The ultimate guide to entrepreneurship in the midst of the Covid-19 crisis
If there was one thing that the world did not see coming in 2020, it was Covid-19! It was the year of twenty-plenty, filled with big plans, goals and dreams, but before we even had the opportunity to fail at our new year resolutions, the country was shut down. Covid-19 has stopped life as we know it and changed the way the world is viewed and operated.
The devastating consequences of lockdown on our economy have left many people without jobs and have caused many non-essential businesses to close. It has left entrepreneurs and business investors wondering: "what's next?"
While it would be socially justifiable for one to simply curl up in a ball of panic at the thought of enduring the rest of 2020, we at S+F would like to give you a different perspective. Sure 2020 hasn’t exactly had a great start, but this doesn’t mean that it needs to end badly!
We have a few great tips to get you making 2020 a year of financial success after all:
Tip 1 - Find new business opportunities
Long live the principle of supply and demand. Be smart and don’t dismiss yourself by disregarding ideas because you think that everyone is already doing it. If everyone is doing it, there is money to be made. When looking for new opportunities in business ventures, tap into a market in a way that others haven't. Identify areas where Covid-19 has changed our perspectives and use it to your advantage.
There is ALWAYS an opportunity for money to be made, even during adversity.
Tip 2 - There is no such thing as an original business idea
Mark Twain said: “There is no such thing as a new idea. It is impossible. We simply take a lot of old ideas and put them into a sort of mental kaleidoscope. We give them a turn and they make new and curious combinations.”
Find an idea, copy the concept, make it better and make it your own. You have nothing to lose and the world to gain.
Tip 3 - Invest NOW
Now is the time to start investing. If you have extra capital, identify stock which you consider to be essential and that has dropped below market value during this time. Purchase it now with the purpose of selling it again when the markets have recovered - at a higher profit margin of course!