Planning to build your own business?
But worried that the pandemic might have blown that opportunity away?
Are you at crossroads with what to do?
Here are some views of people who have started their businesses just before the lock-down and some who plan to start amidst or soon after.
A list of four questions was provided to all of them. These might trouble you too when deciding whether it’s a good time now.
Q1) How difficult is it now to even think of starting something new with everything going on?
Ans. The response to this question depends on an individual. You might be very confident with yourself or you might feel it’s not the best time and it’ll be better if you waited. Obviously, the pandemic raises doubts but what’s more important for this question is, how you feel. Intuition for any entrepreneur is like the Bible and thus trust your gut always!
Starting something new is always tough and with the current situation, it just raises the bar rather high. However, it isn’t impossible.
Q2) Do you think start-ups have a fair chance in this year or for like a certain year to come, to earn that much so as to sustain in the market?
Ans. With all the extremities, it does get rather questionable. The growth entirely would depend on the industry that you choose to enter into and the products and target audience you wish to cater to.
Sustaining in the market will be quite a task and the profit rates can be lower since sales wouldn’t gain that much speed immediately.
Moreover, the market as a whole is witnessing a downfall and thus finding and convincing investors to fund in your idea will be a tiring job.
Certain industries like the healthcare, hygiene, flexible packaging and welfare organizations might have an upper hand keeping the spread in mind.
Q3) What issues are you facing while implementing your idea of a startup?
Ans. The people that were spoken to had different answers for the same.
Since all these people come from different industries, each is facing a separate issue.
Finance, however, was a common factor amongst all. All these start-ups are struggling to find their projects to get funded and market them appropriately since only the online medium is open.
They are unable to organize in-person events to increase their market reach.
Q4) Do you think it would have been better to execute this had it not been for the pandemic?
Ans. Like mentioned earlier, starting anything new has its own set of challenges. COVID has just raised the bar rather high. Therefore all the risks that are associated with building one’s own business are somehow at a double rate at the moment. However, don’t get disheartened because the potential of an individual plays a very significant role. If you have a strong vision and a creative mind, you’ll be able to make your mark – pandemic or no pandemic.
I hope all the relevant questions and doubts were answered through the above article. To summarize, trust your gut if it says that you can handle it, go ahead, no-one is stopping you!
Choose the industry, product, and target audience carefully so that whatever you present adds up to the value that you provide to them.
Every crisis brings with it a bunch of possibilities!
