Post-COVID Entrepreneurship: How COVID Changed Our World For The Better

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Written by: pTranslate Contributors

INDUSTRY INSIGHTS | BUSINESS

Mass vaccination programs have begun, and there have been certain improvements that we are all looking forward to. The economic recovery is now on its way, but it might take years for some sectors to return to the pre-COVID level. It is undeniable that COVID has completely changed our world and the way we look at businesses and the workplace in general. These changes are necessary, and can be the foundation for a new way of living that is more appropriate and beneficial. As entrepreneurs, we should be flexible and understanding of this change, and adapt ourselves to it.

The rise of remote working

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Remote working has been rising due to the impact of COVID-19, and the feedback is mainly positive. Employees report a better work-life balance, less stress, more job satisfaction, all of which translates to higher efficiency. Meetings have now been transported to the living room and the bedroom. As a result, this invasion of our personal life proves to be challenging. However, it’s just a matter of time before people adjust themselves to this new way of living.

Corporates are realizing that they can now save a lot of money and be more profitable thanks to remote working. In other words, flexibility of work will be a new thing in the business world. As entrepreneurs, we can always look to bring flexibility to our workers, when in-house employees are no longer a must-have.

A problem that we must address with this new business model is quality control. Remote working doesn’t allow for good quality control of the project or product. For large projects, we will need sophisticated ERP software to help us control the workflow. This can be a big opportunity for task management software, remote management apps, or communication startups. Entrepreneurs can take advantage of this untapped niche and grow their businesses. 

The rise of ESG standards

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ESG standards have been made more aware as the pandemic unveils the damage we’ve done to the environment and society. Reduced economic activities bring back nature and the way we are supposed to live. Investors are looking for companies with policies that meet up to ESG standards (Environmental – Social – Governance). These standards ensure a high-quality workplace that respects the rights of its employees, the well-being of its workers and the sustainability of its manufacturing processes. In other words, investors are now demanding corporates to operate in ways that are more sustainable and environmentally friendly, while also working to create equality and inclusion in the workplace. We are no longer seeing the value of a company in pure revenue and profit, but in what it can provide to society

As entrepreneurs, it’s necessary that we adopt these standards in our way of doing business. It’s a long-term investment that cares for the finite resources of our world and the life of our workers. In the short term, we sometimes choose to sacrifice these values for the profit and revenue of our companies. It’s a hard choice to make, but an essential one. If we can work to promote ESG values, our brand will definitely put on a positive image. Statistics from Nielsen shows that customers are now choosing brands that are more sustainable and inclusive. By being sustainable, we are essentially expanding our customer base. 

The rise of financial technology

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Contactless transaction has been growing for years, but it has only grown since COVID-19. People are looking for frictionless, lightning-speed methods to transact money. This is a huge opportunity for the fintech sector. The heightened concern around physical contact has given way for the growth of technology that ensures a more secure and safe way of transacting.

Along with financial technology, we need cybersecurity. The risk of being attacked in the cyber space is not small. The tactics that cybercriminals employ are becoming more and more sophisticated. It demands us to create a more secure platform to transact money. Cryptocurrency happens to be a great choice for this. In fact, many businesses, especially in the technology sector, have been integrating crypto transactions into their payment methods. This inclusion is necessary. Cryptocurrencies will be the future of the finance world. As entrepreneurs, we need to consider this as a viable option to expand our customer base and grow our business to adapt to this dynamic environment.

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