Abou Sean Frimpong
Sean Frimpong is the author of a widely recognized book titled ‘The Million Dollar Mindset’. An entrepreneur and a very renowned face in the business world, he has contributed greatly towards the development of growing startups and entrepreneurs. Sean Frimpong is a firm believer of perseverance and dedication and believes that success comes to those who bring in their earnest efforts.
Undoubtedly, 2020 has made us witness the greatest of uncertainties, be it around life or particularly about business. Many who commenced their startups last year have faced a downhill ride owing to the worldwide pandemic. On the contrary, in an attempt to stay in the market many have successfully developed survival strategies. Calculating the takeaways, the fact that the business world is highly dynamic and ever-evolving is the golden highlight.
While many predict similar vagueness and downfall in the market in 2021 as well, here is why it can be a shining year for entrepreneurs planning to make a start.
- COMPETITIVE BENEFIT – Many companies which started in 2020 have unfortunately shut down due to pandemic. Others who have somewhere managed to survive are on a hit and trial mode of strategizing. Creating a huge gap, it is a great opportunity for new entries as many would prefer being safe and not taking the risk. Many don’t see any hope for this year as well and thus reduces the competition. For new entrepreneurs, reduced competition is nothing less than a window of hope and opportunities.
- REACHING OUT IS EASIER – One of the many changes that 2020 brought in the lives of individuals is their intake of digital media. Today, a surprisingly huge number of consumers spend hours on the internet and therefore are easy to approach. No wonder E-commerce has shot up to amazing heights. With or without lockdown, people now prefer ordering goods and services online rather than risking their exposure to the corona virus. Starting an online business and prioritizing consumer issues in these tough times can help in taking forward a successful business idea.
- ABUNDANCE OF TIME – Even if it may not be a great thing to acknowledge, 2020 blessed us with an abundance of time. Many individuals were able to conduct the requisite research and brainstorming for their upcoming business. Undeniably, planning is one of the most time-consuming yet essential activities when it comes to a startup. Once all the planning and research are done, now it’s time to put things into action. Think of it as the reward for all the mental exercise that you indulged yourself in!
- WIDE POOL OF SKILLED INDIVIDUALS – The falling economy in 2020 resulted in a large number of people losing their jobs or even resigning. Looking at this from a brighter perspective, there is a wide pool of skilled individuals who are waiting to be employed. This allows the newly established businesses to hire employees without compromising much in skills or experience.
- FINDING YOUR ANGEL INVESTOR – The uncertainties of 2020 have compelled investors to withdraw their money especially from startups. But now many who were waiting in the hope of a better future are somewhere ready to make gains again. Moreover, with lower competition and with fewer individuals entering the market, chances are high that one will be able to find the ideal angel investor ready to invest in the startup. A solid business strategy and efficient planning are all you need for backing up the requisite finance.
The business world has always been a surprising one. The COVID 19 pandemic was an adverse hit to its well-being but with every falling recession there comes a boom. Though we may have to wait for some more time, 2021 is the perfect starting point for those planning to lay down their dream business.
Connect with Sean Frimpong on Instagram – @ayehxncho
