By: Santiago A. Sena (PhD) is a licensee for philosophy, researcher and professor at the IEEM Business School.
A crisis is a crisis. And crises are particularly devastating for those with little money. Companies without access to finance will most likely lose. And in the business world, those with the least capital are more likely to be entrepreneurs. How many entrepreneurs can adjust their costs, such as Disney, which fired 100,000 employees in Florida alone, or received capital injections to keep their businesses like Adidas, which received more than $ 2 billion from the federal government? None. This means that many companies will close.
But it’s not all bad news. There are some winners. Who are they besides those who have access to capital to overcome the crisis? Those who can recognize and use opportunities. It is not common for the rules of the game to change in a short time and that implies that we will face new reality, cultural changes and other needs. But … what are these options? Where are they? How do I find or identify them?
As a preliminary warning, I want to make it clear that I am not a fortune teller or guru. I have not studied astrology, nor can I predict the future. I’m just going to suggest a method that you can use to identify opportunities. I am not going to list an exhaustive or weighted list (style: “The 10 Opportunities for s that the Pandemic Will Create”) because I intend the exercise to be done independently by you. I want to create added value and that you discover ways to start profitable companies. You alone and in four easy steps. Pencil and paper, that’s how we started.
The first what to do be more careful than ever before: listening to people a lot; feel the problems in front of you. Nobody knows exactly what the world will be like from now on. Let’s hug: you have to be open. This means that you will start collecting information: “I no longer know how to do this or that”; “I really miss going to the gym and exercising”; “I have a flat face and tired eyes from so much screen”; “We had to suspend our wedding party due to restrictions at large gatherings”; etc.
The second is to accept things. A budget is something you start with. Here are some examples of budgets you could use: Until there is no vaccine or cure for COVID-19, WHO and governments recommend that there is social distance between people and quarantine times for travelers. Telework is also likely to increase (Home office) and electronic commerce (E-commerce); In this context, the home will become more central; We need alternative areas of interaction and social relationships. There is probably a lot more budget. It is your job, dear reader, to identify these macro trends.
The third is to generate hypotheses. And what is a hypothesis? It is an argument that has this structure: “If then…”. When this happens, it happens again. When it rains and I go out without an umbrella, I get wet. “If there is no vaccine, there is social distancing,” for example. And … what does it mean that social distance must be maintained? If there is social distance, I cannot celebrate my wedding with a big party. What impact does this have on the entertainment, social and international conference industry? What will happen to the concerts, the soccer games, the big wedding celebrations? How will religious believers adapt when they celebrate their rites in the community? What will politicians do during their campaigns or how will unions or groups of different classes no longer empowered to mobilize hundreds of thousands of people show their power? Each of these changes involves a micro crisis in each of these sectors. There will be only a few winners. WHO? Those who can solve the problem of not being able to enjoy these experiences (not for nothing was the Zoom platform worth $ 42 billion).
The fourth You need to think of possible solutions to each of the problems identified. If the crisis continues over time, we can no longer take part in major sporting events. How will we see our soccer games? Those in the virtual and augmented reality industry are likely to face a great opportunity. It is clearly not the same to go to the stadium Boca juniorsIn Argentina, you feel the Bombonera, which is full of fans, trembling (or beating, as they say there) while an uncontrolled crowd shouts, “Whoever doesn’t jump has gone to B”, regarding the downgrading of his arch rival, Riverbedless than a decade ago. My experience of sitting in my chair will be different from the experience of going to the stadium. But it’s better than just watching TV. Religious believers who heard the Mass YoutubeSince they are interrupted by advertising in the middle of their celebrations, they are likely to collapse. The same applies to a concert or even an international conference.
We identified only one (possible) winner: those in the virtual reality industry. No one else? Yes, of course. Use this method using different assumptions, continue to identify problems, and think of possible solutions. And again. The possibilities are there, I assure you. If the house is to be more central … I have to buy sporting goods at a good price; Educational platforms that are agile and entertaining as we learn will become more relevant. A hydroponic garden will be a good alternative for those who have a small corner on the balcony. A multiplayer game is no longer a thing for teenagers, but for all of us who share playful activities from home. And so.
I don’t fall into the usual field of proposing “the crisis as an opportunity” because the crisis involves the closure of companies and literally destroying many people’s dreams. But I’m not left with that negative look. There will be a new normal and there will be unfulfilled demands, needs and, in the end, the possibility of being born again. Here I suggest only one method to get ready and be able to do it.