25 Oct

THE INNOVATION CHALLENGE FOR ENTREPRENEURSHIP 2021

THE INNOVATION CHALLENGE FOR ENTREPRENEURSHIP 2021

THE INNOVATION CHALLENGE FOR ENTREPRENEURSHIP 2021

A well spent precious years of your life in the top MBA Colleges in India, help you to learn about the basic concepts of innovation and entrepreneurship. Today’s education in 21st century teaches student to become a job giver rather than a job seeker. So to be an entrepreneur, students try their level best to innovate new products and services which can satisfy the needs of consumers. Moreover, at present students want to work towards environment, sustainability and they try to utilize their business ideas which can help the society as well. The collaboration of academics, innovation and sustainability helps you to start a new business which can fetch maximum profitability. So it is a win-win situation for both viz. entrepreneur and society at large. The year of 2021 is highly competitive not only in terms of innovation but also for entrepreneurship. Every business wants to survive during this pandemic and try to innovate and adapt the latest technology, which provides a competitive advantage to them. The environment is extremely different and you being the owner wants to survive at any cost. Following is the list of the few challenges for entrepreneurship in 2021:

  1. Getting an Idea: Searching for an idea which can help you to start your business and commercialize it during a pandemic is extremely difficult. It is quite difficult to consider various governmental and environmental regulations during this time.
  2. Innovation: Innovation is a challenge.  To introduce new techniques, or establish successful ideas to create your business successful. The development and application of ideas that improve the way things are done achieved in the business. There should be a constant improvement in the systematic plans of doing business. Everyone has to be focused on the strategy applied to the business.
  3. Cash Flow Management: To track the inflow and outflow of cash that is, the income and the expenses. This may help us in predicting that how much is money will be available to the business in future. It also helps in identifying how much money the business needs to cover debts, like paying banks, employees and suppliers. For managing cash flows, we can buy equipments and machinery on lease initially and as per the success of the business we can buy them later.
  4. Pandemic COVID-19: Pandemic has affected small and large businesses. During pandemic, there exist inflation like situation. COVID-19 crisis has affected all the sectors proportionately and make more of the businesses vulnerable to permanent closure. Today, it is like do or die situation in running any business.
  5. Team Management: It involves teamwork, communication, setting of objectives and performance appraisals. Great team leads to the success of any business. Team management is the ability of any business to coordinate a group of individuals to perform specific task. The effective team management strategies to be used for the success of any business.
  6. Data Security and Privacy: Information security has always been a top priority in any business. Data Security helps to protect the data to hack by external attackers and malicious insiders. We have to keep the backup of the data and to secure the wireless networks.
  7. Time Management: To complete the task on time. Focus on one task at a time. Set priorities and goals when planning. To set benchmarks for evaluating the progress of business.
  8. Environmental Issues: Major current environmental issues may include climate change, pollution, environmental degradation, and resource depletion.  Climate change is also affecting the businesses. Global warming is also a big challenge for any business.
  9. Resources: Resources are the materials available in the environment. There should be proper utilization of resources as the resources are scarcely available.
  10. Technology: It is the skills, methods, and processes used to achieve goals. It is the way to apply scientific knowledge for practical purposes. Its main objective is to make tasks easier and to solve many problems of mankind.

Considering all the above factors which pose various challenges to entrepreneurship in 2021 and over and above that, pandemic has put a question of survival for all the businesses whether small, medium or large. So getting a degree from Best BBA and MBA Colleges in India will condition you on various ways of survival. And moreover, it will going to help you a lot to proactively take the right decision during such situations.

Ms. Bhawna Manyal
Assistant Professor, RDIAS

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