Introduction: AASC Covid Economic Study

Covid Economic Impact on Kerala Entrepreneurs Decisions

Introduction

Background:

The world economy changed so fast within the last few months, with the advent of the Covid virus in Wuhan, China. What started as a virus crisis in the Hubei province of China, quickly became a global problem. Thousands died and millions got infected. And the virus is still at large.

The affected countries are in lockdown, shops and factories are closed, people are prevented from hitting the streets, the medical facilities are overloaded, the governments are on alert, and people are staying back at home with fear. And this has created a severe dent in the way our economy was functioning. 

Coming to Kerala, the situation is no different. But the state is faring much better than the rest of India, due to timely intervention by the Government and the support of the people. 

But what happens to the businesses in Kerala, once the lockdowns are withdrawn. Will the businesses operate the same way they did? How much loss will businesses incur and how many will close down? Will it create severe job losses- which again will have a spiral effect on our economy? Or will some businesses seize the opportunity, reinvent themselves and win over others? 

Apart from these questions, every entrepreneur is haunted by the unknown fate- where will his business be post-covid? Among losers or winners.

As the entrepreneurs of Kerala (most of whom are MSME owners, and the major provider of employment in the state), stay at their homes and contemplate on the next move post covid lockdown, what they think about the lockdown duration, its impact on their customers and business will be decisive. 

If their understanding of the crisis is consistent with the reality to come, they can take steps that will help them survive the crisis or perhaps even grow extraordinarily. But if on the contrary, if their expectation is not consistent with what is going to happen, then they might take steps post void, that will prove to be fatal.

It’s a walk on the ice. 

To read the report, please visit https://aascglobal.com/covid-economic-impact-on-kerala-businesses/

About the Study

It is this issue that AASC intends to address with a study backed by a professional survey and analysis. 

As lockdowns were announced, the social media was flooded with experts and non-experts opinions about the crisis and how to handle it. It came in the form of webinars, articles and posts. At AASC, we decided to take a different track from the rest. 

AASC has good expertise in conducting surveys and analyzing the data to derive quality insights for our clients. AASC also has a good ecosystem of entrepreneurs who are available to provide quality insights about “what they actually think about the lockdown, its impact”. This ecosystem consists of its clients, prospects, well-wishers, social media followers, and groups in which it is active. 

At AASC, we decided to conduct a survey on 100 entrepreneurs from various industries, from various districts of Kerala; and identify with “numbers” and get the general assumptions “quantified”. So that our findings are backed by “numbers”. 

The survey was a success, and instead of 100, we surveyed 155 entrepreneurs! We thank all those who participated in the survey.

About the Survey

  • 155 entrepreneurs participated in the survey
  • 18 number of industries were represented, from across Kerala

Details of the survey samples is represented below

About AASC

AASC is Kerala’s professional business strategy advisory and management consulting firm, handling clients and engagements across South India and Gulf Countries. 

Republishing Or Quoting This Report

AASC allows readers to share the contents of this report, subject to citing the source as www.aascglobal.com or the url of the page. 

Industries covered in AASC survey in Kerala

To read the report, please visit https://aascglobal.com/covid-economic-impact-on-kerala-businesses/

Kerala Entrepreneurs & Covid-19: The Survey

COVID Economic Impact Survey

COVID 19 has made an enormous impact on the lives, health and economic affairs of the people across the globe. 

To compact the fast spreading virus, Govts across the world has resorted to several strong measures, including “Lock Downs”, where people are not allowed to leave their houses and shops are asked to closed down. While this is essential to control the spread, it has a very strong impact on the economy and the businesses.

Ameen Ahsan Strategy Consulting (AASC), as part of its research to study the impact, that this will have on, Kerala based businesses is doing a survey, and wish the Entrepreneurs to participate in it. 

