Opportunities for Entrepreneurs during and after COVID 19 — The New Normal

This global pandemic has completely shaken up the world within a span of just a few months. It has had a profound impact on the global economy, businesses are at a standstill, financial markets are crashing and employees are being laid off. Billions of people are under a lockdown and practicing social-distancing has become the new norm.We are the prey of this mysterious virus, more and more people are getting sick and dying each day. Everyone’s hearts are filled with fear and panic, they’re hoping to see light at the end of the tunnel but so far its only been pitch black. Amidst all the uncertainty of when this would all be over, the only thing certain is that the world would never be the same again.

We can already see and feel significant changes in our activities, behaviour, communication, even in the smallest of habits and they are here to stay. Schools and colleges have been shut down, education has moved to digital platforms all across the world. Employees are working from home and keeping their businesses going. Healthcare and hygiene are of utmost importance, the value of medical professionals and products has never been higher. Online communication and social media platforms like HouseParty, Zoom, TikTok etc are also doing better than ever. This major switch to digital platforms is the future and will continue even after the pandemic is over, that too more efficiently. Even the healthcare sector will be in constant demand.

The New Normal during and after this pandemic would be social-distancing and self-isolation. These practices will become ingrained in us and would end up becoming norms and habits. Though these practices are keeping us safe, they are and will have severe effects on the well-being of people.This is a problem everyone is facing it at a macro level. Our emotional, physical and mental health has deteriorated in the past couple of months and significant attention needs to be given to this.

There are numerous reasons on why and how our well-being is impacted. People are trapped inside their homes, considering the fact that they have any. In a country like India, thousands of people sleep without a roof over their heads. Moreover, there is financial insecurity and anxiety. Everyone from new start-ups to old businesses to daily wage labourers are under great financial stress, the poor like always are much worse off than others. Social- distancing and self isolation have led to reduced communication. This can instill feelings of loneliness, helplessness and depression. People already suffering from mental illnesses like depression, anxiety, OCD, bipolar disorder, etc can also be triggered. Moreover, in times like these it is even more difficult to reach out and get the right help. Employees and students may lack motivation, determination and even a proper work or study environment. This can impact their productivity, resulting in low morale and mental exhaustion. Moreover, lack of an everyday routine will only add to the negative cycle created. It is also important to keep in mind that everyone’s surrounding space and environment may not be ideal. Hence, forcing them to stay there can have detrimental effects on their mental health. Many people are quarantined alone miles away from their home and families.Domestic violence and mental illness cases have increased after the outbreak. Patients already suffering from diseases like cancer, diabetes etc and pregnant women are under even greater stress about their physical shortcoming. It’s hard for them to access delivery rooms, radiology centres, etc and seek professional help.There is reduced physical activity since the gyms and other physical training centres are closed. Moreover, we don’t have access to open spaces and parks. Most importantly, people who have or had COVID 19 or are recovering from it are dealing with maximum trauma and might even be subjected to discrimination. This clearly shows that everyone is affected and our well-being is at stake. In the coming months, stress, anxiety, PTSD, insomnia, depression, etc and other psychosocial disorders will only increase. Research shows that China is already experiencing a spike in the number.

The other New Normal is the positive outlook towards technology. It has helped us grow and develop over the past few decades but it always had a negative connotation attached to it. Humans were always competing with technology and feared getting overpowered by it. The pandemic has brought these two teams together in this fight against the virus. The world can either fall into this hole of poor mental and physical health or can rise above it with the help of technology. It is our new best friend and is the only way we can ensure our well-being.

