“When written in Chinese, the word ‘crisis’ is composed of two characters: one represents danger, and the other represents opportunity.”
-John F. Kennedy
Like many other crises in history, some good things can come out of the current pandemic. The coronavirus has touched down and totally disrupted all the traditional ways of working and living our day-to-day lives in many parts of the world, and in particular, caused shock waves throughout the economy. But amid all the bad, there is always a silver lining. Over the past months, Ye! has spoken with many investors, experts, and of course youth entrepreneurs, and each has highlighted in one way or another, that out of darkness comes light! And there are a number of new opportunities that have arisen out of the pandemic. Here are some facts and trends that may surprise you!
Crisis motivates more entrepreneurs to kick-start their ventures- taking an idea and making it a reality.
Amid the many negative consequences of the current pandemic, Azlo's research found an encouraging fact coming from the COVID-19 pandemic: 96% of new entrepreneurs say the pandemic is motivating or giving them the motivation to start their own business.
The reasons behind this are a mix of different factors, including more time at home to get their venture going, a preference towards working for themselves, and the desire to pursue something that they are passionate about.
This research sheds light on the fact that small businesses can start anew and thrive with the right attitude, perseverance and focus, even during times of crisis.
Crisis creates new needs and changes the rules of the game for better.
In our pre-covid world, when you were asked why something was done in a certain way, your answer most likely was because that’s the way it’s always been done. Many in business were reluctant to change as the status quo was working (to an extent and for some). It is widely recognized that in times of relative prosperity, people often get comfortable with the norm and don’t feel motivated to change their status or think outside the box.
However, today, the current pandemic has forced people to deeply reconsider everything, from the way they eat to the way they work, which means the businesses that serve us can find new and innovative ways to serve customers and clients based on how the pandemic has ruptured our normal modes of operating. Businesses can and are finding the will to create great change to meet the new demands in the marketplace. The ripple effects of this are already emerging. Read the full article about three major opportunities from Entrepreneur Magazine.
Crisis reshapes business leaders.
This crisis has provided a lens through which entrepreneurs can re-imagine their vision, values and models. The pandemic is forcing business leaders to adapt their operation models to new needs, new products, and new customers. In adapting, business leaders are also taking a hard look at themselves and the skills they need to lead in a post COVID-19 world. In terms of skills, capabilities, necessary experiences, and assets, the COVID-19 pandemic is rupturing what was once desired in a leader (and their teams) and bringing new skills and capacities increased importance. Understanding what skills will serve you best in the new economy will ensure that you can remain a strong leader in the current context and beyond.
Leaders should focus on healthy collaboration over unnecessary and sometimes negative competition. Eventually, it will be those companies that chose to collaborate, share information, and build on each other’s ideas, that will perform best and succeed. Learn more details about leadership and vision in times of crisis, here.
Crisis creates emerging industries.
In this crisis, some industries are inevitably going to go under, aka die. This is very sad indeed, but according to this article from Devpro Journal, it doesn’t all have to be doom and gloom. Some industries are booming or blooming! Some new industries are being born, in fact. For example, a rise in demand for basic health and hygiene services to be delivered through e-health initiatives, the shift to remote work has created many new opportunities for virtual and remote connectivity, and the trend of ‘limited touch’ software via a cloud-based networks is growing even further enterprises for a world where touch isn't possible.
Manufacturers and service providers offering technology that builds upon our new reality, including remote working, limited touch, our home life, distance learning and distance from families, will have a unique advantage and high demand in the covid and post-covid marketplace. So grasp these opportunities for your business and get ahead!
Crisis requires new approaches to the world.
Apart from its effects on business operations and management, the current pandemic gives us a great opportunity to rethink our habits and routines and make changes in how we approach the world.
For instance, our experiences from living through the coronavirus show that life goes on without many in-person social gatherings and entertainment. With the extra time gained from canceled events, more time spent at home and shortened meetings, we can spend additional time on other things, or even better, on nothing, and enjoy the additional free time- giving us the opportunity to explore new habits and give ourselves renewed attention. In addition, the pandemic also provides us the opportunity to reconnect with and help our communities to create more social cohesion.
Lastly, the pandemic has created greater awareness about our place in the world, encouraging modesty and forcing us to realize, nature is still boss. There are, and always will be, many things that are simply beyond our control. So for entrepreneurs, it is always helpful to hope for the best and prepare for the worst! Remain hopeful, but be practical. Read the full article on the bright side of COVID-19 here.
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