Covid-19: A Catalyst for Entrepreneurship

 

The moment we are in is truly unprecedented. Then again, we’ve been here before. Across the pages of history are chapters written with stories of global upheaval and unexpected crises that forced the world to change its course in unexpected ways. Heroes and villains emerge on both ends. Inefficient ways of living and doing business fade, replaced by new innovations and inventions that change the global landscape.

Every global crisis gives rise to new opportunities for individuals who are bold enough to seize the moment and introduce new solutions for unique problems.

 Consider the global market crash of 2008. While many businesses closed their doors for good and individuals lost their life savings through plunging stock prices, some entrepreneurs rose above the dust and gave the world innovations that are considered commonplace today. Wildly successful companies such as Uber and AirBnB were launched following what many - until 2020 - considered one of the worst economic downturns in history.

 The novel coronavirus pandemic is no different. COVID-19 has a remarkable ability to bring the entire global economic system to a shuddering halt, yet the past few months have shown the resiliency of both humanity and the market. Many businesses are now reemerging from the global shutdown nobody expected - and some are rising up stronger than ever.

 In navigating crisis, businesses have played a vital role in helping communities work their way through the economic rubble caused by global upheaval. At the head of those businesses who shine in emergencies are courageous and bold entrepreneurs who seized the moment and saw the crisis as a catalyst for cultural and market change.

The Power of Pandemics To Shape Innovation

Unfortunately, many businesses and brands have felt the stab of COVID-19’s total economic shutdown. For those who were unable or unwilling to innovate their practices to meet the needs of individuals stuck at home, their death was almost guaranteed as the weeks of shutdown turned into months.

Yet amid the seismic changes in the market, some industries took advantage of the opportunity to get creative with their services to meet the new need. Grocery stores turned to delivery services to send products to consumers through online ordering. Restaurants moved from dining service to curbside and contactless delivery, allowing for greater convenience for consumers and jobs for employees. Distilleries turned their operations into sanitizer manufacturing and carmakers began to build life-saving ventilators.

For entrepreneurs who have an eye on the changing needs of the world, changing their operations to reach a unique need born of crisis can make all the difference. Not only do these businesses see increased relevance in the market, but many begin to thrive as the community responds to their increased service availability.

A Case Study: Digital Education

An entrepreneurial catalyst that has already emerged from the COVID-19 pandemic is the market for digital educational tools. As schools struggle to form reopening policies, education systems are becoming increasingly dependent on technological solutions such as Zoom and Google Hangouts to offer digital classrooms for students.

In answer to the sudden need for digital learning, businesses that offer new innovations in this market have incredible opportunities to shape the industry moving forward. Not only are schools searching for learning apps solutions, but parents are eager to provide their children with entertainment options that encourage positive engagement.

In a similar way, online gaming apps have become a catalyst for entrepreneurial opportunity during COVID-19 as well.

How Will You Take Advantage Of This Entrepreneurial Moment?

After the tidal wave of COVID-19 abates, it will be the strong, bold entrepreneurs who will be given the unique opportunity to direct how the economy recovers, and in what new directions the world moves. As an entrepreneur, how will you respond to the catalyst that the COVID-19 pandemic is offering in this unique moment of an economic restart? Will you implement strategies that you have developed to address the concerns that COVID-19 revealed, or will you return to the same old habits? (Hint: You won’t survive long looking back to the way things used to be!)

Get started! Register a business online or get incorporated in Canada!

How To Emerge As A Successful New Entrepreneur During A Global Pandemic

 

 

Across the globe, nations are reopening the economies after the initial wave of shutdowns to mitigate the spread of COVID-19. The pandemic has been a “black swan” disruption event for global economies - forcing business owners to reevaluate how they manage, lead, and drive change in a crisis.

