The idea of a “new normal” shouldn't hinder your budding business. In fact, it should give you an advantage in serving potential customers in the ways they are now looking to be served.
According to the US Chamber of Commerce, all eyes are on entrepreneurs as they emerge from coronavirus hibernation and test the environment for signs of renewal. But what about startups? Long considered a harbinger of the dynamism of the small business market, the number of startups has been lagging a booming economy.
But there were signs of a startup renaissance before the advent of COVID-19. Statista reports there were 774,725 businesses that were less than one year old in 2019, up from 733,825 in 2018. And if you think something as damaging as a global pandemic can curb the enthusiasm of entrepreneurial spirit, you would be wrong. A recent survey from SCORE looked at The Impact of COVID-19 on Startups and found although 43.9% of startups have a “wait and see” attitude about starting or continuing their business, 18.4% scaled up their plans and only 2.6% abandoned their business. All of which just underscores the fact entrepreneurs are a self-sufficient and determined breed.
There are plenty of examples of mega-successful businesses, from General Electric to Netflix to Microsoft, that started in a downturn. Entrepreneurs are about innovation and resiliency and seizing opportunity by the reins.