I was reading some articles and some video messages from eminent Entrepreneurs. What they have to say is – yes, the model is going to change. The traditional method hovers around manufacturing, distribution, network marketing, franchise, and service-based offerings. Now, it would move more towards online business. This does not mean that all the traditional methods will disappear overnight. Some of the traditional methods like manufacturing will still be there, but based on the economic trend, the entrepreneur needs to visualize what will be in demand in the future. The distribution will be tagged with E-Distribution. Change is inevitable in many sectors. As we don’t expect that the virus will disappear soon and the vaccination is expected to take some time, we need to follow some of the basic norms, like social distancing, usage of masks. As a result of this change, we shall see some of the sectors will become more successful, and those who cannot cope up with the new norm will be wiped out. So, this will change the Entrepreneurship model going forward and the Leadership of the organizations must understand and take corrective actions. If required, they need to be coached to manage the situation. To understand this – you may refer to my YouTube Videos titled Leadership Coaching – Entrepreneurship model.
For example: if your company manufactures Lipstick! I suspect that the demand for Lipsticks will go down because of wearing masks. In that case, what ideally should you do? The best thing is – plan to change the business model—plan to move to some other business segment, which will sustain.
Similarly, if you are in Learning business and so far, you had training or coaching center where students used to come in person to get trained, that also is going to change.
We need to do is – change our mindset and be ready to adopt the new NEW. We must develop ourselves by acquiring the required skill so that we can thrive with the NEW. The NEW will be running the business more and more online. We need to reduce the dependency on the customers coming to our store or business in person. If we unleash the opportunity, then the horizon of our business will increase in most of the cases. So far, we were catering to the customers in our locality, and now, we should be able to serve customers in a much broader geographic location.
For any online business, creating your customer or client base is very important, and we are going to see a significant change in that approach. Traditionally, we used to have a set of marketing executives, who used to visit offices or home (or prospective client locations) to talk about the product that their company is offering. At present, people will be very skeptical of allowing outsiders inside the office or home. So, digital marketing is going to be the key. For this new age of marketing, social media will play a critical role. So, those who social media shy, please be active in social media. Create your brand. Use various digital marketing techniques to advertise your product or services.
So, take your time, think, and ask a question – are you prepared for the NEW situation? Are you ready to face the challenge? If not, then please get prepared. If you need any help or support, I am here to support you.
Please click here to see the services offered by me under leadership coaching – Awaken the leader in you