Written by Joy Jiang
The COVID-19 downturn has seen hundreds of thousands of small businesses shutting their doors permanently. The ones that have managed to stay afloat are struggling to do so. However, amid the recession, there are still opportunities for entrepreneurs. Below are three tips for entrepreneurs who are preparing to launch their ventures during these times.
1. Stay Positive
To succeed as an entrepreneur in the pandemic, you’ll need to maintain a positive mindset. These days, after just a few minutes of watching the news or an hour of standing in line outside the grocery store, this can be hard. However, staying positive leads to increased personal clarity and allows you to focus on what needs to be done to grow your business.
2. Take the (Calculated) Risk
The pandemic has affected virtually every industry, which indicates that things are going to change. As the situation unfolds, you will need to stay up-to-date on industry changes to make quick decisions. These decisions may lead to risk-taking that is imperative to keep your business fully operational.
Risk-taking is a foundational quality of an entrepreneur. Now, it’s more important than ever. How
ever, you’ll have to take informed and calculated risks in order to succeed, keeping in mind the current state of the economy and the potential paths your business can take.
3. Be Prepared to Adapt and Pivot
Just like the pandemic has affected millions of other businesses, it will affect yours as well. You’ll have to adapt to unforeseen changes. During these unpredictable times, you may even need to pivot to a new strategy. By doing this, you may even discover new opportunities for your business.