To remember its solidarity every year, India celebrates National Solidarity Day on October 20. Checking out the background, it was in 1962 on this historic day that war broke out between China and India, until a ceasefire was declared by China on November 21, 1962. There was a huge loss of life and property, but the entire country was united condemning the aggressive act. And the whole country was united in displaying a strong team spirit levelled at protecting the nation; and this clearly showed a heart-warming solidarity too.
In 1966, India was under the rule of former Prime Minister Indira Gandhi. A special committee was constituted to dedicate 20 October as “National Solidarity Day” – for the war remembrance. It was specifically dedicated to honour the soldiers who were involved in the war, who sacrificed their lives and for their families too. Following that, National Solidarity Day is observed every year as a tribute to the Armed Forces.
At this point, we examine solidarity between entrepreneurs, which can actually prove to be key to recover and bounce back, specially in the pandemic times that we are still passing through.
The unprecedented pandemic did hit businesses at national and global levels. Predictions were that businesses would be hit hard by the consequences of the health and economic crises that cropped up. In fact, the Covid-19 pandemic actually sent shockwaves round the world. To counter this upheaval, many ‘solidarity’ initiatives emerged to help those most affected by the consequences of the crisis. Brands have also responded massively, with strong support to communities. FMCG brands were seen playing their part – unveiling a strong purpose and working out innovative ways to act in the market.
Solidarity between entrepreneurs – key to bounce back
Viewing this challenging business scenario, one point could be positively highlighted, which could be an advantage – solidarity between entrepreneurs.
So, using the current context it would be beneficial to take a step back and integrate the fact that, this can reinforce and overcome the difficulties encountered by businesses. This essential step can be one of the main efforts to enable affected entrepreneurs to reverse the dynamic. When we find ourselves in the middle of a storm, we often cannot see clearly. Therefore, it is necessary to stay together, to avoid slipping in one’s entrepreneurial adventure and experience a couple of failures or so. When we are united, advice and help can come from all fronts. This may also provide the push for critical study and analysis of the situation. And, crucial insights can be gained from an examination of the organization – critical areas like financial ratios, sales or cash flow.
Businesses are still carrying out concrete actions in the market, more than two years after the start of the crisis. With consumers looking for brands to be committed and a purposeful force for good, those with a long-term approach could stand out and gain a sustainable competitive
advantage. However, this commitment must be perceived as sincere and genuine, and not just
as a marketing strategy. Today, brands must be committed and authentic!
New initiatives for new perspectives
It’s all about new initiatives for new perspectives. New entrepreneurial initiatives can take this solidarity approach and make it the core of their activity – and, slowly by surely, only success can follow.
Avtar Madan
Himanshu
Shree Lahiri
