As a result of COVID-19, more than 20 million Americans are out of work and the United States government is all hands-on-deck with stimulus efforts. Individuals are quarantined at home, uncertain when ‘normal’ life will resume once again. It is definite that the economy is in a recession, and a depression is the last possible outcome that anyone in the United States wants to experience. Although it may be difficult to see the positive side of the pandemic, this environment might be the best time in terms of innovating new ideas. With more time on everyone’s hands at home, the threat of uncertainty brings a new kind of light: an opportunity to start and scale new ventures.
People might call me crazy when I say that the worst of times can lead to the best of times. During the 2008 financial crisis, Uber, Airbnb, Slack, Pinterest, WhatsApp Inc., Square, and Venmo were all founded. The reason for this is simple: startups solve problems. When the economy is at its lowest, more problems arise than ever before and an increased amount of people are available to address these issues. The United States has justifiably had the highest GDP since the 1920’s. It’s time to rise to the occasion and keep our status as the most productive country in the world, despite an international emergency. Below are six tips to help anyone start on their journey as an entrepreneur today.
- Startups solve problems: make a list of your top ten biggest struggles and see if you can come up with a solution.
- Don’t start a business in an area that you are not passionate about. You will not want to keep going through the hard times if the concept is not something you would pursue without being paid.
- Read as much as you can about the problem you want to solve and discover solutions that currently exist and those that have not been created yet.
- Validate your idea before spending money on producing a product.
- Decide what capital you will need and how you will fund the startup either by raising funds from family and friends, bootstrapping, or seeking venture capital.
- Make a plan for how your product will go to market; be creative!
Remember that anyone can have a good idea, but not everyone can execute it!