Prepare for the opportunities and challenges - 3 reasons to start a business now
In his book : Second Chance, @RobertKiyasaki - shares an experience he had a couple of years ago, which, when I read it, gripped my heart and shifted my perspective to course correct my journey as an entrepreneur.
"I was in Starbucks the other day and ran into a friend I had not seen in years. Although happy to see him, I was surprised to find him working behind the counter.
"How long have you worked here?" I asked.
"About 5 months," he replied as he took my order.
"What happened?" I asked.
"Well, after the market crashed in 2007, I lost my job. I found another one, but that job soon disappeared, too. Finally, after burning through our retirement & savings, we lost our house. We just couldn't hang on." He continued: "Don't worry. We've been working. We're not unemployed. We both have jobs, but we're not making much money. So I work here, at Starbucks, to make a few bucks.
Stepping aside so the customers behind me could place their order, I asked, "So waht are you doing for the future?" I'm back in school again. I even take a few classes with my son. He's earning his 1st Masters degree." Paid for with Student loans?" I asked. "Yeah. What else can we do? I know they're terrible loans. I know I'll be working for the rest of my life, just to pay off my loan. My son has more time to pay off his. But we all need more education if we want high-paying jobs. We have to make money. We need to earn a living. So we're in school."
We at Win@Work believe that we as entrepreneurs can train our minds to see what our eyes cannot, in a world that is becoming increasingly more "invisible" and moving at a high rate of speed, we can have a second chance at creating the life we’ve always wanted.
Yes, I hear you....."I don't have time, between online learning with the kids, my corporate job (if you are still employed), and just dealing with the day to day stressors of life.", however if not today then when? You are worth the effort it will take to start something for not only today but for the future.
The global problems we face cannot be solved by the same minds and people who created them and today’s world demands the ability to see the future and prepare for what lies ahead…prepare for the opportunities as well as the challenges. Our minds needs to be transformed from the old to the new, so that we don't conform to the patterns of this world, which is broken, but to have a vision of cultivating a life of our dreams.
There has not been a better time in history to start a business, whereby you can invest in yourself and your family, to see the numerous opportunities around you. We are passionate to teach and journey with new business owners to create these mindsets for success.
3 Reasons why now is the best time to start a business :
The #supportlocal is trending for a reason. People are realising that supporting local business is not only good for their pocket, but also a huge advantage for the local economy. The number one perk to consider, for obvious reasons, is that supporting local means that you care about the community that you live in. When you start your business, You’ll be able to put money back into your community, and create jobs.
The famous Warren Buffet said it this way : To most people this may not seem like a great time to start a new company, but that's exactly why it is. It's important to have eyes to see opportunity when others just see problems. There are numerous problems in our society to solve, but it needs brave individuals to build in times of uncertainty.
You should be fearful when others are greedy and be greedy when others are fearful
- Warren Buffet
Less Competition. In a recession/pandemic, “You don’t have to race against 10 well-funded competitors to go after a market. There’s just a lot less competition coming in the next couple years.” A wild and crazy idea might be to start a travel company of sorts amid travel restrictions and social distancing due to Covid-19 because no one else is thinking about it. Technology has also given us much more options, in what businesses to start.
I want to note though, that entrepreneur have to take caution and think differently when building businesses or products during a crisis, because the world is not going to be the same when we come out of this pandemic.
This reminds me of the analogy of the tortoise and the hare: The tortoise schemes an edge over the hare during a recession. This means, you’re actually better off slowing down and building a good foundation and thinking about efficiency rather than just optimizing for speed and then scaling as quickly as possible.