It is no secret that the coronavirus pandemic threatened the financial security of several households around the world. However, while millions of people were let go from their jobs or forced to close the doors of their own businesses, an unsuspecting crop of new entrepreneurs found ways to take advantage of this uncertain time, leading to major successes and breakthroughs.
Why Was the Pandemic So Helpful for Entrepreneurs?
History reminds us that difficult economic times are known to bring about the most entrepreneurial spirits. Unsure of where the next payout will come from, people are bound to get more creative in efforts to make ends meet, leading to an influx of start-up businesses and supplemental side hustles.
The COVID-19 pandemic had a unique element that set it apart from the many economic downswings that had taken place in the past, though. Once the shelter-in-place order set in, entrepreneurs soon channeled their extra time towards building online businesses and turning passion projects into money-making endeavors. And with the less-distracted consumers spending the bulk of their time on the internet in search of alternative ways to get their needs met, it became easier than ever to build a sustainable brand and turn a quick profit.
How Were These Businesses Being Funded?
With so many free and cost-effective options available on the internet, many entrepreneurs got off rather cheap when it came to marketing, building websites, and finding fairly-priced product vendors. The government also issued a few pandemic relief payments that could have also helped with much of the funding.
Will These Businesses Sustain Beyond the Pandemic?
As the world continues to open up and release many of the restrictions that have limited the ways in which we work, shop, and fulfill our lifestyle needs, a lot of people question whether or not these new digital-based businesses will survive. And while there is no guarantee that any operation will remain successful beyond its prime, we can all agree that many of these new innovations are worth keeping around.
If the pandemic has revealed one thing, it is that successful entrepreneurs can be built in every season. These leaders have proven to be monumental at a time in which much of the world had lost hope, ultimately giving us faith that a greater future is in store, no matter which challenges come our way.