The COVID-19 pandemic has changed the way the business world works. Some people have seen this as a huge catastrophe. They’re worried about changes to industries like travel and hospitality. They throw around statistics and compare this event to the Great Depression. However, the flip side of this is that any crisis also creates windows of opportunity. Right now, medicine and technology are seeing rapid innovation by savvy entrepreneurs. Artificial intelligence is a particularly expansive field right now.
There are plenty of new niches being uncovered due to the coronavirus crisis. Entrepreneurs who want to take advantage of these openings need to think carefully about solving problems for the current landscape. For example, it’s important to create more frictionless solutions for companies right now. With many people working from home, it’s hard for workers to get overrides to access the information they need. Building systems with less silo-ing is one avenue to success right now. Finding ways to keep information accessible but secure is a very important skill at the moment.
The second tip is to really listen to feedback from clients at this time. They’re experiencing new pain points and they’ll be willing to work with people who can help provide solutions for these. Adapting to the restrictions that came along with COVID-19 has been a challenge across a multitude of industries. Many companies need similar solutions. New businesses that succeed in the long term will be the ones that find ways to solve these issues. Remember, everyone will be emerging into a new normal. The lessons of coronavirus are not likely to be forgotten soon. No one is going back to the old way of doing things.
Finally, the coronavirus has presented many challenges. It’s tempting to try and find ways to fix everything for everyone right now. But that’s an unrealistic approach. The best thing for entrepreneurs to do at the moment is to try and do one thing, and do it well. Adjust as needed when customer feedback raises new issues. But keep refining one offering. Don’t take on too much. It’s important to have a duck’s back at this time, too. People are frustrated. Don’t take on their burdens. Listen and empathize, but don’t become totally enmeshed with them.
About Edward McKenzie
Edward McKenzie is an Entrepreneur and the Owner and Manager of the commercial real estate development and management business, EMCO Management, LLC in the Virgin Islands. He brings many years of professional experience, which makes him known as a leadership in his industry. Learn more about Edward McKenzie by visiting his website!