6 reasons to start a business during this pandemic

You are not mistaken, I prefer the title of my article. This is the best time to establish your dream business or to expand your current business and yes, we are all still in a Covid pandemic situation. So why all my positivity? Have I gone off on a tangent with my thoughts?

I am an economist and business educator. For a long period of time, I have also been an active Singapore/Indonesian representative of the World Future Society. So scenario planning is pretty much down my alley of expertise.

So here are my thoughts on why you’re ripe for starting a business now.

Reason 1: Globalization

The expansion of globalization has not ceased. Rather, more people are jumping on the bandwagon of seeking goods and services from different countries. There is an insatiable desire to buy the next “big thing” regardless of the source of the new ideas.

Reason 2: Rapid dissemination of information

As the world holds its breath over the technological march towards 5G, what must be accepted is the speed of both information and misinformation. This means that with the right marketing strategy, you can drive your corporate brand to a larger base of potential customers in a shorter time.

Reason 3: From social media to Mega Sticky Media (MSM)

I created this acronym MSM because during the Covid period starting in 2020, Tiktok became a free media platform to deliver commercial messages. It was like a combination of YouTube and Instagram but in the hyper-speed of seconds. For the first time ever, marketers are being forced to distill the essence of a brand to fit a typical TikTok attention span. For many this is impossible, but for the youth market this phenomenon is known simply as “Gotta do it fast!” GTDIQ – Another one of my newly created acronyms.

Reason 4: Social Activism

For a company to embrace social change and be a good corporate citizen is not new. It also makes good business sense. But the tsunami of social events that started from 2020 and how shareholders and customers will support a business that will take a stand, has officially taken root. Therefore, if you start a new business, it’s almost a truism that your brand must encompass a certain level of being a change agent for the betterment of society.

Reason 5: There is no lack of funds

Not only is there no lack of funding, but there is also now a new Special Purpose Acquisition Company (SPAC) financial model that allows startups to bypass the traditional Initial Public Offering (IPO) route. Now there is a great demand for patents and new business models that help dig a new niche.

Reason 6: Food Safety and Sustainability Issues

With the acceptance that food security and environmental sustainability will constantly challenge the minds of many government decision makers, there are many opportunities for more research in this area. Therefore, start-ups can develop their business plan and strategy in line with these issues.

With all these factors in mind, consider starting a business today!

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