Corona's Effect on Businesses!

In this critical time while world is in at a verge for economical crises ,but even at this time there are many business and organisation which are either present at local or global level and have adapted a vision of exponential growth of there business .

Focus of humanity to capture this Time as opportunity.

Although, The corona virus pandemic is serious global concern. A worldwide containment effort to halt the spread of COVID-19 has had far-reaching impacts on both the world economy and local communities. But still the human nature is making humanity to focus towards survival and we are still moving ourselves to get back to the ongoing work culture . No doubt, corona has been a lesson for humans and had left a positive effect over environment but still industries and business which follow digitization have a potential to become a stars of future.

According to a article in Forbes focusing on Changes the risk/reward balance. In most organizations, decisions are based on some type of risk/reward analysis. Is the potential gain enough to outweigh the risk of failure? The challenge for most people is that, under normal circumstances, the fear of failure almost always overrules the argument for change. So companies are biased towards avoiding risk. This is to be expected when most organizations reward success and not trying and failing. But in a crisis, the dynamic shifts dramatically – the real risk becomes doing nothing. When the status quo breaks down, there is almost no downside to taking a chance, and you’re better off trying something new. 

Companies are filled with managers who have good intentions but are often not able to convince themselves to take a risk. They are part of a culture that rewards hitting your goal, not taking on challenges that might not be possible to solve. They accept boundary conditions for what they are: limits on what’s possible. But you can’t manage your way out of a crisis; you have to lead. It requires people focused on solving problems. Since problems don’t resolve themselves, somebody has to step up and find a solution. Somebody has to lead and find a better way.

A crisis creates opportunities in industries directly affected, but also those indirectly affected. Consider what’s currently happening in higher education:

While online courses have been a growing trend over the last decade, the majority of undergraduate students still primarily attend classes in person. At least they did until last week when universities across the country started telling their students to stay home and began shifting all their courses online. Until now, the pace of progress towards online has been steady but relatively slow. It has been limited by several issues, not the least of which are the risk of failure, the fear of the unknown, and many competing priorities. 

This is a significant undertaking, one that is filled with risk, and there are going to be many things that go wrong along the way. But because the only alternative is canceling classes altogether, which is the equivalent of temporarily going out of business, the universities will figure it out. In the end, they will likely make more progress in the next two months than they have in the last ten years. I predict that this will end up being the most innovative period in higher education, and the business model will be forever transformed for the better.

This crisis will no doubt cause many difficulties for people, but it will also create opportunities for innovation across many industries. This is time for people to take more risks, focus on what really matters, and embrace the opportunity to lead.


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