Entrepreneurs around the world have been affected and challenged by the COVID-19 pandemic and its global spread. Having moments of feeling overwhelmed and unsure of what to do is completely normal! We want to support and encourage you to stay positive and to focus on what you can do with what you have to adjust during this time. This pandemic will be overcome in time and if you focus on the long-term it can help you to stay positive and adapt strategically.
Many thought leaders believe that behavioral changes after the pandemic could mean more opportunities for entrepreneurs to provide meaningful services. It is expected that entrepreneurs will come up with ideas for tools and services that can help people adapt to new trends in the very near future.
The founders of some of today’s most major companies did this between 2008 and 2010. Businesses were hard hit after the 2008 recession, but a wave of new startups emerged from the financial downturn, including these famously successful companies:
· WhatsApp, 2009: Encrypted messaging app WhatsApp was created in 2009 as a way for people around the world to message each other quickly.
· Groupon, 2008: Groupon, a website that promotes companies by offering deals on their products and services to consumers, was founded in the middle of the 2008 recession.
· Uber, 2009: Businessmen founded Uber in 2009 and the rideshare giant has since expanded internationally across various platforms.
What does this mean for you?
There is a lot of uncertainty and challenges right now for startups and small businesses, but with that, it is also an opportunity for opportunity. Look for opportunity like startups that adapted after 2008’s great recession. Choose to stay positive, and use this time to adapt and think strategically about the future of your business or business idea. (Our previous blog post 3 Strategies to Keep Moving Forward can help).
Would you like to talk to someone on how you can adapt strategically? Our services are free and your BCITSA Entrepreneurship team members (Laura and Tania) are here to support you! Book an online one-on-one appointment with us.
We hope this has encouraged you! Please get in touch if you need support.