The survey aims at understanding “how the business community” predicts the future of their business “after the lock downs are withdrawn”. The study aims at understanding, if the expectations of the entrepreneurs are rational or not. If they match or not. And to educate the entrepreneurs if their expectations of the future, needs a change or rethinking. 

This is important, as it is these expectations from the entrepreneurs side, that will get converted to action. And these actions will mean financial and survival consequences for these business.

IF YOU OWN A BUSINESS IN KERALA, PLEASE FILL THE FORM BELOW AND SUPPORT US IN OUR SURVEY. THANK YOU.

Internship @ AASC

Students from National and International Universities Have Done/ Are Doing
Internships @ AASC

Why Internship @ AASC

Who Should Apply

Apply

AASC offers good opportunity for commerce, management, journalism, media  and statistics background graduate and undergraduate students to earn valuable experience.

AASC being a business strategy and management consulting firm, deals with clients from various industries and this is a valuable experience platform for the graduates and undergraduates.

Besides, AASC takes in interns seriously and gives all practical support.

 

      • Graduates & Post Graduates with commerce, management, journalism, media  and statistics background
      • Passionate about a career in entrepreneurship, management, journalism or media (business content)
      •  Only serious candidates will be entertained. Students who do not complete internship will not be recognised as having done internship at AASC
      • Good language skills in written English
      • Most internship will involve field research work, and candidates should be willing to do the same

Business Opportunity: Leisure and Entertainment Ventures

• India is emerging as a big market for the family entertainment and amusement sector. The demand for commercial recreation parks that provide families the opportunity to recreate in a clean, wholesome, and non-threatening environment is strong and growing.

• Entertainment and Amusement sector in India is expected to grow many folds in terms of both the number of parks and total investment. The number of entertainment & Amusement parks in India is growing at a fast pace and a large number of new parks in this category are expected to be built all over India in near future. Many Foreign companies have also reportedly taken interest in the Indian amusement parks market

• Family Entertainment Center (FEC) is also one of the fastest-growing segments of the recreation industry today. The FEC consists of leisure centers that range from S.F indoor children’s play centers to outdoor Fun centers, large category indoor family entertainment centers to multi-acre outdoor mega-centers, and encompasses centers that target families with children, teenagers, adults, etc. This sector has a very good future in the coming years

If you wish to explore the possibilities in this industry, it’s best to engage professionals to do the required studies and assess the viability of the project.

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably.

To know more call +91 7559-900-800 or visit www.aascglobal.com

Business Opportunity: Ceramic and Allied Ventures

Ceramic products are manufactured both in the large and small-scale sector with wide variation in type, size, quality and standard.

India ranks 5th in the world in terms of production of ceramic tiles.

The ceramics industry in India came into existence about a century ago and has matured over time to form a industrial base. From traditional pottery making, the industry has evolved to find its place.

Ceramic products are divided into four sectors which includes Structural, including bricks, pipes, floor and roof tiles; Refractories, such as kiln linings, gas fire radiants, steel and glass making crucibles ; Whitewares, including tableware, wall tiles, pottery products, and sanitary ware ; Technical ceramics which classified into three distinct material categories of oxides, non-oxides and composite. The ceramic tiles are available in at least three variations. They are floor tiles, wall tiles and vitrified tiles.

A large and growing middle class population of more than 300 million people, a changing life style, better cost of living are the growth drivers for this sector

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably.

To know more call +91 7559-900-800 or visit www.aascglobal.com

Business Opportunity: Health,Physical Fitness and Allied Ventures

The number of upscale fitness centrists growing at a pace similar to the rapid rise in disposable income among consumers between the ages of 20 to 45 years old.At the end of FY 2018, revenues in the Indian fitness market amounted to USD 908 million. Further growth in the segment, expected at a CAGR of 9.3% between 2018 and 2022, is expected to take the total market value to a whopping USD 1,296 million in 2022. Greater demand among consumers for home gym equipment and services being sold through online portals and mobile apps, along with the ability to access gym trainers, fitness experts, and nutritionists.

