The most successful entrepreneurs have always used the realities of the environment around them as a basis for exploring opportunities and developing new ideas that actually provide value for people and are structured to create profit. Entrepreneurs are currently looking at an environment that is unlike any other seen in the history of commerce, while leaders of businesses and startups have to think on-the-fly to learn what potential customers need most right now.
Everyone is attempting to analyze the long-term effects of the current changes on human behavior. In many ways it is a tall task, but the entrepreneurs who can successfully navigate the complexity of the new economic world will discover ways to help their customers and achieve their business dreams.
New business realities present unique opportunities for startups.
If there is one lesson that has been learned the hard way by COVID-19, it is that almost every industry and every type of work is ripe for disruption. Even established businesses that thought their practices were set in stone have had their outlooks upended by the pandemic, and these changes are likely here to stay.
While the lessons have often been harsh, they have also introduced new opportunities for forward-thinking entrepreneurs to develop innovative systems, services, and products that will help both businesses and consumers in this new environment. How well entrepreneurs are able to creatively tackle the unique problems of a post-COVID world and execute sound strategies to deliver effective solutions will define the next decade and beyond.
Disruption can occur in digital and analog fields alike.
While much future forecasting looks to digital disruption, we shouldn’t think that the only fields that can be subject to disruption are those that are essentially technology-based, such as cloud services and data management. We are living with both feet squarely in the digital world, but there are plenty of industries and sectors based on analog business practices where new opportunities can now be found. Of course, we can expect digital engagement and big data to play a part in the operations and strategy of any business in the 21st century, but that’s not the same as saying the only opportunities are in tech. Consider these broadly based fields also, where tomorrow’s entrepreneurs and startups are looking for ways to disrupt the status quo – or to move into an already disrupted field – and make an impact.
Healthcare will always be a priority industry for startup opportunities, and that has only become truer in the face of the pandemic. Whether it’s by facilitating virtual treatment, giving providers new ways to analyze patient data, expediting the financial process or another way, the healthcare industry can always benefit from those who have the vision and skills to improve the process for everyone.
COVID-19 forced teachers, parents, students, and administrators to enact stopgap solutions that have been far from ideal for all parties involved. Beyond the pandemic, new methods of effectively engaging students away from the classroom can be applicable to a wide variety of situations – such as regions affected by natural disasters, and developing nations where children are often not easily able to travel to a classroom.
Professional business services.
Companies of all shapes and sizes are adapting to life beyond the office to varying degrees, and many of them are finding it difficult to manage traditional functions such as administrative work and accounting with their current tools.
How does the real estate process work when the traditional “open house” model is no longer suitable? What are the benefits of investing in property as a rental in the future?
Perhaps more than any other industry, hospitality needs the help of innovators who can help them turn a profit when the core aspects of their business model have been upended.
Trade businesses like carpentry and plumbing have often lagged behind other services in embracing disruptive practices, but the changes in behavior they are facing now mean they should be looking to partner with startups that can offer creative solutions.
Traditional startup best practices remain timeless.
The more things change, the more they stay the same. Although the mechanics of doing business look much different in the current situation, it’s important that entrepreneurs know that much of the traditional advice for operating a startup remains valid. Choosing the right business entity for your organization is always the first step in setting yourself up for success, whether it’s an LLC, C-corporation or other structure. So although the business idea may be the harder part, something as common as knowing how to form an LLC in California remains as easy as clicking.
Finding the right partners and sticking to defined roles will prevent confusion and promote officer transparency. Reaching out to experts and soliciting advice to protect your valuable IP will help you maximize your assets effectively. Enacting strict policies against commingling funds and keeping diligent records helps you stay ahead of any potential legal pitfalls. None of us knows exactly what the future will bring, bit we can be sure that innovative startups with solid business plans that rely on fundamentals will still find room to grow and thrive.