Reflecting on the first half of the year 2018 and taking stock of the year 2017, there are contrasting findings in the number of entrepreneurial startup as well as existing firms’ success and failure rate. A situation that lends credence to the fears most corporate people have whenever the thought of going ‘solo’ (entrepreneurship) comes up: the thought of that “lonely path.”
It comes with uncertainties: risk of losing the rather scarce capital, getting the right team with the requisite know-how and attitude, lack of support from family and friends and ooh the most dreadful one – lack of self-confidence because forfeiting a regular paid job and chasing your ‘good ideas or passion’ does not guarantee having food on your table, clothes on your back and paying your bills. Whether you are a student about to complete your current level of education, an unemployed graduate or salaried worker, the transitions associated with every decision you make has consequences. We all desire for change but who drives the change taking cognizance of the inherent risk?
A validated idea supported by a strong desire or passion is a fine starting point but then a well fashioned out plan and vision with enough savings and a spending plan (supportive family and friends) to sustain you in your activated survival mode is a step in the right direction. This is best actualized by establishing if you are an ‘opportunity’ entrepreneur or ‘necessity’ entrepreneur and getting the right team after identifying your strengths and weaknesses (key resources).
Market dynamics sometimes demands adjustments to suite the time and this may slightly alter the vision and business plan but do not lose sight of the bigger picture as entrepreneurship is a process. The 21st century entrepreneur challenges the ‘normal’ by doing away with outmoded models through innovative means that affords leverages by employing impactful tools and technology which aids the brand demand drive. The business model canvas is a great tool to use in structuring an effective and viable business.
The question often asked is ‘Why do entrepreneurs with great (innovative) ideas fail with some even quitting completely to end up in the corporate world when they have had some forms of funding, training and coaching?’. A recent visit to some beneficiary businesses support this line of questioning.
What brings about these situations? Do budding entrepreneurs have the requisite knowledge and skills to venture into their identified ideas? What training and funding or financing options are there to assist them? Is it that due diligence is not carried out by donors or program managers?
What warrants for ‘serial’ entrepreneurs who are found at almost all donor training and pitching sessions? Are the training programs offered tailored to suite the various industries? How credible are institutions and programs targeted at different categories of entrepreneurs? How competent are the facilitators, coaches and mentors of such programs? What post training sessions are instituted to assess proper application and implementation of the skills acquired during such trainings? Where such post training care exist, which evaluation methods are used to ascertain its effectiveness?
Checking out another article on kidpreneurs by this writer
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How Entrepreneurs Can Spot Opportunities In COVID-19 Pandemic?
Notwithstanding the worldwide COVID-19 pandemic, entrepreneurs need to confront another reality: that it isn’t just a gigantic clean and wellbeing crisis influencing millions, or even billions, of individuals across the world. This is likewise inciting an extraordinary plunge in the worldwide economy. But there are opportunities in covid-19 crisis.
The public authority, general wellbeing and financial reactions are immensely extraordinary on the off chance that you are a business person. As business originators, you will likewise require totally different activity designs set up contingent upon your area and industry.
On the off chance that you are in web-based shopping, food conveyance, video gaming or video conferencing ventures, where the business is as of now blasting, it’s a totally unexpected picture in comparison to in the event that you are maintaining a business in the lodging, café, retail, amusement, or sports enterprises.
Where would entrepreneurs be able to discover opportunities in covid-19?
Opportunities in covid-19 are all over — entrepreneurs need to realize how to remember them to hold onto them.
Prior to diving into market research, ask yourself this inquiry first: “What do individuals need during a wellbeing and monetary crisis?” The main pieces of information are in the words “wellbeing” and “financial.” Then ask yourself, “What aptitudes do I have? What aptitudes do I need or need to learn?”
To begin revealing the requirements of the market, go on the web! There are such countless extraordinary instruments accessible to help check what the market needs. Yet, continue with alert. We actually don’t have an away from of what the enduring effects of the pandemic and monetary aftermath will be, yet entrepreneurs can begin little and scale as they see accomplishment in their new specialty.
