Since the pandemic of the Covid-19 virus originated from China in December 2019, its impacts have already been catastrophic and devastating for all sectors of life, and economies around the world. It has created misery for all and cost the lives of more than a million people so far. Governments bring some rules for preventive measures to limit virus transmission, consequently disrupt entrepreneurship both socially and economically.
It hits all of the business sectors at different levels, of which small-scale businesses and startups were among the most vulnerable. The inauspicious impact was observed in businesses worldwide and most of the newly formed businesses and startups were enforced to dismiss their employees. It resulted in issues such as widespread unemployment, ineffectual situation, and the deflation of economies.
The regular consequences of the COVID-19 pandemic like social distancing, and the lock-down has hit the business market so hard, more to the startups and small businesses. Even the well-established ones need to re-look how they manage funds and operate their business to keep the financial wheel turning.
However, we have heard the saying that great companies often come out during market downturns. Many innovative entrepreneurs have stepped up to help with some old or new techniques and products.
As the situation has not resided completely, people prefer to buy either locally or online. Easy access to foods, groceries, medicines on e-commerce platforms with safe delivery assurance is the major go during and even post COVID.
With the growing craze of virtual reality and virtual events, the ‘real world’ goes online. If we analyze the covid crisis in this way, then we can say that the IT field is the one which is less affected among all other businesses. Because most of the companies are implementing “work from home”.
Though OTT platforms like Netflix and Prime were gaining popularity before the crises, the demand has gone up more than the expectation. Besides, with the venues shut down, people are finding peace at the virtual stimulation of these entertainment events. Likewise, online social platforms like Facebook, Instagram, Twitter, WhatsApp, etc, and online video conferencing platforms like Zoom have ruled the online traffic.
But we can’t judge anything only on the basis of some good parts by ignoring the rest. Although some platforms are on the hype, there are also some IT entrepreneurs facing several unprecedented challenges.
Moreover, in countries like Nepal, we can see every field in more critical situations. So the IT field is. Even though the world is progressing in the tech field, we are still struggling. On top of that, this field is not only about the possibility and ease of working remotely for the employees. It also depends on the market situation which is smashed badly due to this pandemic.
There are several factors to determine the actual condition. However, the absolute impact remains unclear, as more in-depth longitudinal studies are required to better investigate this issue. But one thing we can simply say is “All global Entrepreneurs are facing a catastrophic challenge now.”