It goes without saying that Coronavirus has changed the world in ways no one would have imagined. Well, not this early in human history. Futurists have predicted the destruction of the world, alien invasion, robot takeover, an incurable virus infection and we have all seen these being talked about in books and movies. But not a single soul would have imagined that all this bookish, fictional things would come at us this early. Covid-19 brought together with it a worldwide lockdown resulting in post-apocalyptic visions of empty streets, wild animals entering cities, dead bodies being stacked all in all bringing our worst fears to life. The world has been deeply wounded. But even amidst all this we need to live on, which means having to work, study, worry about things and go on living our lives.
Among the many problems arised due to covid-19 was layoffs. Yes, many people around the world lost their jobs because of losses caused to businesses. Despite the worst going on around the world people are still hopeful and trying to turn the situation best to their favour believing ‘Every End is a New Beginning’. Many have started learning something new, many turned to freelancing, many have found a new passion and many are venturing into new businesses.
Now, with so many restrictions and uncertainties is this a right time to start a business?
Anyone who has always been interested in running a business or has an entrepreneurial mindset can see this time as an opportunity to start something new. If you look at some of the biggest businesses in the world right now, they were started when the world was in a dire economic situation. Businesses like IBM, Disney, Microsoft, HP, Hyatt were started around the Great Depression.
With the covid-19 take over humankind started relying on technology more so than ever. Today, when people are bound within the four walls of their homes, it is technology that is acting as a platform, an alternate world where people connect. Since everything revolves around technology, it is a great time for anyone with ideas to make use of that time and technology. Look at the needs of the hour and develop a fairly new idea from that or even take an already existing business idea and upgrade it accordingly.
E-commerce is one of the best ventures to dive into in today’s times, as everything has become digital. According to the United Nations Conference on Trade and Development (UNCTAD), e-commerce’s share of global retail trade went up to 17% in 2020 from 14% in 2019. This clearly shows the increased growth in e-commerce trends and new business opportunities. Going shopping to the markets has become impossible in many countries. Despite the restriction being lifted, people fear visiting crowded places and this makes more and more room for digital business. Opening up an online retail shop even locally can be a great start. Once you create a brand name locally, you can scale up your business from there. Everything in this process is online. Here digital marketing, social media marketing, creativity and overall technology plays a huge role.
Delivery business also saw a huge rise in 2020 as people were confined to their homes and this area of business has also caught the attention of many. These services, especially the food and grocery delivery took a huge leap during the pandemic. According to various financial news reports Zomato’s gross merchandise value hit Rs 75 crore in just 2021 New Year’s Eve, apparently 60% higher than the previous year.
Another already emerged venture is Ed-tech and digital learning. It is right before our eyes how covid-19 changed the whole education sector upside down. This is not only about online classes but also about the management of the education system. Also digital learning has given the educators their own platform making way to adapt even the non-conventional methods of delivering education and even learning. It is because of ed-tech and digital learning, people of all places and ages are getting their hands on all kinds of study materials and also have before themselves an opportunity to explore various skill-oriented courses. This digital platform has paved a way for endless learning opportunities as well as approaches and techniques of learning. It is the way forward and it is the fundamentals being set for what getting an education in the future would look like. Making yourself a part of the history of that future wouldn’t be so much of a bad thing. According to various research articles some ed-tech platforms saw a double increase in their user base just 10 months into the pandemic.
Times may be uncertain but uncertainty is what pushes one to come up with unique ideas and solutions. If you are someone who likes to challenge themselves, have always been interested in venturing into business, perhaps this is the perfect time for you to take a step forward.