Tips For Entrepreneurs In The Midst Of Covid-19

It is increasingly evident that solutions must be found to adapt a traditional business relationship to a new scenario that its founder probably never imagined.

However, as popular wisdom says, every crisis is accompanied by opportunities, we should not see it as a negative concept. But why is this always talked about? Let’s see a couple of explanations that serve as clarification:

The word crisis in Chinese is wēijī, a compound term where wēi is danger and jī equal the moment of truth, the opportunity.  

The Greek classics also thought similar to the Chinese. Crisis includes the Greek root kríno-, which means “to decide”: that is, in classical Greece, when a person was facing a crisis, he was facing an alternative, at a critical moment, in which he had to make the decision to go for one way or another.

In plain language, it is that stage in which one sees that it is necessary to face a total or partial change of a situation.

The entrepreneurs, before the crisis, play a fundamental role. Why?

  1. They have the possibility to detect those opportunities because their brain is always imagining new scenarios to adapt. They are naturally restless.
  2. They are able to create new business proposals for a target audience, which has also evolved and operates under this new scenario of the pandemic. They do not think first of the business idea, but of the need that they can solve for that public.

Does that mean that entrepreneurship is possible in the middle of a situation like the current one? Of course. No one said it was easy, but it is not impossible.

So every undertaking requires effort or work, especially when it has certain importance or importance.

Seen this way, there is no doubt that, if we have an entrepreneurial spirit, we are facing the right moment in history to push forward and make that idea that comes to our mind a reality.

Don’t be afraid to face the greats. In crises, it has been shown that the small ones have killed some large sharks and are the ones that end up redefining and reconfiguring the sectors.

Get up to the task. Review the cash flow every day and model the decisions, quantifying the effects on the balance sheet, in the income statements, and others. 

Make your value, commitment, and reputation proposal part of what precedes you, so that from that set you can create a culture around people, of everything you are doing.

Taking these recommendations to a practical level, we can offer you these points that serve as a guide to launch yourself into the world of entrepreneurship, just when others less daring would slow down.

Finding a need in times of crisis can be your passport to success. Focus on just one need; don’t try to fix the world alone. 

And design how that specific need will be covered with a product or service, no more. You will have time to diversify later. Now focus your efforts.

That solution for your niche must also be adjusted to the moment in terms of its price. In times of economic crisis and uncertainty, people care more than ever about their pockets. Don’t forget to avoid being out of the game. Maximize the value you offer for the lowest possible price.

Do not risk capital that you do not have or mortgage property to carry out an aggressive sales strategy. It is better to grow step by step. So distribute your resources and don’t spend all of them on the initial launch investment, because you will surely need them later.