Being an Entrepreneur in a Pandemic
Despite reaching just past the halfway point of the year, 2020 has been a period in time marked by trial and error. While the COVID-19 pandemic has been an unexpected disruption, it has altered many of the traditional practices we’ve come to rely on over the years. Big corporations are staying remote, digital payments are rising in popularity, and thousands are facing unemployment. Small businesses specifically have been hit by the economic depression and now grapple with the prospect of never opening their doors again.
Being an entrepreneur in the modern age has presented challenges preceding decades never faced. Being aware of these new challenges has made it possible for individuals to find success in entrepreneurial endeavors. Below are some helpful tips to retain that entrepreneurial spirit despite hard times.
Be Accessible Online
The most unexpected part of entrepreneurship during the pandemic is personal branding. This doesn’t just mean being able to sell your brand to the world. Personal branding is being cognizant of self-image and promoting oneself. In this case through online means.
Social media is your best friend when it comes to free promotion. Let’s face it, where is the first place one would go to search for a person? Instagram or Facebook were probably the first platforms that came to mind. By using social media to brand yourself you create an online portfolio for others to establish who you are on a personal level. This type of verification is becoming increasingly more common with millennial consumers who enjoy seeing transparency in business.
As an entrepreneur, this is vital. The odds are you probably don’t have a long list of contacts yet, able to back up who you are. With the help of a strong social media marketing strategy, you can curate an image that corresponds to your goals. Likewise, with no clear end to coronavirus procedures, this very well might be your biggest asset when it comes to networking.
Have a Can-Do Attitude
Although this tip may seem like general common sense, for many new entrepreneurs it’s not. The amount of positivity and confidence one must have to succeed on this path cannot be exaggerated enough. Entrepreneurship isn’t meant for everyone and can appear hopeless at times–don’t give up!
Learning from opportunities–those that worked and more importantly those that failed–will set you on the path to success. Right now is a very unique time to survey what works. Changes in consumer habits specifically have created new opportunities and areas for growth. Monitor the market and find ways to push your vision. Many times this will require you to look outside of the box and into what the future may hold. Adapting to opportunities will help you to strike when the time is right.
Being self-aware of your strengths and weaknesses will also give you an advantage when real opportunities come your way. Often times being an entrepreneur requires you to break down barriers and be vulnerable. Learn to thrive in this environment and succeed where others have failed.
Know Your Worth
This concept goes hand-in-hand with being familiar with your strengths and weaknesses. An accurate sense of self will propel the kind of ventures you attract. A mistake many new entrepreneurs make is jumping on the first opportunity that comes their way. Although it’s tempting to get your feet wet right out of the gate, this is an easy way to lose time and money. Your time is valuable and by chasing every unfounded venture you run the risk of devaluing yourself.
Ensure you’re investing in projects and ideas that have potential to grow. The last thing you want to do right now is pigeonhole yourself in an industry or business that has a short shelflife. Don’t be afraid to walk if something is off. There may be plenty of business opportunities right now in the wake of COVID-19 but that doesn’t mean you need to jump on every one of them. Use discretion when doling out your time and resources. As an entrepreneur, these are your biggest assets.
Market research will be the most helpful tool as an entrepreneur, right next to the connections you make. Utilizing both will help eliminate the risk of investing in something that won’t profit you by any measure. With the advent of the internet, researching has never been easier. Google, among other platforms, is your best asset in discovering information. As an entrepreneur, you must consistently seek out the opportunities that will benefit you, pandemic or not.