You might think that there’s no point in starting a business now
considering the pandemic that has engulfed the world. Several businesses were
ordered closure to prevent the spread of the virus. If you’re an aspiring
entrepreneur, you might wonder if it’s a good time to get started.
At a time when everything seems bleak, you might think that there’s no
point in starting a business. Before you make that decision, you need to
understand the opportunity this situation presents.
Plan a business
Businesses might not be in operation now, but it won’t stay this way
forever. You can use this opportunity to plan your business. Understand what’s
going on so you can come up with the best business plan. The good thing is that
you’re starting from scratch. You can observe the changes around the world and
use them to craft your plan. Businesses that have already been in operation
have to make huge adjustments since they had a different model. It didn’t consider
the new normal imposed by this pandemic. You’re lucky since you can use
everything you know right now to make your business more responsive to what
It might seem like nothing good is happening right now and the markets
are collapsing. Even established businesses have even decided to close or
file for bankruptcy. These occurrences don’t mean that you have to feel
hopeless. Remember that this isn’t the first time we’ve experienced these
problems. If we look throughout history, the world has suffered from worse.
Despite what happened, everyone recovered. It took a while, but people moved
forward. As recently as 2010, the world has seen a massive global recession.
Some large banks and corporations didn’t recover and had to cease operations
because of it. Property prices skyrocketed and lots of people lost their jobs.
It took too long for recovery to happen, but we gradually rose from it. The
point is that whatever economic issue the world faces, it’s temporary.
Decide based on what you envision the world to be
If you decide, you might think that there’s no use in pursuing
a business. However, a true entrepreneur doesn’t only look at what’s
happening now. They’re long-sided, and understand the risk. Besides, even if we
were under a good economic condition, there’s no guarantee that your business
plan would succeed. Give your plan a try and see where it goes.
Prepare for the new normal
Always keep yourself abreast with the changes. The government might have
further restrictions and guidelines for all businesses, including the ones that
are yet to open. If you think your plan wouldn’t survive given these
restrictions, you can look for a different niche. You can also work around
what’s available and try your best to reach the target audiences. Your
creativity will definitely be put to test as a result of these barriers, but
it’s only going to make you a better entrepreneur.
1st and featured image from https://www.gannett-cdn.com/presto/2019/08/29/USAT/64877ac9-56f7-422b-a43b-2fa79db195f6-VPC_SMALL_BUSINESS_IN_A_RECESSION_DESK_THUMB.jpg?width=660&height=371&fit=crop&format=pjpg&auto=webp
2nd image from http://www.bplanexperts.com/starting-a-business/