While a large number of the population has lost their jobs during the pandemic, COVID-19 has also led to an increase in the new generation of entrepreneurs. Individuals have started to explore entrepreneurial opportunities to make both ends meet. These individuals saw an opportunity in the small business and took a chance in the middle of the period of uncertainty. Online Best startup consulting firms have played a major role in providing new strategies to entrepreneurs in their journey.
We tried to understand what inspired them to launch their business in the COVID times.
1. The alternative to starting a business: The pandemic opened new doors for individuals to turn their ideas into existence. Throughout the pandemic, fear of economic downfall emerged on all the businesses, especially the startups. There was a concern in the entrepreneurs that opening their business in the pandemic could be risky but most of the entrepreneurs came up with pandemic-based solutions. A survey stated that more than half of the individuals said that this is a better time to start a business than before the pandemic.
2. What are these startups?: Most of the startups opened during the pandemic are still in their growth stages. Small online business with only one or two persons handling everything. Many of the new startups have five or less than five employees, as their business will grow, so will the number of employees working in it will grow.
3. Planning and Development: As these entrepreneurs hit their first-year milestone they start planning to develop their business. Developing your business includes changing business models according to the lifestyle of the people post-pandemic and investing in locations to grow your business. For businesses that are purely digital and web-based need to build their customer base rather than investing in physical locations.
4. Finance: Finance is a major source of worrying for new generation entrepreneurs. Both business owners and individuals worried about their source of income when the state went into complete lockdown. Funding issues did not stop the entrepreneurs as the majority of individuals pulled their savings to start their business or turned out to family, friends, relatives, and professional loans to get started.
5. Technology: The majority of the new startups are completely web-based and digital-first. The established businesses needed assistance to adapt the digital work-life arrangements after the first COVID wave. Technology has no longer been a second thought or something which is to be implemented when your business reaches a certain height. Technology is a critical and necessary tool that helps to grow your business from the start. The best startup consulting firms also state that nowadays, the majority of businesses are born digitally.
Despite all the above factors mentioned above, communication with your audience as well as your teammates remains your top priority for startups. Communication tools like zoom allow you to solve problems and collaborate with your team when not together. Startups rely on online tools to manage their business. Online startups are responding well as a few individuals stated that they had more customers during the pandemic.