If you’ve been considering starting a business but have been reluctant, maybe now is the golden hour when kings and queens are crowned. Conditions have never been better. For those with wisdom, courage, and clarity of sight, there is an abundance of opportunity that is rarely seen and may not be seen again for generations.
You may think this is a terrible time to start a new enterprise, but chaos and disruption create opportunity, and there’s certainly some chaos happening now.
Old businesses can become stale and fixed in their way of doing things. They are often unprepared for change and end up losing it all. Nascent businesses often tend to be the other way around. They look at new and innovative ways to run their operations. They are more inclined to develop their businesses to suit current conditions.
As the old, stale businesses fall to the axe of changing times, it opens up market share. The law of supply and demand will insist that someone gets it. Entrepreneurs who bring energy, enthusiasm, and creative thinking will take the spoils. Take the e-commerce world, for example. More and more online stores are growing quickly amid the coronavirus pandemic, taking advantage of the internet while brick-and-mortar retail stores are shutting down worldwide.
Banks are awash in cash. Saving rates are skyrocketing. This is creating pent-up demand. The dam will break when people adjust to the ‘new normal’. Most consumers will want to return to their lives as they know them, and they will do what they do: shop. And many who have not been spending will be very well funded to do so.
Creating a business is about taking resources, combining them to create greater value, and making them available to those desiring them. The magic here lies in the availability of resources. Both material resources and human resources are in high demand. This provides what will surely be a limited window of opportunity. Material resources sit in warehouses with no one to buy them. Unemployment is at a historic high. All the ingredients are ready and waiting.
Consider the stock market. It’s just many businesses where a person can buy shares. One quote by Warren Buffet that is frequently repeated says, “Be fearful when others are greedy, and greedy when others are fearful.” Similar thinking applies to starting a business and buying shares in one. Why?
As stated earlier, many people will be reluctant to step into the entrepreneurship world. Given the current instability, they are still in a state of fear and are protecting their cash. As things settle down, this will change. More people will recognise the opportunities available and start to capitalise on them. But the early bird catches the worm. Those on the front end of the curve are the ones who will have the strongest advantages.
The question that potential new business people may ask is, “Will there be a recovery?” They should ask: “Has there ever been a time in the history of mankind when there hasn’t been a recovery?” Have another look at that stock market chart. Up, down, up, down, but ultimately always up. Humans are resilient. Prudence and timing are the ingredients for holding that winning ticket.
Resource availability, increased available market share, and pent-up demand create the perfect storm of opportunity. The only question remaining is, “Who will be the ones who have what it takes to capitalise on this rare opportunity?” If you feel inspired, check out the Best Small Business Ideas You Can Start in New Zealand.
