Entrepreneurship in times of COVID-19

Entrepreneurship in times of COVID-19

Entrepreneurship seems unlikely in these times: Fall in the world’s economies, loss of jobs, business closures, protests in different regions, the invisible threat of disease and little incentive to get ahead.

Visionaries, those who have amassed fortunes and perhaps are also the wisest, comment that it is precisely in the worst crises that great opportunities arise, saying that it is a perfect match in these scenarios. We must take advantage of this moment since in most cases, confinement provides some free time during which you can think about 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, there are an estimated 17 million lost places. Particularly in Mexico, the Mexican Social Security Institute (IMSS), an institute that affiliates and provides health services to private sector workers, reported that formal jobs during the month of May presented a drop of 3.92%, and according to its projections, it could fall 2% more. This panorama reflects a stark reality: if you are a salaried worker, a business owner or you work in informal commerce, it is essential to look for alternatives to the sources of income you currently have because time is running out.

Where to start. Beginning a business

By undertaking not only 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 gives and you will have a high impact on your industry. If you want to get an idea, regarding where there are greater opportunities, the OECD trends tells us to consider trends in: financial services (23%), health (11%), information and communication technologies (8%) and education (8%).

You can even approach entrepreneurship from 2 approaches:

  1. From the industries that report an increase in their sales are those of insurance, retail and pharmaceutical. These types of companies have seen their income increased exponentially; An example of this is the increase in the sale of gel alcohol which, according to Forbes, increased by 800% in March alone. 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 confinement and the pandemic is near, the virus will continue to exist but the world will open the key to the economy and find that an economic recession welcomes it and you will have fewer job options, so your decision will be to train yourself to improve your skills or start your own business.

Do we have a chance in this new world?

Of course we do, as we focus and identify opportunities, both for job search and to develop our own income, the demand for “digital staff” or digital services will increase. Going through the demand of strategists, marketers, analysts and consultants, 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 a quote from Michael Jordan:

"I have missed more than 9,000 shots in my career. I have lost nearly 300 games. Twenty-six times, I have been entrusted to take the winning shot and have lost it. I have missed time and time again in my life. And that is why I success"

Michael Jordan

Here is the commercial where this statement is mentioned, it is a true jewel of that time, it shows that perseverance equals success

Some tips that you can apply if you dare to start a business:

  • If you are about to develop a project, list your ideas. There are methodologies such as Design Thinking that help you 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.
  • Prioritize: Keep an agenda of your daily activities and give priority to the most important (the most important thing is to develop your business) match ideas and times with your talents to boost the arrival of income in a faster way.
  • Added value: What does your project offer that no other on the market does?
  • Test: Show it to a certain number of people (not in a complete way, just a little taste, so they don’t steal your idea) and gather all the information from them as improvements or things not contemplated.
  • Tools: Lean on technology and apps free for better management.
  • Time: As we saw in the previous lines, the key is not to despair, unless your solution is totally 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 goal will have to be different and innovative, you must discover the best way to boost sales in the most affected industries and literally resurrect them.

If you already have a project, I recommend that you rely 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 such as Konfio.com can support you quickly .

A storm is approaching my dear reader at the economy and work level, we must go one step forward. We must understand the world panorama and the environment of the country to guarantee our success, always relying on digital tools to enhance our data driven approach and make the right decisions.

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