If you wish to explore the possibilities in this industry, it’s best to engage professionals to do the required studies and assess the viability of the project.

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably. 

Business Opportunity: Construction and Allied Ventures

Industry reports forecast that the bourgeoning Indian construction/building material industry is expected to record a CAGR of 15.7% y-o-y to reach US$ 738.5 billion by 2022. The key areas of expected growth are social infrastructure, educational institutions, hospitals, government accommodation, defense infrastructure, and water resources. India’s construction chemicals market is segmented as the infrastructure sector and residential & commercial sector. The infrastructure sector is likely to grow at a CAGR of 18.3%. The residential and commercial segment has a share of 34% in the overall Indian construction chemical market with a steady Y-o-Y growth of 16% in 2020.The infrastructure sector is expected to contribute 15% to the Indian economy by 2030 thereby navigating India to possibly become the 3rd largest construction market globally in the coming years.

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably. 

Business Opportunity: Leather and Allied Ventures

The growth in demand for leather is driven by the fashion industry, especially footwear. 

• Furniture and interior design industries, as well as the automotive industry also demand leather. The Indian leather industry accounts for around 12.93 per cent of the world’s leather production of hides/skins.

• Total leather good exports from India stood at US$ 3.05 billion during April-October 2018.

• During April-October 2018, the major markets for Indian leather products were US (16.73 per cent), Germany (12.31 per cent), UK (11.41 per cent), Italy (7.48 per cent), and France (5.54 per cent].

• During April-October 2018, exported products include leather footwear component (US$ 196 million), leather garments (US$ 295.06 million), finished leather exports (US$ 466.76 million), leather footwear (US$ 1,293.20 million) and leather goods (US$ 799.47 million).

If you wish to explore the possibilities in this industry, it’s best to engage professionals to do the required studies and assess the viability of the project.

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably.

The Different Generations in Market & Why They Buy

It is a wrong strategy to sell everything to everybody. Our products and services have to be customized to the needs of specific customer segments. Each customer segment has different needs, different pains, different jobs that need to be done, and different aspirations.

They are NOT SAME, hence what they need is NOT SAME.

So what happens when you sell the same to all customer segments? They will buy from you as long as they don’t have an option. And switch to a competitor the moment the competitor arrives with customized service or products. That’s the story of “successful” businesses having sudden death.

A study by McKinsey found some interesting insights about what drives consumption among each generation. And it’s worth knowing.

Consumption is viewed differently by each generation. For example, Generation Baby Boomers (born between 1940-59, those aged now at 60 to 79) viewed consumption as an expression of ideology (influenced by the global political turmoil of those times).

Generation X (born between 1960-79, aged now between 40 to 59), views consumption as a symbol of status.

While Generation Y or more popularly known as Millennials (born between 1980-94, now aged between 25 to 39), views consumption as an experience.

The youngest generation, Gen Z (born after 1995, that is aged below 25), views consumption as a search for truth. Their search for authenticity generates greater freedom of expression and greater openness to understanding different kinds of people and views.

So What Does It Mean To Your Business?

As an entrepreneur, you need to know who your customer should be. Which generation they belong to. And what prompts them to like your business and why they will buy from you.

Avoid targeting everybody. It doesn’t work long-term.

Now you know why they buy. Customize your business accordingly. The drive ahead is profitable but never easy.

Transforming Outdated Schools

“We Have To Teach Our Kids Something Unique…” Jack Ma, Former Executive Chairman of Alibaba Group

This quote is the trigger for today’s post.

As the world progresses by leaps into work getting done more cheaper, faster, and efficient- human jobs are at stake. It’s a reality. It’s time for humans, societies, cultures, and organizations to evolve to survive.

It begins with what we teach our kids. Our schooling system is so outdated, one wonders who prepares its syllabuses.

School management and parents have to move from the comfort zone of standardized learning to the new age of individualized learning.

