As businesses and economies across the world struggle to ensure business continuity, there is no letting up in the situation – the Pandemic has been extremely disruptive. Having rendered economies, people, nations and entire continents helpless. Countries, business ecosystems and economies, individuals and organizations are trying hard to evolve a proper response in a rapidly changing scenario where every day brings forth a new set of challenges.

For entrepreneurs, this poses a unique set of challenges, they have to start doing things differently while coping with the new normal. The tide of change has wept the markets and brought forth a unique set of challenges – overlapping personal and professional boundaries. For entrepreneurs striving hard to cope with the changes as you only flex your muscles with company formation in India and the rest follows – keeping teams motivated, clients happy and the business afloat are the key challenges to face. They have to learn how to respond to newer problems & challenges. It has forced a rethink about 2 issues, mainly:  how will they handle this crisis and which skills & competencies are needed to succeed in the new normal? All these and other points arise as the economy gradually opens up, businesses start functioning from workplaces and the new normal sets in. 

Entrepreneurs will need to make their business and team future ready. Let us look at some trait’s entrepreneurs can adopt in this new normal:

Staying Open and fully Responsive:

The more you resist change, the more difficult it will be. The new normal is seeing a new world, in how the world works, how products and services are experienced and consumed. For customers, consumers, partners, employees, and humans – entrepreneurs will need to be very open and highly response. It can pay huge dividends. The situation is fluid and changes will be needed in the businesses design, communication, offer and operate the new experiences. Customer preferences will be crucial in shaping business responses in the new normal. And businesses would do well to adapt to these changes, incorporate them and communicate them. Entrepreneurs should be open to change and ready to respond to customer concerns and requirements.

Cultivating Inner Resilience:

With home working and remote working, people are coping with work and personal things simultaneously. And this overlap has hindered objectivism and proper delivery of work – leading to burnouts, stress and lowered outcomes, productivity. As more and more people feel stressed and overworked because they balance both – work and personal lives, there are also factors like a heightened sense of uncertainty about career, requirement of new skills and whether one’s role is relevant in the new normal. For entrepreneurs, it is very crucial and imperative to be internally and emotionally strong – this will form the core and foundation of the organization. Because the teams will take their lead from the entrepreneur – from this resilience, people will learn to respond well & bounce back from challenging situations, staying focused, calm and positive. Entrepreneurs should thus be harnessing stress instead of letting it overcome them. 

Focussing on mutually rewarding Relationships

To operate in the new normal, with new norms becoming mainstream, entrepreneurs have to deal with several challenges at once while also maintain team spirit.  While speaking to new business associates and employees, they need to deliver newer products in a curbed environment. This is where they need to realise that partnering, collaboration and approaching with synergy in mind will help build stronger, mutually rewarding and ultimately, stronger relationships. One of the instances include Legalwiz.in not only remains a compliant partner for thousands of start-ups but also drives Payoneer deals across their networks, ecosystems, communities, and organisations through a dedicated portal. Building a support network that helps achieve common goals is a highly rewarding investment for Entrepreneurs.

Being Flexible & making Change the norm

Entrepreneurs need to hit the reset button – and go into learning mode. The overall impact of the Pandemic been immense and the changes are still in process – to cope with these changes & emerge stronger, newer, flexible and open approach is required. An agile, open organization led by a change-ready entrepreneur will have greater chances of coming out stronger from the crisis. Because they are ready to hit the reset button, reboot, up-skill, reskill and embrace the new normal.

To respond to new challenges properly, entrepreneurs will have to implement new approaches, skills and thought processes for a transformation. Change will need to be driven as a leadership function – only this will ensure continuity and culminate in a smooth transition.