How to Create an Entrepreneurial Edge Following the Global Shutdown
The global economy is reopening, and those who are poised to take advantage of the momentum will be the first invited to the table of market potential. However, merely fixing how to recover from the global shutdown may cause you to miss the opportunities at hand to sharpen your skills and gain an entrepreneur’s advantage in the new market. Do you have the entrepreneurial edge needed to thrive in the pandemic economy?
The Entrepreneurial Edge Found In The Winds Of Change
The first step to gaining a competitive edge for any entrepreneur is in understanding the new economic landscape. Major seismic shifts have occurred in the months since shutdowns began, many of which have completely altered how companies operate, and consumers respond. In general, three areas should drive any and all decisions you make as you navigate forward:
- A Massive Change In Market Globalization
- The Growth in Knowledge Work
- Increased Technology Adoptions
At the same time, consumer demographic behaviors are also changing, as a multigenerational workforce evolves through yet another global financial upheaval. The way we work has changed, as more workers have gone remote, and a new focus on employee protection emerges.
As all of these factors create an ample opportunity for entrepreneurs to adopt new practices and step out boldly to take on the market with confidence. Let’s take a look at several possibilities that can create an entrepreneurial edge after the Great Shutdown:
Dominate A New Market Share
The global economic shuffle has created an opportunity for entrepreneurs to dominate new markets. By rising up in a niche market, your brand can take advantage of the opportunity to determine many factors such as pricing, vendors, advertising, and more. If you can find a niche to lead post-shutdown, you will be poised to profit. Take a look at any industries or companies that have closed their doors and ended vital services in a region and consider taking over their market. Also, take account of any new and emerging services (telecommunications, curbside services) that are thriving in the pandemic economy, and bring them to an under-serviced region to capture the market energy.
Build (Or Rebuild) A Brand Reputation
While there is a bit of magic and luck involved in viral branding, the pandemic economy has created the perfect conditions for rising above the noise. If your brand can take advantage of cultural and societal needs in this unprecedented crisis, meet consumer concerns, and create connections with clients, you can watch your brand recognition soar. Whether you are creating a new brand from scratch in an emerging market or taking a failing brand and reimagining it in the pandemic economy, you can really gain an entrepreneurial advantage in the recognizable brand market.
Create a Competitive Edge by Introducing New Technology
The shutdown may be the best time to put your next technological idea to the test. Have you had an idea that doesn’t seem to gain any traction due to an overcrowded marketplace? A shutdown allows you to have both the time and space to develop, implement, market, and license the next great tech advance. Many of today’s most significant technological advances were birthed from economic shutdowns! Whether you are looking to provide the market with a new tech product that will attribute to the next phase of industry advancement, or are an entrepreneur seeking to implement a new solution in a market plagued with outdated methods, a competitive edge can be found new opportunities.
Location, Location, Location
Nothing screams “Opportunity!” like an economic crash. As nearly every economic indicator continues to plummet, real estate has become much more affordable due to lower interest rates and increased landlords’ stress to fill spaces. If you have been eyeing a perfect location for your business or new venture, take advantage of this moment to negotiate a better rate or rent on a space that will launch your brand to new heights.
Dominate A Supply Chain or Supply of a Needed Product
Due to the shutdown and subsequent economic fallout, many agreements with supply chains have either been breached or fallen through completely. This may create the perfect opportunity for you to corner the market in becoming the sole supplier for a vital resource in your region. Examine products or services that are being interrupted by the shutdown, and see if you can step in as the hero of the market! Consider the closure of many popular coffee shops that depend on in-store direct sales. Perhaps a socially-distant, direct-to-consumer coffee delivery service is just the way to bypass the big-box competition and capture a substantial market during the current uncertainty!
Engage Customer Loyalty
In the new pandemic economy, customer loyalty and appreciation holds an even higher value than before doors shut. With public health and social unrest, consumers are looking to buy from companies with their best intentions at heart. They are willing to pay a higher premium to be aligned with a brand that is focused on customer protection.
An entrepreneurial edge doesn’t have to be limited to creating and implementing a new brand or service. If you have the available capital, a great way to find an edge in the pandemic economy is to invest in or take a controlling stake in a company or franchise that is finding it hard to survive but has loyal fans. Turn things around and continue that customer loyalty at your benefit.
The Entrepreneurial Edge Is Only For The Bold
The above ideas are reserved for the bold, as many entrepreneurs will be hesitant to start a new venture during a problematic economic season. The future of the novel coronavirus is still shrouded in mystery, and many aren’t sure if the reopenings will last. However, those who choose to turn struggle into success will have the confidence to turn fortune toward their favor by doing their research, taking risks, and empowering others to help them create the future economy.
Looking for some help in taking the first step in finding your entrepreneurial edge? The team at Ovesto is ready to help guide enterprises in new directions with the skills and expertise necessary to make a difference. By connecting companies and organizations with Transformational Leaders (C-Suite Executives), Ovesto has the perfect industry leader for any Fractional, Interim, or Project-Based Assignments that you want to utilize to help take advantage of the new market. Contact the team at Ovesto today to learn more.
JOHN R. MILES
John R. Miles is the founder and CEO of OVESTO, the leading provider of on-demand executive staffing. OVESTO provides transformational leaders for fractional, interim or project assignments. Miles is widely viewed as an expert on digital disruption, problem-solving, and business transformation. He is a highly sought after speaker, consultant, and writer. Miles has significant business experience as a Fortune 50 CIO, ASX 10 CISO, and seasoned private equity leader in CEO and COO roles across several diverse industries.
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