In the past two years our world has changed dramatically. In those two years there are a group of individuals who have really stood out: the entrepreneurs. At Smart Circle, our company culture is founded on the entrepreneurial spirit. We continuously celebrate the successes of entrepreneurs, because we admire their achievements in such an uncertain time. For this reason, we believe it is important to detail the very reasons why we celebrate entrepreneurs. Follow along to find the four most important aspects of starting a new business and how you can use this newfound knowledge to your advantage in 2022.
Risks
Many individuals who have a brilliant business idea do not pursue their dreams for one or two common reasons. First, the risks are very high while the reward is uncertain. Second, they do not have a sufficient amount of energy or time to prepare, plan, or execute their ideas. Ultimately, one or both of these factors can completely deter an individual from establishing their business.
When the pandemic hit in early 2020, many people were laid off unexpectedly from their job. Many people counted on their job for a consistent and stable income, they realized how much risk they actually took with their employment decision. In the same manner, they realized that the risk of opening their own business was equivalent to the risk of being employed by larger corporations or at least it was given the current economic climate. Moreover, since looking for a replacement job may have been considerably difficult at the time, they determined it was worth it to take the risk now. They had the available down-time to create their vision and execute their plans. They also had the energy and time to dedicate to making their dreams successful.
New Businesses
Unfortunately, during the pandemic, many businesses could not maintain themselves during the shut-downs or make a sufficient shift to online sales. For these reasons, many businesses were forced to shut down leaving gaps in the industry. Entrepreneurs were able to see these gaps as places to establish their own similar businesses or fill them with something completely new. In both cases, they had to be innovative, making sure they appealed to current customers’ needs and appealed to new ways of acquiring products or services. This entrepreneurial spirit drove their success, as they viewed challenges as opportunities.
In 2022, entrepreneurs had to learn to appeal to a dramatically shifting consumer world. Clients are more accustomed than ever to an online market, acquiring solutions to challenges or problems solving virtually, receiving physical services and products quickly, and being able to find competitor products with a simple tap of their finger.
A strong entrepreneurial spirit is necessary to withstand our current business climate.
Entrepreneurs must provide original value with an innovative upper-edge on their competitors, market their business effectively, and continuously react to changes with consumers’ needs and preferences.
Investments
In the past, it may have been more difficult to open a new business without a large amount of saved funds, loans or investments. However, from the beginning of the pandemic and still to this day, many consumers are choosing to shop online. Coupled with the widespread availability of the internet and digital resources, more startup businesses were able to begin their businesses online with relatively low start-up investments. Furthermore, there are a significant amount of established digital small business platforms and freelancing websites making it easier for self-starters.
During the pandemic, the United States federal government also created many programs offering relief and support for small businesses. With tax credit, capital investment, and paycheck protection programs, entrepreneurs were able to invest more into start-up businesses that required funding. While many of these initiatives are soon coming to an end, you can still take advantage of ongoing federally-backed loans and subsidies. Yet, you may wish to ignite your entrepreneurial spirit by looking into technological resources and free or cost-effective virtual tools prior.
Customer Focus
When you start your own business, you must be willing to contend with your business going up and down depending on your consumers and your market. Entrepreneurs over the last two years have responded effectively to the changing market, by tracking their feedback and performing market research on a regular basis. In this way, they not only pinpoint who their target audience is, they learn exactly who they are and what their unique goals and challenges are. They then alter their products and services, their business structure or processes, and their marketing strategies in order to better serve their customers.
As an entrepreneur in 2022, you can bring this wisdom forward into your own business. There is never a standard formula to achieving success, yet paying attention and responding to your clients can make all the difference for your business. It is worth it to mention that while many businesses do not have the resources necessary to perform this research on a grand scale, outsourced sales brokers do have the tools and the expertise. They can also apply their findings to effective marketing and sales. In this way, start-up businesses start off on the right foot and reap benefits on a continuous basis.
Wrapping Up
It is remarkable to see entrepreneurial spirit flourish during one of the hardest economic phases we have seen in a while. Entrepreneurs have taken advantage of even the hardest circumstances. Such as losing their jobs and incomes and transformed them into amazing moments for themselves and their employees. By taking risks, changing challenges into opportunities, using available resources, and focusing on their customers, they have been able to establish thriving businesses.
