COVID-19 has affected every fabric of our daily life, from inconvenience to catastrophic. We pay tremendous respect to the healthcare workers who are fighting for our lives on the front-line. Also, for families who have suffered during the pandemic and for some who have made the ultimate sacrifice.
Like everything in life, we just need to look at the bright side whenever possible. With unexpected changes come unprecedented opportunities. Here are the five big reasons why COVID-19 is a great opportunity for you to start your own business.
The job market is terrible
As of today, (early May) the U.S. unemployment rate is hovering at 15%, which is the highest since the great depression. If you haven’t realized, job security is a thing of the past. If you’re finding yourself recently out of work, why not hustle and start your own business right now? Jobs may not be easy to find for a while, and this can be a great opportunity to start something you’ve always wanted to.
There has never been a better time to learn
While everyone is in quarantine, now is the best time to pick up a new skill. In human history, it has never been so easy to learn a new skill with the help of the internet. You can sign up for many popular e-learning platforms like Skillshare, Masterclass, Udemy, and start learning a skill set for your business. Learn to web design, learn to code in python, learn SQL, learn to draw, learn to do video editing…the list goes on and on. With a new skill set, you are more equipped to start your venture or offer new services or serve a new group of customers.
Hone in on your communication
With more and more communication moving to digital channels, we are forced to be more concise and attention-grabbing. Communication skills are the most overlooked skills for entrepreneurs. With COVID-19, in-person meetings and tradeshows might not be an option for you anymore, which forces you to think about how to creatively communicate via online media. The more you practice, the more effective your pitch will be
Everyone is looking for alternatives
This pandemic is more than a health crisis; it also changes how we live our daily lives. From the way we shop, the food we eat, the workouts we do, to friends we hang out with, the clothes we wear, and much more. Most of us are changing the way we live and probably won’t be going back to how we lived before. If you have an idea, product, or a service that can capture this momentum and help others better their lives post-COVID, you will have a very sizable market. So think beyond face masks and figure out what else you can do to adapt to the changing behaviors of people around you.
You will see if you are cut to be an entrepreneur
Adaptability is one of the most important things for entrepreneurs. Adaptable founders know how and when to pivot, and can change their business offering to better suit the customer’s need. This COVID-19 period is a hell of a test for businesses everywhere to see if they can adapt to the rapid change of the market. If your venture can win during a downmarket like COVID-19, you can bet you will be more resilient than your competitors in the future.
Can you define all odds and start a successful business during COVID-19? There is only one way to find out. We can layout 100 more reasons, but until you take action, these are just wishful thinking. Let us know what you are building and how the #GREYGANG can help.
This article originally published on GREY Journal.