So how do we teach our kids, what machines can’t do? We teach them to be “more human”. But what does that mean?

We teach them values, so that they never create or use machines, Ai and robotics to destroy peace, instead use them to create a sustainable peaceful world.

We teach them independent thinking so that they become creative in innovations, discoveries and become masters of the very technology that can otherwise be used to enslave them. Present schooling does not promote independent thinking- it’s only what’s in the textbooks.

We teach them cooperation and teamwork so that they love and believe in each other. Help and support each other. Remove the present mark-based mindset, where one has to beat down the other to get to the next level or is measured in comparison to others. Where a lion is compared to a dolphin, while their skills are different.

We teach them leadership and the ability to take responsibility. Characters that are fast disappearing in the pleasure-seeking, me-me, materialistic generation. Students should be not just taught but trained, to take up responsibility, be accountable, be able to motivate others, take the lead, walk the talk. Be men and women of their words.

We teach them to care for others. That care is what is going to help the world and inhabitants, be at peace with each other.

We teach them the knowledge that is needed for life rather than in-depth science, physics, maths, and geography that is not needed for the vast majority who might not seek those streams. Instead, teach them young, topics such as basic finance & investment management(everyone needs it in life to manage personal finances, personal investments), economics (everyone needs to know how the economy functions), basic law (everybody is bound by it), political science (that’s what governs them). These are more important topics as they affect everyone. Only those seeking careers in biology, physics, mathematics, geography, and other conventional topics need to go in-depth to them. For these special clubs in schools can be formed. So interested students can go much deeper than their peers, based on their capacity. For the rest who are not seeking such careers, they don’t need to be tortured to study them.

We teach them how to be healthy and avoid lifestyle diseases. It is funny that we don’t teach our kids what to eat and what not to. It shortens their life. That’s not in the syllabus. We should have in curriculum topics such as food habits, what to eat and what not to, sleeping habits, exercising, natural herbs, organic home farming, natural therapies, first aid procedures. This not only makes them capable of making and eating right, doing right exercises, curing themselves with natural herbs (avoiding side effect medication), and being capable of rescuing life’s in danger; but also have a profound effect on the businesses around them. Junk foods providers will disappear, harmful nightlife businesses will disappear, the illegal drugs/ prostitution industry will disappear, the healthcare industry will be more ethical and responsible. These changes will not be driven not by law, but by enlightened people.

We teach them the value of family and relationships. It’s a topic that should not get restricted to a chapter. It should be a subject that will be studied from kindergarten to post-graduation. Because relationships are the foundation of human civilization. We should teach kids how to understand their parents, grandparents, siblings, relatives, and neighbors & how to behave with them in various situations. Kids today, do not really know it. We should teach how husband and wife should understand each other and behave with each other (it’s not something that can be achieved with a few hours of pre-marriage counseling). This reduces divorces, broken homes, domestic violence, wrong relationships, etc.

We should teach how parents understand and behave with their children. This opens up strong bonding. This prevents kids from drugs, depressions, suicidal tendencies. All these need to be learned when they are in their schools and colleges.

We should teach them about all religions in-depth. This helps understand every religion better and have a deep-rooted understanding that ultimately all religions are about peaceful co-existence and it’s evil people who divide people on religions.

We should teach them empathy and sympathy. It goes a long way.

Visualize a world where this is what people learn and do. Feel the peace and happiness. This is what we need to teach. The present syllabus has failed to create a good world. We witnessed all the world wars, civil wars, unethical corporations, corruption, exploitation- all by people who spend most of their childhood learning stuff that never was useful in their real life and decisions they took.

In these schools, it will be less of books and theory. More of exploration, activity, and doing. And the traditional marking and grading system? It will be in the dustbin- where it rightly belongs.

This should be the vision and strategy for schools, educational institutions, education boards/organizations, and education ministries.

Submit Your Details

Get connected