in Times of Uncertainty
I am an entrepreneur and researcher. As a researcher, I think in terms of tomorrow, not today. Statistics show that entrepreneurship increases when unemployment increases.
he 2008 recession, which was not as bad as current world events, took the world ten years to recover. In light of this, ask yourself how long this economic downturn will take you to get back on your feet economically? In this time of uncertainty, several industries will change forever. In what direction will this change take you, your customers and your community? Use these questions to guide your decisions. Now is a time to pivot (see Issue 4).
Find a partner to brainstorm with and look at the following questions or scenarios: 1. Starting a new business. When deciding on which market to enter, there are three areas we must look at. √ New gap to fill. What gap in your industry has suddenly opened up, is unfulfilled and will continue to do so in the new norm of social distancing? How can you capitalize on this gap in filling a need?
√ Old gap to fill. There are old gaps that have gone unnoticed, now more so than before. How can I tap into this area and ease the pain, potential clients are experiencing? How can I initiate solutions with my current resources? √ Future gap to fill. Entrepreneurship best practice, before the market downturn, says entrepreneurs should be looking at what will happen to the market next year or in the next five years and consistently change with or before the market. Staying ahead of the market will be a little different, in that you must now consider a new norm. Once the economy starts picking up, what will people want that did not exist before. You will be creating a new market for this to work. Think Blue Ocean Strategy. 2. Keeping your business afloat should be a top priority. √ New directions based on what will happen when the current uncertainty ends. Is your current business equipped to handle the new type of market that will emerge? Many restaurants are being closed; when they reopen, they will have a smaller seating capacity, which may not allow for overhead costs to be met. What can you add to your existing services to meet the shortfall and increase customers? You may need to change your product offering or increase delivery methods. √ Expand your business to survive past the current uncertainty. How can you expand into totally new markets to ensure new income stream/s without deviating from your passion or your motivation for starting the business? In the case of restaurants, you may need to become a caterer.
DRE A M E R 2 C RE A T O R B USI N ESS M A G A Z I N E
- 6 -
I SSUE 6