Here is a snappy rundown of where to contemplate the market to reveal opportunities in covid-19 pandemic:
- Google Search Trends
- News Reports
- Economic Reports
- Climate Reports
- Health Reports
- International Trade Deals
- Emerging Global Markets
- Technology Acceleration and Innovation
- Local Government Resources and Grants
Seeing how organizations and governments move can serve to ensure you actually and monetarily as we as a whole explore unknown waters. Likewise, with any venture opportunity, entrepreneurs should have enough monetary assets to develop while controlling the outpourings and boosting their inflows of income to endure.
As we see today, any business that gives an answer for help keep the lives of the populace running while they stay in segregation is a demonstrated plan of action that works.
Here is a fast rundown, in no specific request, of the top items and administrations where cash is at present streaming:
- Masks, Personal Protective Equipment, Hand Sanitizers, Temperature Devices, etc.
- Home Essentials and Improvement
- Hospitals, Medical Laboratories, Pharmacy
- Home and Food Delivery Services
- Grocery Stores, Tech/Office Product Retail
- Blogging, Influencer and Digital Marketing
- Online Education and Virtual Services
- Website Design, Coding, Software as a service (SaaS)
- Curriculum Design,Professional Writing, Editing,
- Logistics and Transportation Companies
- Trash Collection, Laundry Services, Landscaping
- Hardware Stores
- Security Services
- Utility Services
- Janitorial, Cleaning and Disinfecting Services
- Pet Products and Services
- Home Beauty
- Entertainment and Gaming
An opportunity to search for opportunities in covid-19 is currently. With any additional time, a business visionary can chip away at reconstructing a site, make new frameworks, converse with clients, overhaul hardware and make new item contributions. Another proposal is to exploit distant work. It is more secure, more profitable and can accompany more pay and more noteworthy way of life adaptability.
Each crisis is an opportunity
Remember that the absolute generally troublesome or fascinating organizations have been made and took off during seasons of crisis.
It is in every case great business practice to tune in to what your clients need to reveal opportunities from inside a current business. Entrepreneurs who effectively study the market will have a preferred position in taking advantage of lucky breaks in the steadily changing scene of our economy.
After the COVID-19 crisis the exercises to learn are:
More restricted travel of products and individuals, eminently business explorers (more far off working and far off gatherings) because of the effect of physical removing necessities. We should factor in future clean emergencies or even new battles because of worldwide congestion.
The possible development in “dematerialization” of items and administrations: for instance, we could observer a blast in 3D printers to create covers and ventilators in every nation.
Greater readiness incorporate dynamic: for instance, we’ve seen organizations like Apple changing their activities essentially overnight to configuration, produce and boat face shields for medical specialists.
The ease item sourcing model, where China and India are the world’s producers, will be finished. Globalization too. This crisis will change the connections among nations and states: introducing new difficulties, new stakes, new perils, new dangers (wellbeing and atmosphere).
Governments should, and will, request to be free and self-ruling concerning basic medical supplies and medicines. We can figure out how Korea, Singapore, and Taiwan have quickly contained COVID-19, however, their populaces are prepared to acknowledge individual following and facial acknowledgment innovations which are not yet worthy in different social orders (a lot of Europe for example). A world less open and, presumably, less free is not out of the ordinary.
With virus control prone to continue in numerous pieces of the globe, we’ll see without a doubt better approaches for life delivering new necessities, which will thus make new opportunities for entrepreneurs. Some new plans of action, new proposals around dematerialization, should be imagined.
In the coming years, the new lord of the world will be the “Amazon of dematerialization”. Also, it will be the entrepreneurs who will execute this new world.
Rahul Raghuwanshi is an SEO specialist and SEO Content Writer at Special Oilfield Services. Special Oilfield Services is one of the leading oil and gas industry maintenance and solution provider based in Oman, UAE.
We provide optimal drilling and completion, vibration monitoring and analysis, mechanical and reliability asset management, chemical solutions, and drilling and completion services along with reliability and asset integrity services, to oil and gas in all over the globe. With our latest and most advanced techniques we deliver best results to our customers. For more information visit our official website speciloilfield.com.
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