COVID-19 has been one of the biggest shocks to the business eco-system since the Internet went mainstream.
For years there was a set way of doing things, occasionally a disrupter business would come along and shake things up a bit (we’re thinking Monzo and Uber), but most of the time things just carried on in the usual way. Big fanfare announcements about ‘doing things differently’ or ‘new ways of thinking’ would often just be small cosmetic changes with big PR and Marketing budgets behind them. Smoke and mirrors with little substance.
Pre-Covid, comfort and dare we say complacency was king. However, from the moment we were told to stay at home, the continuity of business plans had to be put into place and the unthinkable happened. Businesses were forced into operating outside of their comfort zone and had to open themselves up to new ideas.
As the pandemic continues, the business world has been forced to listen to those voices that say: we have to innovate, we have to do things differently, if we don’t change now, then when?
Business leaders have had to accept new ways of working and now, unlike anytime before, are open to doing things differently. It’s therefore the perfect time for new products and services to come onto the market.
At the same time, as we’ve all been forced to take a step back and slow down, the space for innovation has grown immensely. Taking a break from the rat-race has allowed time for people to really get stuck into exploring ideas for new products and services. Many budding inventors and entrepreneurs, who have been too busy in the past, have now had the time to really get stuck into their ideas.
According to the Centre for Entrepreneurs*, in 2020, record numbers of new businesses were registered- 772,002, that’s over 100,000 more than in 2019. That’s three quarters of a million new businesses teeming with potential.
Now more than ever is the time to give that side hustle a go or to start up the business that you were dreaming about. It’s the perfect time to get involved with new products or services and to start investing or buying something new.
Right now, we all really do have the opportunity to start conversations that could change everything.
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*Stats here:
https://centreforentrepreneurs.org/cfe-research/business-startup-index/
