Indore (Madhya Pradesh): Following coronavirus outbreak, start-ups’ existence have been challenged and the only way to remain afloat during this crisis is to be flexible and adaptable. Discussing how to navigate the start-up at the time of crisis, Atul Mehta sales head of a Gurgaon based start-up said, “Be flexible and adaptable. In general, flexibility and adaptability are important traits for a start-up to have, but they are more important now than ever.”
He was addressing a webinar organised by Indore Management Association.
“Cutting your budget, pivoting your product, or rethinking your market strategy to better align with current conditions, start-ups need to be able to think and act quickly and adapt to change,” Mehta said.
He added that the key is becoming proactive rather than reactive to this evolving situation.
“Increase your capital efficiency. This one should be obvious, but cash is king,” Mehta said. He added that one of the most significant threats to start-ups and small businesses is running out of cash. “So it’s crucial to re-think your budget and try to stretch out as much as possible,” he said.
“No one can predict where we’re headed, but this is a good time to think outside the box and make the most out of the opportunities at hand,” Mehta said. He added that adversity can force innovation out of necessity.
“One thing start-up leaders can do to mitigate some level of uncertainty is to be transparent and communicative with their teams,” Mehta said.
He added that consistency and people determine the success of a start-up.
“Remember, energy is contagious. Setting the bar high while imbibing a sense of empathy within your team is paramount to success,” Mehta said.
He added that one cannot succeed as an entrepreneur if one doesn't set the right examples. “Your team should completely trust you, and on your part, you should be considerate enough to entertain their questions, come what may,” Mehta concluded.