There’s never a “right” time to start a business. The Walt Disney Company began just before the Great Depression; Facebook survived the Great Recession of 2008. Whether before, during, or after a period of economic crisis, the state of the economy doesn’t necessarily reflect on whether or no your business will succeed in the long run. Rather, economic crises highlight global problems that the coming generations will end up facing and opens an opportunity for new companies, markets, and industries to rise.
The COVID-19 pandemic has thrown us into one of those crises, and though the world is ever-so-slowly finding ways to return to “normal,” many people have needed to adjust to working from home, having a much smaller social life, and having more time on their hands than they know what to do with. All of these factors mean that right now is the perfect time for entrepreneurs to start up a business.
Why start a business right now? Though we don’t know how long this recession will last, it’s still something we can take advantage of, especially if the company you have in mind will be considered valuable to everyone else. It might be a rough start at first with the state of the economy, but starting a business now will teach you to be frugal with your expenses, hiring, and necessities, skills that are good to have as an entrepreneur in the first place.
Unemployment has skyrocketed while demand has dwindled, but that’s also something that a new business owner can use to their advantage. At the moment, millions of people are searching for work because of hardships felt by both small and large businesses, and many of these people are very talented. What someone loses is something you can gain, and as a start-up company, you’ll be able to start on the right foot by hiring a talented team.
Additionally, starting during a crisis will drastically improve upon your problem-solving skills, which will help you grow faster as a company later down the road. Many new companies are technologically-focused, content-heavy, and aim for convenience, all of which will thrive both in the current environment and as time goes by. If your business model doesn’t match this, you can’t give up; in order to succeed, you need to pull yourself up by your bootstraps and get to work.
Though the world is in shambles, you shouldn’t let that keep you from accomplishing your dreams. If everyone let that stop them, we wouldn’t have well-known companies like Amazin, eBay, or Twitter today. Motivate yourself to work, and you’re sure to persevere.