6 min read
Opinions expressed by Entrepreneur contributors are their own.
Other than operating a business directly in a warzone, these are some of the most challenging times to be an entrepreneur. The pandemic has brought a range of obstacles to the frontline of the entrepreneurial spirit and is pushing all of the boundaries of business owners. Coronavirus (Covid-19), protests, destructive riots causing damage to stores, floods, and many other events that have occurred in a short block of time sending shockwaves globally.
This does not even account for the latest virus that was recently discovered: the Financial Coronavirus (also known as Financial Covid-19), which was covered in my recent story on Thrive Global. Severe restrictions being placed on many businesses (including being forced to close entirely) have resulted in rampant insolvencies. Some companies are still hanging in there, and some have already folded.
On the other hand, there is another side of the entrepreneurial story happening. There are some businesses that are doing better now than before the pandemic. There are also new companies, with unforeseen products and services, being invented and/or reinvented almost daily. New times call for new ways of thinking; and new ways of thinking lead to changes in consumer behavior.
Products that have become essential to combat an arsenal of challenges have led to new entrepreneurial ventures: face masks, sanitizer products and services, and sneeze guards are some of the many examples. Oddly, right now, there are some entrepreneurs who are flourishing beyond their wildest dreams.
So what does it take to become a successful entrepreneur during the pandemic? While many people are sleeping at the wheel too busy being emotionally consumed by all of the new changes around them, it is the intelligent entrepreneur who is emerging ready to shine bright. You see, that’s what makes great entrepreneurs so special…the ability to manage risks so well. This particular climate provides the perfect ingredients for success for these types of individuals. That is, more than anything, they can survive and thrive in the face of complete chaos.
To understand the last point better, you must recognize that the perspective of an entrepreneur’s world is very different than others. The average entrepreneur views a chaotic time like the pandemic as a perfect opportunity to convert ideas into financially successful products and/or services. As Principle 112 from the book The Most Important Lessons in Economics and Finance states, “Adversity can have hidden opportunities for more wealth.” Instead of looking at all of the mess that is going on in this world and burying their heads into the sand of depression, entrepreneurs wake up clicking their feet with smiles ear to ear ready to charge the day. In their minds, there is money to be made out there because there are so many problems that could be fixed. And if you fix people’s problems, then you could be rewarded heavily. It’s this carrot at the end of the stick that drives the entrepreneurial spirit.
Not everyone is cut out to be a successful entrepreneur, especially during these challenging times. Probably only a very small percent achieve this status, although many more will try. In short, you will need a variety of personal attributes to conquer this environment and emerge as a winner including positivity, vision, and courage. Let’s briefly discuss each of these.
Mindset of a successful entrepreneur
First, a successful entrepreneur operating in the pandemic needs to have a positive mindset. After watching thirty minutes of the news these days or standing in line for an hour at the supermarket just to buy milk, it is very easy to become negative about the “new norm.” It is up to the individual to fight this temptation and keep a positive mind. This brighter mental state leads to more clarity and focus on what needs to be done and what you can do about it. Creativity is found mostly in this state of mind, especially when applied to producing new products and services.
Second, a successful entrepreneur operating in the pandemic needs to be a visionary. The positive state of mind can open channels in the brain for clarity of the future. If you can see through all of the chaos that you are observing physically on a daily basis combined with the negative minefields found all over the internet, then you will find the place of truth. It is here that you can be more enlightened on which direction to focus or refocus your business. For example, if you knew what the next six months to a year would look like, with the right resources, you could build exponential wealth.
Third, a successful entrepreneur operating in The Great Pandemic needs to have courage. Risk-taking is the foundational quality of an entrepreneur, especially in an environment where everything could be at stake. Only the courageous venture on their own to start a business. Only the bold reinvent a business when the traditional environment that made them successful has been completely altered. It is easy to say the words “risk-taker” when discussing the qualities of entrepreneurs, but it is another matter to comprehend the words “they can possibly lose everything they own if they fail.” If you step in the ring with a new business, be prepared to take many hard punches…it is not for the faint of heart.
The above three personal attributes of positivity, vision, and courage are the building blocks to becoming a successful entrepreneur during the Great Pandemic. Please note that you will also need money and possibly other resources in combination with learning at least some fundamentals of the science of finance. Finally, you will also need to find ways to keep your business open as much as legally possible during the quarantine. The more your competition wants to limit their hours of operation and make customers work harder to do business with them, the easier it should be for you to make more money by doing just the opposite. Besides, real successful entrepreneurs are always working, even when they’re off.
Keep safe by keeping your business open safely.