Your Entrepreneurial Window of Opportunity is NOW!

Anytime there are problems, recessions, or pandemics in life, there are opportunities to innovate and create something new! If you have always had that IDEA in the back of your head but haven't acted on it, NOW is your window of opportunity. Many great businesses such as Uber, WhatsApp, Instagram, Pinterest, Square, Groupon, and Venmo were all started during the 2008 Great Recession. Read more about each of the companies in the article "10 Successful Startups Founded During the Great Recession of 2008."

What you will notice as you look at each of the companies is that they all SOLVED a need that wasn't being met at the time. Groupon was able to better connect businesses and brand to consumers through amazing online deals. Uber was created because two guys couldn't find a taxi on a cold night in Paris. WhatsApp was needed because more people around the world wanted to message but didn't have the same cell plans. WhatsApp enables people to send messages by only using Wi-Fi!

In the time of Covid-19, there are a lot of uncertainties. Many will wish it away and want to return to normal ASAP. Entrepreneurial minded people will take time to reflect on what is needed and capitalize on the opportunity! Check out these "16 Great Business Ideas For Fighting The Covid-19 Pandemic." Are there any that you could work with, start, or capitalize on?

There are some ideas that have been going through my head during this time that I have been thinking through such as how do I make a better version of the app Houseparty? They have done a great job providing a Zoom-like game experience to those who use it, but how could we offer more creative, innovative, digital games that connect our friends and family more often to have fun? Online shopping sales have skyrocketed; could you buy things at a cheaper price at say a Marshalls and resell online through Poshmark? What about mental health? How can we set-up better support for those not able to get the face-to-face treatment that they need? Is talking on the phone with a therapist really working for everyone? Lastly, with many restaurants still being closed to dine-in seating, how they are using social media and engaging with customers is so important. Are you able to offer your experience or expertise to any local businesses?

Anytime I have an idea I always run it through this thought process and ask myself these questions before considering pursing it as an opportunity:

1. What consumer need does it meet?
2. Do I have the resources and skills needed to create the business?
3. Can I supply the product or service at a price that will be attractive to the customer yet will be high enough to earn a profit?
4. Can I get it up and running before the window of opportunity closes?
5. Is it sustainable?
6. Will it work in my community or online?

If you want a very practical and helpful brainstorming tool, check out the Business Canvas Model. It allows you to think through any idea using a digital model to ask and answer the tough questions. What opportunity will you capitalize on during these changing times? DREAM BIG AND BE AWESOME!