With everything that has happened in 2020, is this a bad time to be an entrepreneur?
No matter the circumstances, the fundamentals to starting a business remain the same. It depends on market availability, market accessibility and your ability to solve a problem for your target market. Therefore, the answer to the question, “Is this a bad time to start a business?”, is No. Let’s breakdown and analyze the fundamentals a bit more:

1. Is there a market?

If there is money, there is a market. Fortunately, there is a lot of liquid cash. Many countries such as Canada, USA, UK, Australia, Japan etc have injected trillions of dollars into the system at record speed. For example, the Canadian government has given billions of dollars to Economic Response Plan to support Canadians and small businesses. These stimulus strategies are put in place to boost economy and stimulate small businesses recovery and growth.

2. Can you access large markets?

There has never been an easier time to reach people now more than ever. Thanks to technology and digital media such as Instagram, TikTok, Shopify, Amazon, PayPal  (the list goes on and on) you can communicate with hundreds and thousands of potential customers around the globe while being at home. Everything and everyone is just a click away.

3. Is there a problem to be solved?

If there are humans there will be always a problem waiting to be solved. Problems create opportunities for entrepreneurs. This pandemic has changed consumer spending habits and the way businesses operate, but the key is to be able to correctly identify the pain point and provide a tailored solution for it. As an entrepreneur, are you able to capture these opportunities as the world crafts out a new “norm”?

As you can see, the fundamentals are the same, pandemic or not. It is a good time to be an entrepreneur if you are ready to find a market, identify the problem and solve it creatively. 

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