Various opportunities arise for entrepreneurs because of this New Normal. They need to recognise them as soon as possible and provide the need of the hour. In order to cater to the needs of the diverse arena of users, entrepreneurs need to put themselves in the shoes of their customers and use a Human- Centric Design Thinking approach to come up with the best solutions. The key is to empathise, truly recognise the specific needs of its users and adapt according to the changing environment. This will ensure that the start-ups are relevant in the long run, even years after the pandemic is over. This might even lead to the creation of a movement where physical and mental health becomes the new priority and well-being and technology go hand in hand. The following are some opportunities that I was able to recognise and provide solutions for -

1. Regular exercise and physical activity is extremely essential especially during times like these. It will not only help in maintaining an active and healthy body but may also lead to a better lifestyle. It boosts immunity, reduces the risk of diseases and keeps our mind happy and positive. Online platforms and apps that allow people to easily connect with professional fitness trainers, yoga experts, zumba trainers, etc can be helpful. They could provide detailed step-by-step videos or conduct individual or group live sessions and workshops. The tutorials and live sessions can be dubbed in different languages also.This would bring the gym or fitness centre experience straight to our home using a virtual platform. If these platforms are successful in providing a worthwhile experience to a wide audience then they might end up replacing gyms and fitness centres in the long run.
2. Since public health is the new focus, high quality nutritional food and supplements are going to be in greater demand. Increased availability and accessibility using no touch delivery of these products by existing suppliers should be adopted. Apps that can keep track of our nutritional requirement, our intake, recommend meals and exercise plans can gain a lot of popularity right now. A personal nutritionist can be provided to everyone and this can be very useful especially for heart patients, older people, diabetic people etc. Hence, it’s necessary that these apps are easy to use, can easily record data and form analysis without too much information and provide regular updates.
3. Platforms that provide online therapy with professional help are crucial today. Communication and connection is the key when it comes to therapy so all forms of communication like video chat, text messaging and calling should be made available at all times. After talking to my peers and people around me, I gathered that one might take time to open up, seek help and talk about their feelings. A safe space where there is mutual trust is very important. Concerns like anonymity and privacy should be carefully addressed. This may not be a complete substitute for actual therapy but can bring about a huge change in the way mental health is dealt with altogether. It is cost-effective and tackles issues like lack of accessibility and mobility. Online support groups and virtual group therapy can also be formed but these won’t be very successful as people are not very comfortable sharing information with strangers especially on a virtual platform. It will be hard to form close bonds, read body language and may threaten people’s privacy. 24/7 helplines would be very beneficial especially for people in emergency situations who don’t have access to the internet. If quality service is provided, trust is created and awareness about these platforms are spread then they can do wonders in improving our well being during and after this pandemic.
4. Separate platforms for college students, school kids (every school/college can have their own), LGBTQ+ community,etc can help bring together people of the same community and keep their ethos alive while being apart. This would be helpful as members would be to relate to one another and it would provide them a sense of belongingness during quarantine. It is imperative that educational institutions develop online platforms or programmes (buddy programme or peer support group) so that the student body can stay connected and provide mutual support.
5. Senior citizens, people suffering from illnesses, handicaped people and pregnant women require more attention and assistance. Health Tech apps should be used to keep track of their location, health, people they contact, medicine intake, etc. After some research, I’ve found out that verbal reminders and verbally operated transactions would be more helpful for older citizens. Moreover, the app should be very convenient and require minimum effort. Platforms where patients could have virtual check-ups and consultations with certified doctors would ensure their safety by reducing further contact.
6. Tackling these problems for the poor is the toughest. They are void of the basic amenities for survival, hence, their wellbeing is not one of their major concerns. But I feel that wellbeing and poverty are very much interrelated. Social entrepreneurs, rich businessmen, the government, the citizens of the world need to come together to ensure the safety and survival of the poor. The homeless and the poor can be brought together and given space in empty factories, schools and other centres, provided social distancing and self-isolation is seriously practiced. They should be provided with masks, sanitizers and food. The least the businesses and the households can do is give salaries and basic amenities to their workers and house help.

Some profitable long term businesses may arise out of these opportunities but most importantly, it may result in a permanent and a more positive outlook towards mental health. Moreover, it may instill a healthier lifestyle and bring the whole world together as a community. It’s time to make the best possible use of technology and AI for our safety, survival and well being.