Challenges also bring opportunities

In recent times, Myanmar has seen the Kyat’s value plummet, going from 1 USD = 1,400 MMK to 1 USD = 6,500 MMK over three years —a staggering 364% devaluation. This isn’t the first time a country has faced such an economic blow. Let’s look at some similar cases:

Venezuela: The bolívar experienced an over 99% loss in value, moving from 1 USD = 6.3 VEF in 2013 to 1 USD = 2,500,000 VEF by 2018.

Zimbabwe: Hyperinflation caused the Zimbabwean dollar to devalue by trillions of percent, leading to the abandonment of the currency altogether.

Lebanon: The Lebanese pound lost about 90% of its value, going from 1 USD = 1,500 LBP to 1 USD = 15,000 LBP (and even higher on the black market).

Argentina: The Argentine peso went from 1 USD = 20 ARS in early 2018 to over 1 USD = 100 ARS by 2021, a 400% devaluation.

South Sudan: The South Sudanese pound devalued from 1 USD = 2.95 SSP at independence to over 1 USD = 400 SSP by 2021, a 13,400% loss in value.

So, what can entrepreneurs in Myanmar like us do in the face of such challenges? Here are the top 5 recommendations:

1. Diversify Revenue Streams: Don’t rely solely on the local market. Explore international opportunities, export services, or products, and consider remote work for global clients.

2. Leverage Technology: Just like businesses in Venezuela turned to digital products and online markets, Myanmar entrepreneurs should capitalize on e-commerce, digital services, and remote work.

3. Focus on Essential Goods and Services: Essential sectors like healthcare, food, and telecommunications are more resilient during economic crises. Tailor your business to meet these crucial needs.

4. Stay Agile and Adaptable: Flexibility is key. Be prepared to pivot your business model quickly in response to market changes, just as many in Zimbabwe did to survive hyperinflation.

5. Strengthen Networks: Building strong relationships with local and international partners can provide support and open up new opportunities. Community engagement and trust are invaluable assets.

Challenges also bring opportunities. By staying resilient and adapting to these turbulent times, Myanmar entrepreneurs can find new paths to success.

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