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Entrepreneurial Opportunities During COVID-19

The pandemic poses a threat not only to the health state of people around the globe, itt is also dangerous for the businesses globally. Many companies have experienced significant losses. Here's a fine read on the entrepreneurial opportunities during COVID-19. Read ON!
Entrepreneurial opportunities during COVID-19 Entrepreneurship during the recession is a challenge for the majority of business owners. Companies of all scopes have to adapt to a new world with shifted consumer demands. To determine them, one has to study the overall impact of the COVID-19 on business.

According to eMarketer, supply chains have experienced a major disruption because of coronavirus. Companies suffered from a shortage of goods that contributed to decreased revenues. At the same time, the pandemic has highlighted a need for remote interactions. This is a trigger for the accelerated development of 5G technology. Two key areas are telehealth and teleconferencing.

As we can see, the coronavirus world isn’t hopeless. It just makes entrepreneurs determine new business opportunities.

Which Industries Are on The Rise During the Pandemic?

The pandemic didn’t kill the business industry. Although many sectors like hospitality experience significant losses, the majority can minimize the negative impact to withstand a harsh period. The opportunities available to entrepreneurs in the current situation can be divided into the following categories:

  • Mobile apps. Mobile was trending even before coronavirus. Now, its potential increase even more. Regarding the crisis, it’s predicted that the mobile app spending will double within the four coming years.
  • Supply chain. Since COVID-19 has become a major disruption to supply chains, companies that will be able to set up an ecosystem can guarantee a steady income. Moreover, the supply chain on a micro-level (i.e., goods deliveries) has never been so much in-demand.

  • E-commerce. With the massive lockdown, people prefer to shop online. The giants of the industry (for instance, Amazon) experience a shortage of goods due to the increased demand. Everyone who set up an online shop and offers delivery wins.

  • Tech-solutions for remote interactions. While remote office prospers, companies look for effective solutions to organize the new working environment. Digital communication is a priority for families who want to communicate with their relatives.
Successful Entrepreneur Business Ideas During COVID-19:

Entrepreneurial opportunities during COVID-19 Once the booming spheres are determined, you can work out successful entrepreneurship ideas to implement. What can they be?

Online Shopping and Delivery

E-commerce prospers. People didn’t lose the desire to buy. They just want to make it in a safe way. If you are already in retail, consider going online. This will help you to withstand the difficult period.

Delivery can become a bonus to your main activity or a separate business idea. You can set up a delivery service and supply households with whatever they need. It can be anything starting from basics like groceries and medicine.

If you don't have the capital required for purchase/manufacturing of the inventory, manage logistics if you start an online store, starting with a dropshipping business would also be a viable option. You will be able to set up faster and start selling to your customers. Platforms like Spocket and AliScraper will help you find a quality supplier for your online store.

A Mobile App Development

Developing a mobile app can be a very profitable investment. Since the majority of people spend most of the time home, they look for any available way to entertain themselves. By this, we don’t mean gaming apps only. You can focus on a broad spectrum of needs like:

  • Education – It has become a priority for many people. Consider the kids who are stuck home and can’t go to school. Parents look for other ways to deliver knowledge for their children. Shruti Balasa, for example, mother of a 3 year old is coaching a world of students on Html/CSS. She also launched a short course on basics of html and css. 
  • Wellness – Those who used to make sports are suffering from temporarily closed gyms. Therefore, they look for a digital coach to motivate and guide them.
Healthcare Services

Although healthcare wasn’t mentioned among the current trends, it’s impossible to deny that it’s one of the leading. People keep getting sick. But they are afraid to go to hospitals in order not to catch the coronavirus. Therefore, the need for remote medical consultation arises.
Financial Services
The savings for most are depleting while they deal with job losses and financial crisis the world is going through. In these times helping people realize the importance of planning their finances, advising them on contingency planning and investing right while purchasing insurances for several reasons that might not otherwise be anticipated has become a vital opportunity. HappyWise Financial Planning from Bangalore, has delivered to this opportunity quite well and is doing a great job with its educative initiatives like Finucation

The Post-Pandemic World

Entrepreneurial opportunities during COVID-19 A successful entrepreneur is the one who understands that any crisis leaves its footprints. The world will never return to what it used to be. The shifted consumer needs will remain with us, probably forever. Therefore, you have to think about how to adapt to your business now.

The battle isn’t lost even if you are a representative of the hospitality or tourism industry. For example, restaurants can install air purifiers or set up a sidewalk café. This is very easy with the help of outside restaurant partitions. It’s safer since bacteria aren’t stuck in a closed room.

What are the top entrepreneur opportunities for you? What would you like to implement?The author takes the position of a business development manager in Fortuna Visual. With the spread of the pandemic, she has been focusing on finding business opportunities for his company of all scopes.

Copyrights © 2020 Inspiration Unlimited eMagazine


Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 15th September 2020.

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