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Is this a bad time to be an entrepreneur?

June 29, 2020

No, if you are ready to find a market, identify a problem and solve it creatively.

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Is this a bad time to be an entrepreneur?Is this a bad time to be an entrepreneur?

The opinions of the employees of s You are personal.


With a barrage of pessimism in the media, combined with all kinds of bizarre information that is disseminated on social media, you might feel like it is a terrible time to be an entrepreneur. You may even have considered updating your resume and applying for some jobs.

I like to think in “first principles”, basic ideas that can prove or disprove a theory without relying on opinions or rumors.

Let’s look at a checklist of five basic questions that you should examine Be an entrepreneur in 2020.

1. Is there money in the economy?

Picture: Christine Roy about Unsplash

If there is no money, what is it about? Fortunately, there is a lot. Most industrialized countries have injected money into the system at record speed. For example, the UK government has given billions of dollars to small businesses in the form of repayment loans that they now have to spend on things that will improve their business (cars and houses are not allowed). Larger companies (with equally large budgets) have never been so open to ideas on how to achieve their goals. There are additional subsidies and discounts, and there is actually a good amount of money in the economy.

2. Can you access sufficiently large markets?

Image: NASA on Unsplash

If you can’t reach people, your business can’t survive. Fortunately, there was never more access to large markets. Thanks to technology and digital media, almost every company can communicate with hundreds, if not thousands, of potential buyers per week. Companies that can no longer think of their hometown and can address their time zone can increase their potential market by an order of magnitude. Everyone had a three-month drive to buy everything online, and it changed the way we want to interact with a company. Many companies who believed that their products and services could not be offered remotely can be sure that with some smart changes, this is now possible.

3. Can you access talented people to work?

Image: Luke Peters on Unsplash

Business is a team sport. If you can’t bring a decent group of people around you, there’s not much to talk about. This is the most exciting time to recruit a co-founder or key employee in your company. Great people are available to work more than ever. In addition, people often like to work part-time with their own equipment. In times of interruption, it’s a great opportunity to access the equipment of your dreams that would be unreachable.

4. Are there real problems that need to be solved?

Image: Macau Photo Agency via Unsplash

It is easy. There are massive problems that need to be solved everywhere, and the problems create opportunities for entrepreneurs. Almost every company in the world needs to change the way they work, governments have to fix damaged systems, companies have to make fundamental changes to their supply chains, companies have to be marketed effectively, employees have to be trained, and the list goes on. and further. At the consumer level, people have to get fit again, they have to buy new clothes and there is a desire to go out and do things (when the time is right). Above all, there are the major humanitarian, social and environmental problems that need to be solved. We need better packaging solutions, millions of people are hungry, cities have to be more sustainable and the legal system has to be fairer. The problems we urgently need to solve simply have no end.

5. Do you have the experience and knowledge to solve a valuable problem?

Image: Ben Rosett on Unsplash

After working with thousands of entrepreneurs, I found that most of the people are on a mountain of unused value. Their networks, ideas, stories, methods and experiences form a great platform for credible innovations. The problem with standing on a mountain is that it cannot be seen when you are nearby. Most people overlook their own mountain of value because they focus on what someone else is doing. A deep look into your own story, passions, experiences, and stories is often much more than a course on a tactical approach that works for a guru in California.

If you look at the answers to these five basic questions, you should feel that this is certainly a good time to be an entrepreneur when you are ready to find a market, identify a problem, and solve it creatively .