6 reasons to start a business during this pandemic
You are not mistaken, I prefer the title of my article. This is the best time to set up your dream business or to expand your current business and yes, we are all still in a Covid pandemic situation. So why all my positivity? Have I gone off on a tangent with my thoughts?
I am an economist and business educator. For a long period of time, I have also been an active Singapore/Indonesia representative of the World Future Society. So scenario planning is pretty much up my alley of experience.
So here are my thoughts on why you’re ripe for starting a business now.
Reason 1: Globalization
The expansion of globalization has not stopped. Rather, more people are jumping on the bandwagon of searching for goods and services from different countries. There is an insatiable desire to buy the next “big thing” regardless of the source of new ideas.
Reason 2: Rapid dissemination of information
As the world holds its breath over the technological march towards 5G, what must be accepted is the speed of both information and disinformation. This means that with the right marketing strategy, you can push your corporate brand to a larger base of potential customers in a shorter time.
Reason 3: From Social Media to Mega Sticky Media (MSM)
I created this acronym MSM because during the Covid period starting from 2020, Tiktok became a free media platform to broadcast business messages. It was like a combination of YouTube and Instagram but in seconds hyperspeed. For the first time ever, marketers are being forced to distill the essence of a brand to fit a typical Tiktok attention span. For many, this is impossible, but for the junior market this phenomenon is simply known as “Got to do it fast!” GTDIQ – another one of my newly created acronyms.
Reason 4: Social Activism
A company embracing social change and being a good corporate citizen is not new. It also makes good business sense. But the tsunami of social events that started from 2020 and how shareholders and customers will support a business that will take a stand, has officially taken root. Therefore, if you start a new business, it is almost a truism that your brand must encompass a certain level of being an agent of change for the betterment of society.
Reason 5: There is no lack of funds
Not only is there no lack of funding, but there is now a new Special Purpose Acquisition Partnership (SPAC) financial model that allows startups to bypass the traditional Initial Public Offering (IPO) route. There is now a huge demand for patents and new business models to help dig a new niche.
Reason 6: Food safety and sustainability issues
With the acceptance that food security and environmental sustainability will constantly challenge the minds of many government decision makers, there are many opportunities for further research in this area. Therefore, start-ups can develop their business plan and strategy in line with these themes.
With all of these factors in mind, consider starting a business today!