Why You Should Start A Business Mid-Pandemic
COVID-19 has caused countless businesses closures across all industries, but looking at the unemployment rate alone, you might think coronavirus never happened.
It’s not all doom and gloom – new businesses pop up every day, and many existing businesses are thriving despite the pandemic. With millions of workers on furlough, many are wondering: is starting a business the next step for me?
NPN caught up with the founder and CEO of a tech start-up that launched during COVID-19 to see what he had to say. Here are a few good reasons to start a business in the middle of a global pandemic:
- Creative disruption
In the midst of uncertainty, creativity is necessary to survive. Innovation grows from desperation, and allows us to innovate and challenge the status quo. It also helps us to find solutions to market gaps we didn’t see until COVID-19 struck.
- Millionaires Mindset
During periods of downturn, people are more willing to take risks because they feel they have nothing to lose. According to Evolve to grow,
“Even in the darkest of financial circumstances, opportunity presents itself. More people became millionaires during The Great Depression than in any other time in American history.”
Four of the world’s biggest brands started during economic crises: Burger King, HP, FedEx, and Microsoft. Even KFC was born out of a last-ditch attempt for Colonel Sanders to pay his bills.
- Good things come in small packages
According to the Department for business, energy and industrial strategy, small businesses are the backbone of the British economy:
“total employment in SMEs was 16.6 million (60% of the total), whilst turnover was estimated at £2.2 trillion (52%) SMEs (small and medium-sized enterprises) account for 99.9% of the business population”.
The government has even set up a small business grant fund to make sure that small businesses are adequately supported at this time.
- Wealth of information
Various online communities offer loads of information and training courses (for free!) to upskill those who may want to make their hobby a career. Government initiatives to retrain, upskill and provide access to start-up support have also seen significant investment.
- Out with the old
From mega to micro, we live in the age of influencers. YouTube CEO Susan Wojcicki recently noted that,
“The number of creators with a million or more subscribers has grown 65% [in 2019], and creators earning five or six figures, annually, has increased more than 40%.”
Online, traditional income streams are ditched and refined daily. COVID-19 may not be the catalyst for this, but it has finally put to death the myth that a “job for life” still exists. The flexibility of starting your own business gives you the opportunity to diversify your options and consider other sources of revenue (which in these uncertain times is not a bad idea).
- The year of the Underdog
COVID-19 has highlighted disparities across social class, race and occupation. When compounded with civil rights battles erupting over this period and the prominence of the Black Lives Matter movement, people are more socially conscious about where they spend their money. In the case of BLM, support for black businesses through initiatives such as Black Pound Day, or celebrities lending their voices to black-owned businesses, many former business outsiders are now getting a piece of the pie.
- Just a hobby?
Marc Anthony famously said, “If you do what you love, you’ll never work a day in your life.”
COVID-19 has exposed the fragility of life. Life is too short to be stuck in a job that you hate. If this sounds like you, perhaps it may be time for a change – check out these entrepreneurs who successfully turned their hobbies into viable businesses.
- Click of a button
“Generation now”: although this term is often used to criticize millennials, it describes us all. We are responsible for modernising outdated practices due to the instant feedback social media provides. Businesses don’t need to perfect a product before or wait to see if the tides change, but can launch, test and iterate all at the same time. Especially with the country stuck inside, market research is brought right to your door (contact-free, of course).
Ultimately, this all comes down to seizing opportunities when they come, and doing what is right for you. Not everyone can be the next Jeff Bezos, but settling for Eric Yuan (CEO of Zoom) isn’t half-bad.
If you’re still thinking of starting your own business in the pandemic, why not check out the stories of these amazing entrepreneurs who are doing just that right here.