As businesses slowly begin to reopen their doors and start welcoming customers back, a new class of pandemic-hardened entrepreneurs is emerging from the dust. As some business owners focus on how to help their firms and companies recover from a market-shifting shutdown, real entrepreneurs are putting in the time to develop the skills necessary to emerge more successful and competitive than ever.

The Pandemic-Led Entrepreneurial Advantage

Common sense would try and tell you that events such as a global pandemic would be a death sentence for most entrepreneurs. Yet history has shown us that creative and crafty entrepreneurs can pivot and adapt to the winds of change even during the worst economic moments.

The pandemic has already altered the market landscape forever. But for those who have been paying close attention to consumer trends, the landscape has already been in flux. In business operations, three significant elements have been driving businesses forward:

●     Seismic Shifts in Market Globalization

●     The Increase Of Knowledge Work

●     Increased Technology Solutions For Automation

Simultaneously, consumer demographic behaviors are also changing, as Millenials and Gen Z continues to emerge into yet another financial upheaval in their history. As an entrepreneur and business owner, these consumers will be looking for companies to support that have their interests at heart. 

With these ideas in mind, here are four tips for emerging from the pandemic as an entrepreneur with a competitive edge:

Locate & Dominate A New Market

The shutdown of the entire economy has thrown the whole system into disarray. Companies that were thriving on December 31, 2019, may no longer hold influence in September 2020. Many of those market leaders may no longer exist, as the virus has quickly snuffed out their business.

As an entrepreneur, you have a unique opportunity to rise in the place of companies or brands that have lost their control on a particular market. See a need that others are failing to meet? Step up and create a solution, and you will quickly take your place as an industry leader in no time.

Increase Your Brand’s Reputation

When it comes to successful branding, there is always a bit of mystery involved in going viral. However, the pandemic economy has created the perfect conditions for rising above the noise of other brands struggling to adapt.

Take the time to build your brand’s reputation during this short period of pause, and when the world reemerges, you will find yourself ready to invite new customers into your business. Start creating connections with clients now, and you can watch your brand recognition soar post-pandemic.

Introduce A New Technological Solution

Have you had a great idea in your incubator, but no chance to introduce it to the world? The pandemic has allowed many entrepreneurs an empty stage for introducing their next great technological solution. Disruptions such as global pandemics can help bring to light solutions to problems that have only recently arrived. Consider the popularity of ride-sharing-turned-food-delivery.

By merely switching services to adapt to the changing market need, an entrepreneur can create a winning product where no opportunity was before. Get creative - the most world-changing technological advances were birthed from economic shutdowns!

Boost Customer Loyalty

As the market changes, one element remains the same: customer loyalty and appreciation hold an incredibly influential business dynamic. As unrest and public health continue to fill 24/7 news headlines, consumers are looking for ways to find hope in a chaotic world.

As an entrepreneur, you have a unique opportunity to bring influence to the consumer marketplace with ideas that not only generate needed products and services but positively engage with social issues. Consumers who see that a business or brand is taking a stand for the greater good are willing to pay a higher premium to be aligned with those services.

A great way to find an edge in the pandemic economy is to invest in customer loyalty through creative initiatives and community engagement. Find unique opportunities to serve those who are helping others, and invite your customers to join you for the journey. You will soon see the rewards that come from being an entrepreneur concerned with more than the bottom line.

Become A Post-Pandemic Entrepreneur

Many entrepreneurs will be slow to start a new venture or increase their current business operations during a difficult economic moment. However, those willing to boldly step out in new ways and grasp opportunities as they arise will find a post-pandemic market ripe for harvest.

The future of the global economy is as unknown as the coronavirus itself. Nobody is quite sure what business methods of the past will fade with the virus, and what innovations will lead the way in the new market. For those who are ready to turn difficulty into opportunity, the changes wrought by the COVID-19 pandemic will provide limitless chances for entrepreneurial success. Will you rise to the occasion?

Get started! Register a business online or get incorporated in Canada!

