Helping Entrepreneurs See New Possibilities
Although many small businesses are suffering as a result of the global pandemic, now can be a great time to start a new small business. You can find some small businesses who leveraged the challenging and ever-changing dynamics and are now thriving. Unemployed but talented workers ventured into entrepreneurship, and formation of new businesses and optimism among business owners have skyrocketed despite the economic dislocation.
Economic Disruptions Often Spur Innovation and Opportunities for Entrepreneurs
Indeed, a pandemic need not quash entrepreneurship. The Great Recession in 2007-2009 initially threw many people out of work and drove many small businesses into bankruptcy, but the availability of a large pool of unemployed but talented workers almost immediately boosted the level of entrepreneurship. Formation of small businesses actually rose in 2007 through 2009. Similarly, in the pandemic, “quite a few talented people are being furloughed and, like you, they might be re-examining what they really want out of life,” Bernhard Schroeder wrote for Forbes.
Long Economic Hangover
Today’s tight economic conditions – in which the pandemic has dramatically reduced and shifted spending patterns – may well persist for some time. Based on an analysis of the impact of pandemics throughout history, Òscar Jordà, Sanjay R. Singh, and Alan M. Taylor have predicted that the “long economic hangover” from COVID-19 could continue to plague the world economy for two decades or more.
What to Do? Good Opportunities Ahead for Entrepreneurs
However, regardless of the economy, good opportunities exist for entrepreneurs. Schroeder writes that “the best innovations are created in response to specific, urgent, and sizeable problems.” But they also need to address a long-term problem. For example, remote working grew during the lockdown and is expected to persist in the future, significantly affecting commercial real estate and business districts. What services and products do remote workers need?
Creative Thinking Is Vital
“The staggering impact of COVID-19 has unleashed a wave of innovation and witnessed the birth of new ideas across the innovation landscape,” writes Ravi Narayan, CEO of T-Hub. “It is critical for startups to adapt their offering rapidly to meet the evolving demands of the altered marketplace.”
The entrepreneur Alexandre Lazarow, author of the book Out-Innovate, counsels entrepreneurs to maintain a long-term approach in their startups. “Coronavirus is laying bare the challenges we have in our society; we have to face them differently than we have before,” Lazarow says. “Try to identify a pain point in your community, and in your society, that you feel passionate about and that you have an approach to tackling.”
In our whitepaper, we outline key steps to consider as a Roadmap for Startups. Download our whitepaper today to understand the recipe for success.
“Today’s challenging business environment poses extra hurdles to the entrepreneur,” says IOCI’s Founder, Marialane Schultz. “As a result, it’s important to be mindful that there are critically important steps for new startups to follow.”
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Helping Entrepreneurs See New Possibilities
To learn more on what successful startups do to thrive, read our whitepaper today and contact us if you need further coaching to navigate these ever-changing times.
