US Elections and countries like India and US trying to encourage citizens to be self-dependent and self-sufficient, has affected businesses globally.
This year was full of uncertainties turning the whole world upside down affecting humans and businesses massively.
Technology has played a crucial role in reviving 2020, more so became a necessity for survival.
Large businesses had to consider remodelling their business structure. However, this year was the hardest for startups and small businesses.
Let's look at some entrepreneurial lessons that we can learn from 2020 to have a better 2021
Innovation has always been the key to success but in this pandemic, it was the question of survival.
Innovation saved several businesses from this pandemic and turned it into a huge opportunity resulting in business expansion.
Thinking out of the box helped businesses thrive through the epidemic since it sets you apart.
Hence, the lesson learned is to always invest and focus on innovation.
Learn Risk Management
Pandemic has shown us the need for and significance of a risk management system.
Businesses of all sizes need to learn about risk management. How much risk a business can take(in numbers), how to deal with uncertain risks, how to mitigate losses, etc.
Every organisation must set up a risk management system like every country has a disaster management system.
Businesses should come up with a detailed plan stating how to tackle risk, reporting of incidents, and how claims should be taken care of.
While businesses do prepare policies for risks like theft and fire but it's now vital to formulate a comprehensive plan accounting for risks by climate change or pandemics.
It is best to appoint a qualified risk management professional to identify, manage, and mitigate your business's exposure to risk.
With increasing digitisation, there has been a sharp increase in cybercrime worldwide.
Due to all companies turning to online presence, it is of utmost importance to invest in data security because data is a valuable business asset which cannot be tampered with.
Cyber-attacks have a direct impact on the customer’s trust in your organisation.
With remote work being the foregoing future, entrepreneurs need to invest in an extensive security plan.
Agility and Resilience
Resilience is one's ability to deal with misfortune or tragedy.
Coronavirus destroyed so many businesses to ashes. It is absolutely necessary for entrepreneurs to build a resilient business for 2021. We can't be sure what's coming our way with then we strain being introduced, UK’s lockdown, USA's new government. It is still a world full of uncertainties and possibilities.
After resiliency is adopted, entrepreneurs need to come up with an agile business plan to follow through the adversity.
Like I said before, technology revived 2020.
Companies that had a proper investment in technology were leading their industry. It was relatively easier for them to adapt to the remote workspace and increase efficiency without struggling their way through operations.
Other businesses who didn't have the technology to adapt to this major change had wasted so much time and money building it leaving them with frustrated employees, decreased productivity, and huge losses.
This is surely a lesson to be kept in mind for 2021, invest in technology.
To conclude, tragedy comes with teachings. However, 2021 is a clean slate to begin with a lot of experience and valuable lessons from 2020. Move forward in 2021 keeping all the entrepreneurial lessons of 2020 in mind to have a better 2021. Learn from your and other businesses’ mistakes worldwide.
Good Luck Entrepreneurs!
Let us know your views in the comments section below.
To read more about startup basics, refer to the below-given links:
Startup Definition: Everything About Startups
This blog will tell you about the six different types of startups and more. Click here
How Can I Earn Money By Investing In Startup Companies?
Are you interested in investing in startup companies but don't know how? This blog covers the risks and rewards of investing in a startup and how one can earn money by doing so. Read here
How the lessons learned in 2020 will help the Indian startup ecosystem in 2021
Are you interested in lessons that will particularly help you in the Indian startup ecosystem in 2021? Then read here
Myths to shun While Creating Startup Businesses in 2021
There are so many myths about creating startup businesses as the number of startups go up that it has become mandatory to be addressed which are facts and which are well myths. Find out
Starting Your Business From Scratch
If you are a beginner and want to know how to start your business from scratch then click here to find out
Avoid Knowledge Theft
Do you know if a developer can steal your idea? And how to safely pitch your business idea? Find out
We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.