from our founder

From Our Founder: Creating Opportunity During Times of Crisis

As entrepreneurs and business owners, we do our best to plan for the future. But no matter how much we try to prepare ourselves for the unexpected, none of us could have predicted, nor prepared for, the COVID-19 pandemic and the corresponding economic crisis it has created.

Roughly eight months into the pandemic, our plans—both in business and in life—have drastically changed. We’re continually being challenged like never before. As human beings, we’re first focused on keeping our families safe and healthy; and as entrepreneurs, we’re tasked with the daunting challenge of navigating these uncharted waters and figuring out how to keep our businesses running.

With all of this turmoil, it’s also important to understand that it’s times like these—times of crisis—in which some of the greatest business opportunities are presented.

The crisis has shaken everything up at breakneck speed, from the shifting patterns in commerce to changes in consumer behavior, and with it, some amazing opportunities are being born. For those of us who recognize the opportunity in front of us and actively seize it, the benefits will be enormous.

Simply put, some of the greatest business success stories will be made during this crisis, either by making a great pivot in an existing business or by creating a new business built on the latest demands created by what will become our “new normal.”

Given the dramatic changes in our lifestyles, consumer purchasing interests have changed drastically, and with that, we’re seeing surges in existing product categories driven by the pandemic, in addition to the meteoric rise of new categories, as well.

Take, for example, outdoor gear. With so many of us sheltering in place and remaining socially distant for the majority of 2020, “staycations” quickly became the new normal. Those of us who wanted to “get away” over the summer without risking our health (or that of others) began purchasing camping equipment, bikes and paddle sports accessories like never before. In June alone, camping equipment sales increased 31 percent over the previous year, reaching $605 million in sales that month.

Consumer behavior and buying patterns like these have changed radically since the onset of the crisis, creating opportunity for new business ventures. The way customers shop is changing, as well, with a drastic dependence on e-commerce. The bottom line is that what customers are shopping for has changed, and how they shop has also changed, and it’s up to us as entrepreneurs to meet those customers where they are.

Whether you’re an aspiring entrepreneur who wants to explore an idea in these newly popular verticals or a veteran entrepreneur looking to change your existing business model, now is the time to seize that opportunity.

The pandemic has brought incredible change and tragedy, but also tremendous opportunity for us to learn. The businesses that facilitate these transformations, like embracing e-commerce and changing consumer trends, will be the ones to prevail.

The reshaping of cultural and societal norms is swinging the door to opportunity wide open. In the midst of this global crisis, for entrepreneurs, this is not the time to cower and retreat.

Now is the time to be bold and seize the opportunities emerging all around us.

Previous Article
wjr business beat

WJR Business Beat with Jeff Sloan: Best Practices for Keeping Businesses and Employees Safe During COVID-19 (Episode 145)

Next Article
small business saturday

4 Ways Business Owners Can Promote Small Business Saturday on Social Media

Related Posts
Read More

Entrepreneurial Spirit Drives a Mission to Connect People With Popongo

America truly is the land of opportunity, especially to people who grow up in third world countries and fight adversity every day while seeking to create a better life for themselves and their loved ones. Creating Popongo was one such opportunity, a chance to challenge myself as well as fill a need and connect  people....
Read More

A Beginner’s Guide to Business Success in the Metaverse 

There’s no hiding from it: The metaverse is coming, and it’s on track to disrupt the world of business as we know it. Championed by newly rebranded Meta (formerly Facebook), the metaverse will be a network of 3D, 360-degree immersive and interactive micro-worlds. These digital spaces are where we will buy products, consume media,  learn...
Read More

4 Reasons to Consider Outsourcing Your Sales Support

Sales representatives are responsible for boosting the company’s profits, and it can be a daunting task. Because of this, sales support takes some of this burden off their backs. Having sales support may not directly improve sales, but it has a positive impact on operations. Additionally, representatives can concentrate on improving their performance. The roles...
focus groups
Read More

Build on Metrics by Designing Effective Focus Groups

Click-through rates, purchasing history, engagement rates—such metrics are helpful, but for ultimate success as a brand, you need to get beyond the what of customer behavior and uncover the why.  Focus groups are one of the most effective ways to do that. They allow you to engage your customers in conversation and gain valuable qualitative...