The year 2020 has given a lot of learning for all businesses and global economy. If one thing that could have helped or saved lot of businesses who entered into debt during the current pandemic would have been an exit strategy. The formal sector of the country may be showing signs of recovery but for a nation like India which is comprised of mostly the informal sector, the full scale recovery may be years away.
If you are an aspiring entrepreneur, while you plan on building your first start-up venture the most important lessons can be learnt from this year. The most number of small scale businesses, entrepreneurs affected at a time across the globe may have been a first in over a century. If you had to adopt to the changes happening in various industries and envision a future where a business can sustain at all times, the live examples of businesses closing down, going bankrupt, sold out, etc have to be noted.
When your initial idea doesn't go according to your plan and you had to improvise to make a break-through in the market then it is necessary to have a dynamic system in place. When the world is looking at creating more opportunities for people around the globe it is of great significance to help the small and medium scale enterprises, entrepreneurs to create a fail-safe plan, an exit strategy which works even when the plan B and C fails. To make it happen you have to be ready for all outcomes all times!
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