Tuesday 29th Sep 2020
It will come as no surprise that entrepreneurs in 2020 are cautious. Indeed, InvestingReviews.co.uk conducted a survey involving 3,000 people, which revealed that only 17% would-be entrepreneurs would consider starting their own business now. COVID-19 has caused havoc for a great many businesses and indeed whole sectors, so it’s unsurprising that those planning new ventures are holding off until things become clearer. However, any major event will inevitably bring with it opportunities to start a new business, and there is still a near-term future for entrepreneurs to bring their ideas to market. Let’s take a look at three types of entrepreneur that we’re likely to see as we move into 2021 and beyond.
Disruption has been the name of the game in entrepreneurship for several years now. “Move fast and break things” was Facebook CEO Mark Zuckerberg’s approach, and it’s easy to see why. Game changing new products and services that disrupt a whole sector can be hugely successful – if inspiration strikes in the right place. In the post-COVID world we fully expect to see brand new businesses that take advantage of changing attitudes about work. However, these are often some of the riskiest enterprises – if we look at WeWork for example, it would seem that this business model would be perfect for the current climate. And while the office collaboration space business is likely to see success eventually, recent events have been a disaster.
As the coronavirus pandemic continues to close many legacy businesses, there will be opportunities for smaller, nimbler businesses to spring up in their place. It’s not always necessary to create a new market if competitors are dropping out, and a new way of doing business is sometimes all it takes to succeed where others have failed. When the economy begins to return to normal, so too will demand, and keen-eyed entrepreneurs will look to gaps in the market where there was once another business that didn’t see its way through the pandemic.
Coronavirus lockdowns have had interesting effects. One of the most significant is that they’ve pushed people out of the cities and back into suburbs, towns and villages. Much publicity has been given to the struggles of inner-city chains who served office workers. Part of the concern is that they may never recover as businesses realise that in many ways it is possible to have flexible working, with individuals working from home on a regular basis. This may give some opportunity for traditional, local businesses to return in order to serve local customers. What’s more is that this approach is a popular one amongst consumers, with around half saying that they’d pay more for locally produced food. It may well be the case that entrepreneurs that spot this shift away from fast-paced city life to a more decentralized approach, will be able to set up a successful local enterprise.