Entrepreneurship in times of COVID-19

Entrepreneurship in times of COVID-19

Entrepreneurship seems unlikely these days: Downturn in the world’s economies, job losses, company closings, protests in different regions, the invisible threat of disease and little incentive to get ahead.

The visionaries, those who have amassed fortunes and perhaps are also the wisest, comment that it is right in the worst crises where great opportunities arise, said that it comes as a ring to the finger in these scenarios. We should take advantage of this moment since in most cases, confinement provides some free time during which you can think and design a project or adjust it if you already have a more grounded plan.

The International Labor Organization estimates that 195 million jobs will be lost worldwide; In LATAM and the Caribbean alone, 17 million lost places are calculated. Particularly in Mexico, the Mexican Institute of Social Security (IMSS), an institute that affiliates and provides health services to workers in the private sector, reported that formal jobs during the month of May showed a 3.92% drop, and according to his projections could fall 2% more. This panorama reflects a harsh reality: if you are a salaried employee, a business owner or you dedicate yourself to informal commerce, it is essential to look for alternatives to the sources of income that you currently have because time is running out.

Where to start entrepreneurship?

By undertaking, not only do you help yourself, you allow the economy to move and most importantly, you create jobs for your country. Look for the innovative component that technology brings and you will have a high impact on your industry. If you want to get an idea, regarding where there are greater opportunities, OECD trends tell us to consider trends in: financial services (23%), health (11%), information and communication technologies (8%) and education (8%).

Even you can address entrepreneurship from two approaches:

  1. From the industries that report an increase in sales are insurance, retail, and pharmaceutical. These types of companies have seen their income increase exponentially; for example is increasing sales of alcohol gel that only in March, Forbes, increased by 800%. If you have a solution in any of these industries or are thinking of developing something (such as the Mexican startup Lab U that had ETS tests at home and ended up undertaking the Sars-Cov 2 test), think about the ones with the highest growth.
  2. Or from the new normal … The end of the confinement and the pandemic is near, the virus still exists but the world will open the key to the economy and find that an economic downturn welcomes you and you will have fewer job options, so your decision will enable you to improve your skills or start your own business.

Do we have a chance in this new world?

Yes, of course, as we focus and identify opportunities, both for job search and to develop our income, the demand for “digital personnel” or digital services will increase. Going through the demand for strategists, marketers, analysts, and consultants, up to data engineers, experts in artificial intelligence, robotics, data governance, digital security, blockchain, and programmers.

Although unfortunately there is no proven formula for entrepreneurship, I like to summarize the key to success in one phrase from Michael Jordan:

"I've missed more than 9,000 shots in my career. I've lost almost 300 games. Twenty-six times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."

Michael Jordan

Here I leave you the commercial where he mentions this statement, it is a true gem of that time, proof that perseverance is equal to success.

Some tips that you can apply if you dare to undertake:

  • If you are about to develop a project, list your ideas. There are methodologies such as Design Thinking that help you to land and structure your ideas, at Extendo we developed a webinar called “Design Thinking in your digital strategy” to give weight to your Data-Driven decisions.
  • Prioritizes: Take a schedule of your daily activities and give priority to the most important (most important is to develop your business) tied things up with your ideas and talents times to boost revenue coming more quickly.
  • Added value: What does your project offer that no other in the market does?
  • Test: Show it to several people (not all, that is just a little taste, so that they do not steal your idea) and gather all the information from them as improvements or things not covered.
  • Tools: Lean on technology and free apps for better management.
  • Time: As we saw in the previous lines, the key is not to despair, unless your solution is innovative, the results will not be immediate, and you should think in the medium term.
  • Look at the industry: In this case the industries most affected in sales by COVID-19. Your objective will have to be different and innovative, you must discover the best way to boost sales in the most affected industries and revive them.

If you already have a project, I recommend that you lean on funding companies such as Crowd Angel or Play Business, or that you go to a bank to process a loan, but if you require speed, fintech platforms like Konfio.com can quickly support you.

A storm is coming my dear reader at the economy and work level, we must go one step further. We must understand the global landscape and the country’s environment to ensure success, always relying on digital tools to enhance our data-driven approach and make the right decisions.

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