There are a lot of opportunities in this world, even when so many industries are experiencing economic turmoil. Entrepreneurs are always searching for the next idea that can impede an industry. How can they get products to customers quickly and for less money? What brick and mortar businesses can be digitalized?
These questions are being applied to each sector of our economy. A tech startup has the ability to benefit in a big way from filling a need during difficult economic times.
An Appetite for Digital
There is now an appetite for digital applications like never before. Take a look at the evolution of the workforce in comparison to years past. You now have millions of folks working remotely full-time. With this, there is a need to have everything in a more mobile, accessible, and digital state.
With this shift towards remote and digital comes a great opportunity. Startups are searching to create new ways of communication and collaboration. Companies are continuing to shift budgets towards solutions that can help them increase productivity while reducing costs. For instance, companies like Dropbox and Uber grew out of the economic collapse of 2008.
Comfort with the Digital Age
One of the biggest issues that a lot of people had in the past with digital was the feeling of risk around it. Folks desired to go to the bank still, to deposit checks in paper form, handle cash, etc. There was deliberation to transfer funds electronically, to take pictures of checks to deposit them. A lot of these perceptions are now going away with the need to adopt digital. Now that most people have been exposed to the digital age and its possibilities, the security of it, convenience, and everything else is off of the charts.
Now that everyone understands what technology can do for them, they want more of it. This creates a huge opportunity for tech startups to take things to the next level. They can take that new comfort that is present within the community and bring it to a state where new possibilities exist. Take the interest that now is there for digital everything and bring new ways for folks to work together, to make their lives easier.
Funds Exist for Big Ideas
That the economy is not in the best state does not imply there are no funds for the opportunity. Investors are smart and they have funds available for the best chances to take. Many of the top-tier funds are searching for new entrepreneurs with new ideas to bring forward the world as we will know it tomorrow, not at the moment.
If you don’t want to give up equity there are other choices to choose from like loans, grants, and crowdfunding. You can check out all the small business loans at Crediful to get an idea of the various business loan companies and alternatives.
There are recession-proof businesses and these include things like essentials, utilities, and more. When you have technology that can make these easier to get for the masses, it is a great combination and something an investor is going to flock to in no time.
Talent is Everywhere
One of the biggest reasons to move forward as an entrepreneur and a tech start-up is that there is a great talent. At the moment, a lot of folks are out of work, but that does not mean that the talent no longer exists. The quantity and quality of available talent are at a level not seen in decades. It is also an expectation that companies will continue to scale down as the months roll forward to reduce costs.
Now that there is so much talent available, it is a great time to take this talent and utilize them to help bring your idea to reality. When talent exists, that is the time that you want to build and build fast. Get your ideas out there, fail quickly, so that you can continue to improve before hitting that sweet spot.
When building your team at a period of an economic downturn it’s crucial to take these things into consideration:
Are they hungry? This should be a simple question to answer for someone that may be out of work during a tough economic time, but it’s a crucial one to answer. Working at a startup is different than a corporate gig. Startups require team members who are loyal and committed to the company vision and not someone who will just “do the job.”
Why do they need to work at a startup? Startups require people who believe in the company’s mission. They should share the company’s values and want to be there for reasonable reasons.
How much work-life balance do they need? This can be a double-edged sword for startups. You need employees who are willing to go above and beyond to get the job done while also handling their physical and mental health. During the onboarding process, it’s necessary to lay the groundwork so they know what’s expected of them. The startup founder should show a good instance of the hard work that needs to be put into the job and the self-care that employees will require. Company culture should come from the top executives, so founders should share how they get the sleep they need and how they exercise, while also working hard to get the job well done.
There are alot of companies out there created with opportunities in mind. Think of some of the companies such as Spotify, Uber, and others. These were all companies that blew up in popularity in a time where the economy was in a slowdown. As an entrepreneur, you can take things to the next level by seizing the opportunity as a tech startup and bringing your ideas to a new world, new normal.