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Next generation of entrepreneurs

The Next Generation of Entrepreneurs

COVID-19 has brought about a wave of both positive and negative innovation into the world of next generation of entrepreneurs. This season has seen more entrepreneurs setting up businesses in UAE and committing their lives to create a post-pandemic future for customers.

While entrepreneurs are expectant about company formation in Dubai, the COVID-19 pandemic will require them to shift their business approach for years to come. Although some businesses may have nosedived, other elements are surrounding the COVID-19 pandemic that will shape the next generation of entrepreneurs.

Economic Decline

While COVID-19 has significantly affected the elderly population across the globe, it has also shocked the global economy. Because of COVID-19, 1 in 6 youths stopped working in the UAE and had to return to their home countries.

The pandemic seriously affected the flow of supplies from in most countries, and this resulted in a shortage of supplies that shocked most economies. Business setup consultants in Dubai were advertising e-commerce business licenses to assist entrepreneurs that want to setup e-businesses to embrace the new norm and bridge the gap that was created by COVID-19.

The Next Generation of Entrepreneurs

Entrepreneurs are individuals who identify and act on opportunities by setting up business to encourage positive social and economic change. The pandemic introduced entirely new categories of business that resulted in company registration by entrepreneurs in the clothing industry and suppliers of COVID 19 supplies. Entrepreneurs that will get the most out of circumstantial changes will succeed, and the ones that don’t are likely to be behind.

COVID-19 will have lasting effects on society. The most crucial role that future entrepreneurs need to take now and beyond is to show commitment to recovery and aspiration to foster long-term sustainability in their communities. Entrepreneurial initiatives such as company formation in Dubai and company registration will spark optimism worldwide and construct the foundation for the next generation of entrepreneurs.

Businesses that took a hit because of COVID-19

  • Many large corporations have lost massive portions of their market value. These include:
  • Uber–Since the start of COVID-19, the company lost $2.9 billion, laid off 3,000 employees and, ride-sharing volume dropped by 80%.
  • Airbnb—Lost 16% in market value and laid off around 1900 employees.
  • Victoria’s Secret-Sales plummeted by 46%, announced they would close over 250 stores in the US and Canada, and reported about 850 layoffs.
  • According to CNBC, the big four tech companies — Apple, Microsoft, Amazon — along with Facebook have lost a combined $1.3 trillion in value since the market peaked.

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