Entrepreneurial Opportunities in the Time of COVID
Kevin Shirley, Associate Broker (DC), GRI, e-PRO, ASP
The spread and onset of the Covid-19 pandemic left many people in trouble. The coronavirus outbreak was reported first in the month of December 2019, in Wuhan, China. Unfortunately, this virus took very little time to reach almost every corner of the world to affect the routine human lifestyle with the rising threats of mortality rates and uncertainty about disease treatment. The World Health Organization (WHO) announced it a global pandemic within three months. Medical health professionals advised following standard social-distancing measures to control the spread. Given the critical consequences associated with this disease, people were advised to follow extended lockdown measures.
2020 was a troublesome period for business professionals around the world. The economies of developed and developing countries the world over took a remarkable hit. Many people lost their jobs, and many companies started adopting remote work routines to maintain business operations. The governments, policymakers, and authorities worked hard for several months to set new rules to help people adjust to this new normal. Although several start-ups were forced to terminate operations during these crises, many made hard efforts to sustain.
It may sound strange, but some studies reveal that Covid-19 has opened doors to increased entrepreneurial activities in some sectors. Many organizations are experiencing a significant boost in sales and lead generation. Some of the best examples are companies manufacturing ventilators, sanitizers, and relevant hygiene products. Moreover, Covid-19 has changed our lifestyle by a considerable level, many creative business owners have devised new ideas to respond to the ongoing emergencies. Governments worldwide are also extending support towards new entrepreneurs to help them establish business during these hours of crisis. For instance, the UK government has recently announced a massive package of £1.25 billion to assist start-ups with new growth opportunities. It is a great initiative to drive innovation in the business sector.
Many start-ups and newborn entrepreneurs have grabbed the growth opportunities during this pandemic. They are interested in redirecting and repurposing the existing knowledge, people, skills, and networks to meet the target consumers’ emerging needs. Many individuals started producing face masks at home during this pandemic to make money. Some local communities also turned their taxi start-ups into grocery delivery services to serve the public. These simple efforts to adapt to the new normal helped them to survive in these trying times.
There is no doubt that this repurposing approach cannot be implemented without challenges. Many entrepreneurs have faced considerable obstacles to prove their trustworthiness in the new domain without any past experience. Although this repurposing strategy can be a short-term approach for many start-ups to survive during the pandemic, many others have considered it a standard solution to achieve sustainability in this competitive market. Moreover, entrepreneurs benefit from the extended support provided by institutions, government authorities, and financial institutions.
Some may argue that the Covid-19 pandemic has left a negative impact on the business sector. But many studies reveal that these crises have also attracted new talent in the market. Over the years, entrepreneurs have become more high-tech and creative to serve the buyers’ changing demands. Other than this, the pandemic has forced people to work remotely, and in this scenario, business owners are also outsourcing talent online. The trend of freelancing and virtual support has increased as a result of these social-distancing measures. It has become a new and beneficial opportunity for the new age entrepreneurs and skilled professionals as well. Moreover, this trend is filling the gap between demographic restrictions for talent accommodation in the companies. It is now possible to hire a diverse range of professionals who can work remotely to support the organization’s overall growth and productivity.
The thought about how pandemic has affected the business world is now taking new dimensions. Rather than enumerate the negatives that entrepreneurs have experienced during these months, experts are now discussing the myriad new business opportunities currently emerging. Entrepreneurship ideas that left a lasting impact during this pandemic:
Remote work
One of the most common transitions that we experienced during the Covid-19 pandemic is the shift from office to work from home trends. Businesses that were earlier following typical office working routines identified new scopes with remote work during this pandemic. Many are even ready to adopt this model post-pandemic as well. Millions of business professionals worldwide have recognized the benefits of time-saving by avoiding the daily commute, flexibility, and better work-life balance. If you are planning to open a new business, you can opt for virtual office trends to allow all members to work from home at their convenience.
Digital marketing
Another idea for business during a pandemic is digital marketing. Both existing companies and start-ups are looking for some trusted ideas to promote their niche online. Most people these days are buying online, making an impression on the internet has become essential for all brands. Instead of searching for traditional print marketing solutions, business owners are interested in hiring professionals or agencies for PPC, SEO, and social media marketing. This trend is going to sustain in the market post-pandemic as well. Therefore, the new business owners can also look into this direction to achieve success online.
There is no doubt that some creative, innovative, and talented entrepreneurs can find ways to survive during this pandemic. It is always important to do adequate analysis before taking your new idea into the market. Prefer to execute a detailed search online, take expert guidelines, and follow some reliable strategies to establish your new business during these trying times. If your niche succeeds in leaving a lasting impact on buyers, they are likely to return and become loyal customers of your business.