How To Increase Your Business Earning Potential During A Pandemic

 

As an entrepreneur, did you ever imagine that you would need a global pandemic response policy? Few businesses could foresee at the close of 2019 that the opening months of the new decade would see a complete global economic shutdown.

The novel coronavirus pandemic took no prisoners - especially for businesses. In a matter of days, the COVID-19 pandemic hit economies like a tsunami. Many companies and organizations were shuttering their doors to mitigate the spread of the virus. From small startups to established enterprises, the rulebook on effective business leadership and growth was thrown out in exchange for crisis management. For others, the sudden shift was fatal. As early as May 1st, nearly 100,000 businesses closed their doors for good.

Is there hope for businesses to survive amid a once-in-a-century global pandemic. Better yet, are there ways that a company can thrive despite the challenges that lay ahead?

Empty stores and challenging sales environments don’t mean that your business has to struggle. There are huge benefits to be gained in the new pandemic economy for entrepreneurs and business owners who are willing to pivot their operations and adapt to new processes. The only limit is your creativity. Consider the following three practices to increase your business earning potential and thrive during COVID-19 and beyond.

3 Ways To Boost Your Business During A Pandemic

 

1. Revisit & Revamp Your Digital Presence

When the world goes online to shop, you should be there to meet them with open digital arms. It is shocking to see how many businesses ignore their digital web and social media presence. Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly. As consumers head online to shop due to health risks and business shutdowns, your presence in the digital marketplace is more important than ever.

The first step to boosting your business during a pandemic is to invest in a digital audit. Look over every aspect of your social media and website presence to analyze whether you are taking full advantage of digital marketing opportunities.

Are you reaching current and new customers through targeted, ad-driven posts and organic content?

Does your website feature updated content and an online shopping system?

Have you placed a line item in your budget for digital marketing strategies?

By combining high-quality online content and a robust social media marketing plan, you can quickly reach and remind your audience that your business is still open and ready to meet their needs. Don’t let your storefront on Digital Main Street suffer - open your online doors and watch your sales traffic skyrocket.

2. Invest in Online Sales & Delivery

Once you have adapted your online presence to a pandemic-friendly marketing plan, you need to ensure that your products or services are online-sales friendly. One of the hardest-hit industries during the initial months of the shutdown was the restaurant and hospitality market. However, those businesses that adapted their sales to online-only with quick delivery or curbside service saw their sales take a much smaller hit than those who shut down completely.

Having a way for customers to reach your business and buy online through your website and social media is essential for creating an environment for your business to thrive. Revamp your services by creating outlets for curbside delivery or contactless door delivery to help your customers enjoy your company without risking their health. The increased convenience will pay huge dividends as the market goes digital in the years to come.

3. Help Serve Your Community

The pandemic is creating opportunities for businesses to increase their PR presence and raise awareness for various causes. A byproduct of getting your business involved in the community is increased awareness and brand reputation.

Lisa Laventure, Director of Strategic Communications at online businesses commerce company Lightspeed, says that mission and value are among the most important aspects of a business finding a way to reach consumers during a crisis:

“Companies that are more in touch with their customers and brand will be the ones that succeed. These are the moments when you fall back on your values… It’s not the time to market and promote, it’s the time to stick up for your customers.”

To increase your business’s impact on your customers, find a local or regional cause to support and create new ways to invite your customers to join you. During COVID-19 shutdowns, many business owners began to look outwardly and started initiatives to serve and celebrate frontline workers with unique events and donation-driven sales. Don’t miss the opportunity to increase your brand reputation and recognition by getting involved in your community.

Get Creative & Watch Your Business Thrive

One reason many entrepreneurs start their own business is to lead in creative ways and impact the community in which they live with quality services and products.

The pandemic has created a tragic and challenging environment for everyone. Still, it has also created an incredible opportunity for creative business owners to flip the script and lead new and exciting ways. Your ability to thrive amid a global pandemic is limited only by your willingness to be bold and creative.