This may not seem like a great time to start a new company, but maybe is exactly the right time.
Following conventional way of thinking, then this is likely the worst time to embark in a new business venture.
Customers in every sector are more conservative in their spending due to the uncertainty derived from the pandemic, hiring is much harder when you can’t interview candidates face to face, and trying to build a team remotely is incredibly challenging. And no chance of getting a bank to return calls for a loan or securing early-stage venture funding. It’s all true.
But as odd as it may sound, there are significant advantages to starting a business right now.
Some are pretty straightforward and easy to see, once they’re pointed out. Others are much more subtle.
If you were already in startup mode, or if you’re debating going into startup mode because of the current economic climate, might be worth considering the following points:
The abundance of unemployed talented people.
The greatest single challenge in starting a new business is attracting talent, especially senior-level people whom could be brought on board as partners.
When things are going well, these people are nearly impossible for a startup to attract unless it’s very well funded.
Many of those same people are now maybe on the job market trying to evaluate what their next work adventure is going to be.
For the foreseeable future, we are likely to experience an abundance of talent.
If you’ve got a killer idea or a really interesting project, this is a great time to attract and collaborate with top-quality players.
The same goes for the sort of talent needed to help with the operational pieces of starting from scratch a new business, such as setting up your web, creating your branding, or support and administration or plan your marketing and go to market campaign.
However,thinking hat this is a great way to save money, it’s true, but it’s also true that we need to look at the bigger and more important point.
What’s nonintuitive is that anyone you bring on board now will end up being a much more dedicated, and committed, because together succeeded during a time of crisis and overcame the odds,think about it.
Being open for change
Second, something magical happens during an economic or social crisis that is incredibly supportive of a new businesses .
The heart and soul of entrepreneurship is experimentation. Yet markets are often less than receptive when it comes to change.
In times of crisis there is an expectation that we are looking for change, we accept that we’re all building a new normal and part of that will be finding new ways to live, work, and play and obviously spend our money.
Without safety boundaries
Third, we’re are now operating without a safety net. Whilst it might doesn’t sound like a good thing, that is a good thing,indeed. For an entrepreneur, there are no easy road to anywhere.
The first secret of entrepreneurship is to rise to meet challenges head-on; while others may look for the safe path to mediocrity.