When should I venture into entrepreneurship? Is this the right time to start a business?
June 10, 2020
CK Tan
You are what you think you are
"We can either complain about this situation and whine about it, or we can start looking at potential opportunities that may arise from this"
We are now in a situation that many of us alive have never encountered before, and it's not an easy thing to comprehend how different life is now compared to just a few short months ago. Even when the restrictions are now easing, a new way of life is emerging. My wife and I took our son to the dentist today, and the chairs in the waiting area is now limited to just two for patients to fill out their health and disclaimer forms. People are no longer allowed to wait in the lounge. "We would appreciate if you waited in the car" was the kind response I received when I asked if I could wait in the building.
We can either complain about this situation and whine about it, or we can start looking at potential opportunities that may arise from this. Have you encountered this situation? Your friend or family member starts talking to you about how bad this situation is and how it's affected them. Not to be outdone, you have our own story as well to match theirs. As we continue to share and compete on who is leading a more sorry life, you find yourself feeling helpless and depressed. That's the reality of it all. You are what you think you are. It's all in the mind.
Finding opportunity in chaos
It has been reported in many news channels and in virtual coffees that the real economic impact will only be felt once the economy begins easing into normalcy. That's when deferred debts will need to be repaid and the reality of the effects of the pandemic is felt. It doesn't have to be this way. In the midst of any crisis, one can find opportunities.
There were more billionaires that were created after then 2008 financial crisis than at any other time in modern history. Wealth was shifted, for sure, but it's the innovators and thinkers who get ahead. 15 years ago, no one would have thought to hop onto a stranger's car after a Friday night bar crawl. Today, calling an 'Uber' or a 'Lyft' is as ubiquitous as 'reaching out for a Kleenex'. These ride-sharing companies are just one of the many examples of an industry more commonly known as the gig-economy, projected to contribute $455 billion worldwide from $204 billion in 2018 based on a study by MasterCard and Kaiser Associates (https://newsroom.mastercard.com/wp-content/uploads/2019/05/Gig-Economy-White-Paper-May-2019.pdf). One of the main impetus for the gig economy is that no job is secure.
Is entrepreneurship for me?
“If you don't stay ahead and stay relevant, you will be left behind”
You have skills, you have talent, you have education, you may also have some road rash to show. Can you solve a problem that exist today? Can you envision a lifestyle that has not been envisioned before? If you can, I would definitely encourage you to explore the world of entrepreneurship. It is not easy to start and you will face lots of hurdles and potholes along the way. Majority of entrepreneurs that I have had the privilege to work with would not hesitate to say that starting their own business and watching it flourish is the most satisfying and rewarding aspect of their endeavour.
No one has a crystal ball to know how the current pandemic will play out. I don't know what to expect in six months, but what I do know is, if you don't stay ahead and stay relevant, you will be left behind. Think of the industries that have managed to pivot their business to meet a current demand - the local distilleries that retooled their operations within a few short weeks to produce hand sanitizers, the local shops that went online within a few days, e-commerce platforms that were created to fill the gap left by cancelled events. There are countless other examples of the creativity and resilience of man that will withstand and overcome the most extreme challenges presented. You have to be prepared to face it head-on instead of thinking about how bad the situation is.
Where do I start?
“What problems are you able to solve today?”
Well, let's start with an idea. What problems are you able to solve today? With that idea, begin thinking about developing a strategy and a clear and detailed business plan. Working with a coach is a great way to help you shape your thinking and help you see that vision with more clarity.
You were put here on earth for a time such as this. We all have a purpose to fulfill while we are sojourning on this earth. While you are here, think of how you can build your part of the wall. We do not all have to be a [insert famous person], but we can influence the people around us with the value that we provide.
If you have an idea that you are thinking about, but just not quite sure how to go about it, or you want to learn more about starting your business, or just having someone to bounce an idea about setting your business on a trajectory of growth, CK and his team is more than happy to help. Reach out to us. We are glad to meet over a coffee (or virtual coffee). Remember, snowman falls from heaven unassembled. It's up to you to put it together.