The coronavirus dealt a massive blow to the economy in most countries, but it also released torrents of entrepreneurial creativity and startups stand to thrive this year.
If 2020 was the year you decided to open a 12-table bistro or a live music venue, chances are things didn’t turn out as you hoped. But the news was not all bad for all startup founders. Industries like telehealth to home fitness to outdoor leisure equipment, saw a bevy of opportunity in the last year.
As vaccinations take hold and life starts getting back on track, 2021 could be a banner year for startup activity. Here are some of the conditions that will make that possible.
Changing work expectations
The new generation of entrepreneurs belongs to a new demographic: Generation Z. Having just witnessed Covid-related layoffs and the abrupt shift to remote work, they have a different perspective on the modern workforce. Many will be prepared to work on their own terms.
Many Gen-Zers want to start their own businesses. Why? This generation prefers the flexibility that comes with being your own boss. While owning a startup is hard work, motivation comes from knowing they’d be in control.
Better access to resources and time management
Entrepreneurs need funding, physical and emotional support, and sufficient time to make their dreams a reality. Google calendar developed resources to save time, like speedy meetings, that can be helpful. The pandemic seemed to make everyone value their time more, so startups have more time to focus on developing the resources necessary to grow.
Easier ways to connect with customers
Multivendor platforms and social media are two indispensable facilitators to would-be startup founders. Both enable business owners to get their products into the hands of interested customers easily. Anyone can access millions of customers in an instant via Etsy or Shopify.
Social media also makes getting the word out about your offering easier and cheaper. Establishing a presence on Instagram or Facebook only costs you your own creative input. You can also get your fans to talk you up via user-generated content.
Tons of talent looking for an opening
2020 saw the worst unemployment rate since the Great Depression. Companies had to let valued employees go as a cost-cutting solution. This left a lot of people out of work who can now dabble in entrepreneurship to make ends meet.
Today, there are more people in a position to give entrepreneurship a try, but existing startups can also snap up these talented individuals to help grow their companies.
Advances in technology
Technology has had a huge impact on startups. During the beginning of the pandemic, companies were forced to become more technology advanced. It sparked a movement toward everybody’ having to innovate with technology and not just digital companies.
Tech may not always be critical to startups only on the operations side, as Silicon Valley so amply proves. Today, it is possible to create a market-capturing offering from little more than brains and bytes.
There are many factors can contribute to the success of startup founders but it’s the entrepreneurial spirit that really pushes them to succeed. No matter how conducive the conditions a new business always needs a lot of effort to come out on top.