A New Wave of Entrepreneurship: How the COVID Pandemic is Sparking a Digital Boom
The Perfect Storm for Entrepreneurs
The pandemic has caused serious disruptions for businesses large and small. Many businesses even had to close their doors due to COVID restrictions. It may not seem like a good time to start a business, but the time may be right for many budding entrepreneurs.
New Business Creation at an All-Time High
In fact, the rate of new businesses is setting records. In the U.S., the rate of new businesses popping up are at all-time highs when compared to the last decade. In 2020, over 3.2 million new businesses have been set up, according to the U.S. Census Bureau.
The Rise of Digital-Only Businesses
Business closures around the world have opened the digital economy up for massive growth. As more digital businesses are opened during the pandemic, the rise of digital technology to support those businesses has followed.
According to a McKinsey survey, COVID has accelerated the digitization of customer interactions with businesses by several years. And there is no sign of it slowing down in the near future. In fact, many consumers now prefer to do things digitally.
“Of the 12 changes the survey asked about, respondents across sectors and geographies are most likely to report a significant increase in remote working, changing customer needs (a switch to offerings that reflect new health and hygiene sensitivities), and customer preferences for remote interactions,” the McKinsey survey explained.
Business Ideas Are Plentiful for Pandemic Entrepreneurs
There is certainly no shortage of businesses to start. Pandemic entrepreneurs have a ton of choices when it comes to online businesses and the digital technology that supports them.
You probably don’t want to open a massive restaurant as a pandemic business. However, if food is your passion, and you want to bring that passion to life, you can lean on digital technology to get your business up and running.
For instance, a pandemic entrepreneur can set up a food truck business and utilize social media and a website that is all about user experience. This allows a new business owner to start a business, and get the message out to the masses via digital tech.
Conclusion
There are plenty of ways to bring a new business idea to life, especially online. For those ready to put a business plan into action, it is important to have a strong business plan, a powerful solution to a common problem, and a viable market.
With digital technology, you have a ton of online pathways to promote your new business, and sell products and/or services with ease. The time has never been better, despite the woes of the COVID pandemic. What is your great business idea as a pandemic entrepreneur?
FAQs
- What kind of businesses are thriving during the pandemic?
- How can I get started with my own business during the pandemic?
- What skills do I need to succeed as a pandemic entrepreneur?
- How can I protect my business during a pandemic?
Many types of businesses are thriving, including those in the digital economy, such as e-commerce, online education, and remote work platforms.
You can start by identifying a need in the market, developing a business plan, and leveraging digital technology to promote and sell your products and/or services.
You will need a strong understanding of digital technology, marketing, and sales, as well as the ability to adapt to a rapidly changing business environment.
Staying up-to-date with the latest news and guidance from health authorities, governments, and industry associations is essential. You should also have a disaster recovery plan in place and be prepared to adapt quickly to changing circumstances.