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With the outbreak of the pandemic, the world is clearly confronted with a new, challenging, and unpredictable occurrence. Consumers in the "New Normal" have different decision-making processes than in the pre-pandemic era, thus having a significant impact on businesses. It has altered company priorities and convinced customers to adopt a new lifestyle. In today’s era, entrepreneurship and employability have driven firms to become resilient in order to survive and thrive in the "New Normal."

Business resilience is a competitive advantage in unpredictable times. It is the ability to withstand adversity and bounce back from difficult life events. It keeps businesses thinking, sharpens their skills, and creates a business that can respond to difficulties. As per the BSI group's research "Organizational Resilience: Building an Enduring Enterprise." group, Two-thirds of managing directors surveyed felt that resilience is a major competitive advantage for them.

Companies during these unprecedented times have been doing their best to remain on top of evolving scenarios, adjusting proactively to changes, and devising new strategies that revolve around resilience and innovations. Through the following instances we can understand why it is important for organizations to implement resilience in their day-to-day business operations:

One of my friends is entering into a start-up business. He is preparing for it for the past two years. He usually chats with me about his plans and takes my opinions. He has already invested in building software for the purpose of his business. While discussing his business proposals, I was a bit sceptical about his intention to invest in resource hiring. I was trying to convince him how building resilience is important in Business Eco-System before investing in resources.

While we are passing through the second phase of the Pandemic, many of premature as well as matured entrepreneurs are getting losing their business causing a lot of mental stress, loss of money, loss of hopes, and so on... So it is very important for premature entrepreneurs to have a cautious mind before investing in recurring cost. They should build resilience in their business ecosystem before they plan for initiating recurring cost.

We, Indians are gifted with this resilience behaviour which is inbuilt in our culture. We can refer to many historical examples which proves the statement. We can remember, Mumbai attack on 26th Nov 2008, where series of terrorist attack took place in Mumbai. Hotel Taj was one of the attack centres for terrorist. But despite so many attacks, the situation came to normal within few days as resilience is inbuilt in our culture. We can also take examples of the 1993 & 1998 Mumbai attacks Killari Earthquake, flood and the landslide in Uttarakhand in 2013, which was one of the major natural disasters. But we can see that all these places are now in a condition to live a normal human life.

There are many business examples as well, where big business houses that were about to die, evolved back with their resilient power. To name it, one of the major MNC’s is Apple. Today, Apple is the most valuable company in the world, but there was a time when the tech giant was teetering on the edge of bankruptcy. Twenty years ago, the media had predicted the death of the company and due to which it lost around $1 billion a year.

GM, one of America’s biggest automakers, nearly ended up in the junkyard following the 2008 financial crisis.

IBM is one of the few handful companies that has managed to keep its spot on the Fortune 500 list for more than half a century. Yet in the early 1990s, “Big Blue” nearly went the way of the dodo. In 1992, it lost $5 billion – more than any other American company ever had at that time.

Like several other businesses on this list, Starbucks struggled during the 2008 financial meltdown too but rose up later on.

While there are many examples, it is important for premature entrepreneurs to build the resilient power within their set-up to take care of all such turmoil coming on their way.

How to become resilient? There is a lot of free literature available online that can guide on becoming resilient.

Few major points that came to my mind about resilient behaviour are adaptiveness, autonomy, self-awareness, optimism, pragmatism and social connectedness.

To summarise, I can only suggest my premature entrepreneur friend build resilience in his ecosystem while he is going to invest in it further.

                                                                                                                  


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