Why a Financial Crisis is an Adequate Time for Startup Business Success?

In 2009, I started a digital marketing company against the global financial crisis. Most people believed that a young graduate like me plays a safe game and will get a better business climate before starting a company. I can’t forget the words said by a middle-aged business owner who approached a trade show and said I was “very courageous” to start a business in the crisis. 

But, my ignorance turned like a pain, but the first two years were good. After two years, we turned our business with a concept and bolstered by the improving economy. I also hired a fantastic team of hundreds and sold the company for a media conglomerate later. Now, I have started my company during the recession, and that was the best move that I could have stepped.

Reasons
to start a company in 2020 than in 2019:

If
most of the companies started in the touch periods that might not be wrong to
start a company. The bad time to start a company depends on low consumer demand
and limited access to funding. 

It
is a central problem for startups, which are started already. The companies
should focus on building great products and services with no legacy costs; the
bank will never call you to cut the credit line. 

Factors for Success:

There is no formula for success
in today’s world, but you should be aware of four success factors. Here are the
four factors for success and to avoid failures.

  1. Painkiller ideas:

Great ideas will usually solve
real and significant problems and make life easier. Analyze all the great ideas
as a painkiller. People want all the great ideas and willing to pay for that.
The year 2020 generates all painkiller category problems that translate into
entrepreneurial opportunities. 

If
millions of children can’t attend school, then how can you solve that problem?
Do visit any quarantined home with small children. Those parents need solutions
to many problems. Many urban storefronts have left by shutting down the
restaurants and struggling retailers. 2020 is not lacking in problems as
problems create opportunities. 

  • Hiring
    during the recession:

Having
worthy employees is one of the biggest problems for startup business success.
The big reason to start a company in 2020 is, for the first time, you’re going
to have access to fantastic talent in the next five years. Companies should
bend backward to attract potential customers. The offers from competing
companies dragged great employees like increments and frequency of job hoping.

Now, many outstanding employees and hardworking
people have let go of their firms. Maybe you are the one among them. It makes
you to have a startup business success. 

In
2020, it is easy to get talented employees. Many meaningful offers are brought
like fair pay, some stock options, and some people provide their own Ikea
furniture to work comfortably this year. And there is work from home option,
too, and your inbox flow with many applications.

  • Find
    Funding:

Many
people think that it sounds good, but it is impossible to get money in 2020.
But, I think the fund raised in the last five years was a fake environment.
Much money is available to start a company with 120 million dollars.

That
won’t work now. But, venture capitalists and angel investors have money to
invest now also. The quality of entrepreneurship comes again with less funding,
as it is hard to get funds in 2020. Some amount makes everyone to work hard and
to do best.

So,
use the temporary shortage of amount for your advantage and make a culture of
intelligence and prudence.

  • Find
    customers:

Many
companies had ragged their advertising budget when my digital marketing company
was started. That’s where our products didn’t sell like hotcakes. But we
believe that some businesses need our services. We have to find them first.

The
first thing you have to do is build something like 100 people love than
something like 10,000 people like. You will get those 100 people if you do your
job effectively and no matter whether it is 2020, 2019, or 2001. It is the most
important thing you should remember for startups.

Consider
low advertising prices, and if you provide what people need most, that’s the
best time to attract more users. You have to buy low-priced ad inventory,
especially for digital channels, when marketing budgets cut down to zero.

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  • ONPASSIVE
  • ONPASSIVE
  • 14 November, 2020
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