Finding motivation in COVID-19 may seem like a daunting task for many people. For COVID-19 entrepreneurs, there isn’t much choice! Probably, this pandemic has impacted the most in this century. Finding motivation in COVID-19 has become the primary activity for COVID-19 entrepreneurs to keep their team members motivated. Recently, a banking platform for freelancers and small business holders, Azlo- noticed at least 81% of businesspeople started a new business between April and June, during the peak of COVID-19.
The Wave of Set up New Businesses
Among these new entrepreneurs, only 22% were terminated, so the vast majority of new entrepreneurs didn’t start a business as a survival tactic. Instead, 40% claimed this COVID-19 Pandemic had motivated them to start their entrepreneurial venture. 90% always dreamt of starting their own company.
With the entire business world crashing down, finding inspiration in COVID-19 is easier said than done. This COVID-19 virus’s impact makes every COVID-19 entrepreneur rearrange the whole business system. From opting for compulsory remote work to save their business from bankruptcy – a COVID-19 entrepreneur needs to take care of every aspect. However, it has paved the way for some truly creative COVID-19 entrepreneurs to find motivation amidst this pandemic. Let us look at the five resourceful ways COVID-19 entrepreneurs are finding inspiration in COVID-19.
What are the ways entrepreneurs are finding motivation in COVID-19?
COVID-19 entrepreneurs have been fighting tooth and nail to find their motivation during the COVID-19 pandemic. It may seem surprising, considering some of the world’s biggest tragedies, but there is always an opportunity for innovation during such events/.
Here we will discuss the five inventive ways entrepreneurs have been finding motivation in COVID-19:
#1 Unbreakable spirit of Entrepreneurship
When major businesses and corporate establishments have fallen prey to the pandemic, the COVID-19 entrepreneur is the only person who might benefit from a shock like this. Eleven years ago, the US also witnessed an upsurge in the number of entrepreneurs during one of the decade’s worst financial years. Interestingly, the post-economic depression gave birth to tech giants such as Uber, Square, and Airbnb, who managed to succeed post-economic depression. Every time a severe tragedy occurred in the past, the numbers of entrepreneurial businesses have also increased.
#2 Creative Problem-Solving Techniques
With the widespread negative impact of the pandemic, the reality is no longer the same as before. Nevertheless, COVID-19 entrepreneurs have brainstormed on some creative opportunities to succeed in. According to the World Economic Forum, finding motivation in COVID-19 may seem next to impossible. Well, maybe except for a few COVID-19 Entrepreneurs.
These entrepreneurs have not only managed to sustain their business during the pandemic successfully but have also managed to generate profit. The spirit of entrepreneurship has increased significantly due to the general public’s emerging and pressing needs in the epidemic. Small-scale business owners are finding motivation in COVID-19 by assisting consumers in adapting to the new usual way of life.
#3 COVID-19 entrepreneurs can explore More
Due to the slowdown and stand-still of businesses worldwide, COVID-19 Entrepreneurs got some free time to explore new avenues. The free time has given most of these entrepreneurs to find motivation in COVID-19 times. Being a COVID-19 entrepreneur must be quite intimidating, as building your business from scratch requires constant time, effort, and inspiration. However, with the economic slowdown, entrepreneurs finally got a chance to explore business opportunities more.
#4 Earning a passive income
It is one of the best examples of how COVID-19 Entrepreneurs are finding motivation in COVID-19. Due to the pandemic, many companies have started conducting their operations on a remote basis. It is a blessing in disguise for COVID-19 entrepreneurs, who can earn a passive income in their free time without ever leaving their primary job.
#5 Establishing Resilient Businesses
In a recent survey conducted among entrepreneurs, the majority census of entrepreneurs would rather keep their business running, despite the economy’s rebounds. Now that we have endured the worst of the pandemic, the time to rebuild is knocking at the door. COVID-19 entrepreneurs need to focus on restructuring their businesses to become more flexible by focusing on priorities and improving the overall cash flow management. With multi-national corporations going bankrupt and small Startups sailing through the pandemic, the concept of establishing steady businesses has never been more important!
COVID-19 entrepreneurs are amongst the few lucky people who have come out on top at the other end of the pandemic. Finding motivation in COVID-19 is a task on its own. However, those COVID-19 entrepreneurs who do succeed have also launched their business during the epidemic. It’s time that the government owns up to its share of responsibility by creating policies favoring Startups, rather than the other way around. Pandemic or not, entrepreneurship will always remain the backbone of any economy.