If you’ve been thinking about starting a business, but you’ve been reluctant, maybe now is the golden hour when Kings and Queens are crowned. Conditions have never been better. For those with the wisdom, courage, and clarity of sight, there is an abundance of opportunity rarely seen and may not be seen again for generations.
You may be thinking that 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. 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. The entrepreneur who brings energy, enthusiasm, and creative thinking will take the spoils. Take the e-commerce world, for example. More and more online stores are springing up and growing quickly in the midst of the Coronavirus pandemic taking advantage of the internet while the brick and mortar retail stores are shutting down across the world.
Banks are awash in cash. Saving rates are skyrocketing. This is creating pent-up demand. When people adjust to the ‘new normal’, the dam will break. Most consumers will want to go back to their lives as they knew them, and they will do what consumers do: shop. And many, who have not been spending, as usual, will be very well funded to do so.
Creating a business is about taking resources, combining them to create something of greater value, and making it available to those with a desire. The magic here lies in the availability of resources. Both material resources and human resources are in high supply. 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 a lot of businesses in which 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 as well as buying shares in one. Why?
As stated earlier, many people will be reluctant to take the step into the world of entrepreneurship. 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 making their move to capitalise on it. 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?” The question they should be asking? “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 what is needed to hold that winning ticket.
Resources availability, increased available market share, and pent-up demand creates 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?”