How COVID Inspired New Generations of Entrepreneurs

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While a large number of the population has lost
their jobs during the pandemic, COVID-19 has also
led to an increase in the new generation of
entrepreneurs. Individuals have started to
explore entrepreneurial opportunities to make
both ends meet. These individuals saw an
opportunity in the small business and took a
chance in the middle of the period of
uncertainty. Online Best startup consulting firms
have played a major role in providing new
strategies to entrepreneurs in their journey.
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We tried to understand what inspired them to
launch their business in the COVID times.

1. The alternative to starting a business The
   pandemic opened new doors for individuals to turn
   their ideas into existence. Throughout the
   pandemic, fear of economic downfall emerged on
   all the businesses, especially the startups.
   There was a concern in the entrepreneurs that
   opening their business in the pandemic could be
   risky but most of the entrepreneurs came up with
   pandemic-based solutions. A survey stated that
   more than half of the individuals said that this
   is a better time to start a business than before
   the pandemic.

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2. What are these startups? Most of the startups
opened during the pandemic are still in their
growth stages. Small online business with only
one or two persons handling everything. Many of
the new startups have five or less than five
employees, as their business will grow, so will
the number of employees working in it will grow.
3. Planning and Development As these
entrepreneurs hit their first-year milestone they
start planning to develop their business.
Developing your business includes changing
business models according to the lifestyle of the
people post-pandemic and investing in locations
to grow your business. For businesses that are
purely digital and web-based need to build their
customer base rather than investing in physical
locations.
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4. Finance Finance is a major source of worrying
for new generation entrepreneurs. Both business
owners and individuals worried about their source
of income when the state went into complete
lockdown. Funding issues did not stop the
entrepreneurs as the majority of individuals
pulled their savings to start their business or
turned out to family, friends, relatives, and
professional loans to get started.
5. Technology The majority of the new startups
are completely web-based and digital-first. The
established businesses needed assistance to adapt
the digital work-life arrangements after the
first COVID wave. Technology has no longer been a
second thought or something which is to be
implemented when your business reaches a certain
height. Technology is a critical and necessary
tool that helps to grow your business from the
start. The best startup consulting firms also
state that nowadays, the majority of businesses
are born digitally.
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Conclusion Despite all the above factors
mentioned above, communication with your audience
as well as your teammates remains your top
priority for startups. Communication tools like
zoom allow you to solve problems and collaborate
with your team when not together. Startups rely
on online tools to manage their business. Online
startups are responding well as a few individuals
stated that they had more customers during the
pandemic.