Since early 2020, the Covid-19 pandemic has caused thousands of layoffs, especially in the informal sector, and compelled daily wagers to stay home. The loss of earning sources devastated these families, and many left the capital for village homes to cut expenses.

Even the income of many affluent people involved in wholesale and retail businesses, except those selling essential commodities and food items, dropped significantly since they had to keep their shops closed. After the restrictions eased, many brought their products home and started online businesses using social media, especially by creating Facebook pages and groups.

It worked; they could sell and earn. But it gave rise to new and long-term crises: unfair competition and uncontrolled pricing. Many people who lost jobs and their family members also got engaged in e-commerce businesses to take advantage of high profit and lax monitoring.

Apart from selling daily commodities, many occasional sellers and resellers made a huge amount of money by selling and supplying Covid-related products, like masks, pulse oximeters, and personal protective equipment (PPE) kits, at higher prices as the demand grew unexpectedly.

Despite all the drawbacks, the lockdown days boosted e-commerce, allowing many individuals to profit despite losing jobs.

However, the layoffs continued in many private firms and businesses after the lockdown. Some people also left jobs voluntarily since many companies failed to pay salaries regularly. These people also found hope after switching to e-commerce and freelancing.

In a nutshell, job frustrations ignited the flame of entrepreneurship and gave the people respite from dwelling on discontent as they considered transforming dissatisfaction into an opportunity to chart their own professional courses.

They leveraged their own expertise and passions and applied their skills to create a unique product or service that could address the needs of consumers. Some other people invested in self-development for entrepreneurial ventures. They took courses, attended workshops, or sought mentorship.

The lockdown period also gave rise to networking among peers, potential partners, and mentors who could provide guidance and support for entrepreneurship.

Due to the advent of social media and affordable digital tools, many youths got engaged in freelancing or started Facebook pages and YouTube channels to sell digital content.

This helped them ensure an earning source and boost their confidence in themselves, while those who did not lose their job but had their earnings drop, eg, TV drama actors, teachers, musicians, and magicians, found new sources of income using social media and digital tools.

Online learning platforms and entertainment channels on Facebook and YouTube increased significantly overnight, and most of them have survived or gotten a boost in the preceding years until now. On the other hand, a large group of people, mostly housewives and jobless women and girls, got engaged in selling used products—from furniture and electronic items to clothes—via Facebook groups like Recycle Bin, which garnered a million members in a short time.

Female entrepreneurs’ group Women and E-commerce (WE) also became tremendously popular during the Covid days and helped millions of people come out of the financial crisis. WE has now expanded its activities beyond borders and has organized fairs of Bangladeshi products in several countries, while many of its members are now taking e-commerce loans from private banks.