3 Reasons to Start Businesses Now
The idea of a new normal scares many, but it shouldn’t be a reason to stop trying to do things but rather a reason to try. More often than not, overcoming your struggles is the first step to a greater life, and exploring these through innovation can create boundless opportunities.
Think of the pandemic of a way to reset your mind of being stuck and a key to being freer. Many in first world countries have been very lucky with how governments are responding and the amount of money they are printing to keep the economy afloat. All eyes are on entrepreneurs as they emerge from coronavirus hibernation and test the environment for signs of renewal.
If you think the global pandemic can curb the recent spark of entrepreneurism and bootstrapping start-ups, you are mistaken! However… Maybe the flexing on Instagram and social media might stop as there isn’t anything special to show off anymore.. A recent survey from SCORE found 43.9% of startups have a “wait and see” attitude, 18.4% scaled and only 2.6% abandoned their business.
Entrepreneurs are all about innovation and resiliency when it comes to unforeseen circumstances, capturing the opportunities in front of them. We explore reasons to help motivate people who have been considering trying something and need a shield from negativity.
1. Creating something from nothing
As we are all in the same situation, we are all trying to survive the economic uncertainty so think of an innovative approach to go to market. Consider minimising spending by using free applications, trials, cost breakdowns, partnerships, renegotiating terms with vendors, etc.
Here are a few to consider
- Choosing a low-investment business to start.
- Starting your business from home.
- Buying used equipment
- Virtual Meetings
- Apply to Jobs while learning these skills
- Using freelancers/independent contractors
- Taking advantage of online communication channels
These skills are very hard to learn and adapt, but the economic downturn has caused it to be a necessity so forcing yourself to learn can be crucial not only in the startup stage but also as your business grow
2. Survived the 2020 Pandemic Recession
Think of how the story pans out, when people look at what you are able to accomplish during uncertainty and how you faced adversity. Similar to how we look back at entrepreneurs throughout economic downturns, right now we are living in one. The business models we know have changed and despite everyone’s definition of a normal, it will never go back to “normal”. Consumer perceptions have shifted across all industries, trends are rising, and causing corporations to rethink and focus their next business pivot.
3. Let Innovation Flourish
The decisions are being made either in open or behind closed doors. Owners will have to adapt to the norms being set by governments, as Victoria aims to ensure all business owners require a COVID safe plan. Understanding why businesses need to do this can be seen as either a decision because of compliance of operating, or because the needs of customers are changing. Smart business owners will consistently change how they approach the market by capitalising on consumer changes.