Abou Sean Frimpong
Sean Frimpong is the author of a widely recognized book entitled ‘The Million Dollar Mindset’. Entrepreneur and highly recognized face in the business world, he has contributed enormously to the development of startups and growing entrepreneurs. Sean Frimpong is a firm believer in perseverance and dedication and believes that success comes to those who contribute their serious efforts.
Without a doubt, 2020 has made us witness the greatest of uncertainties, whether in life or especially in business. Many of those who started their startups last year have faced a downhill journey due to the global pandemic. On the contrary, in an attempt to stay in the market, many have successfully developed survival strategies. When calculating the conclusions, the fact that the business world is very dynamic and constantly evolving is the golden highlight.
While many predict a similar vagueness and downturn in the market in 2021 as well, this is why it can be a bright year for entrepreneurs planning to start.
COMPETITIVE PROFIT – Unfortunately, many companies that started in 2020 have closed due to the pandemic. Others who have managed to survive somewhere are in a test and success mode of strategy. Creating a big gap is a great opportunity for new entrants, as many would rather be safe and not take risks. Many do not see any hope for this year as well and therefore it reduces the competition. For new entrepreneurs, reduced competition is nothing less than a window of hope and opportunity.
GETTING THERE EASIER – One of the many changes that 2020 brought to people’s lives is their digital media intake. Today, a surprisingly large number of consumers spend hours on the Internet, and therefore it is easy to get close to them. It’s no wonder that e-commerce has exploded to staggering heights. Blocked or not, people now prefer to order goods and services online rather than risk exposure to the corona virus. Starting an online business and prioritizing consumer issues in these difficult times can help drive a successful business idea forward.
PLENTY OF TIME – Even if it may not be a good thing to acknowledge, 2020 blessed us with a great deal of time. Many people were able to do the research and brainstorming necessary for their next business. Without a doubt, planning is one of the essential and time-consuming activities when it comes to a startup. Once all the planning and research has been done, now is the time to put things into action. Think of it as the reward for all the mental exercise you indulged in!
LARGE POOL OF QUALIFIED PEOPLE – The downturn in the economy in 2020 caused a large number of people to lose their jobs or even quit. Looking at this from a brighter perspective, there is a broad pool of skilled people waiting to be employed. This allows newly established companies to hire employees without greatly compromising their skills or experience.
FIND YOUR ANGEL INVESTOR – The uncertainties of 2020 have forced investors to withdraw their money, especially from startups. But now, many of those who waited in hopes of a better future are somewhere ready to make progress again. Also, with lower competition and fewer people entering the market, chances are high that one can find the ideal angel investor ready to invest in the start-up. A solid business strategy and efficient planning is all you need to support the necessary finances.
The corporate world has always been amazing. The COVID 19 pandemic was a serious blow to their well-being, but with every recession that falls there is a boom. Although we may have to wait a bit longer, 2021 is the perfect starting point for those planning to establish their dream business.
Connect with Sean Frimpong on Instagram – @ayehxncho