There is no better moment than the present to launch your business, if you've ever considered doing so. Discover the reasons why startups prosper in unstable times. If you wish to give your thoughts then Startup Write For Us is the category for which you can send blogs at our email address: solutionschahba@gmail.com and let everyone know the perks.
The startup industry appears to be experiencing a revival despite the unstable economy and the ongoing global health crisis. The third quarter of 2020 had the biggest number of business applications on record, according to the U.S. Census Bureau. Business applications started to increase roughly six weeks after the outbreak.
What Causes the Boom?
One of the biggest accelerators for startup growth and innovation has long been a shaky economy, "explains Tyler Forte, CEO of real estate firm Felix Homes in Nashville and formerly an investor with venture Lab Growth Partners in New York.
"For instance, the Great Recession of 2008 gave rise to creative firms like Uber and Airbnb. Startups frequently prosper when the economy is uncertain because change always brings opportunity."
New ways of living open up new market opportunities, which quick-witted startups seize.
"The adage 'necessity is the mother of creation' has never been more applicable than in the age of the coronavirus, "says Holly Helstrom, a consultant with the venture capital firms and startups at Logos Consulting Group.
"With COVID-19's abrupt and dramatic entrance, it became immediately clear what individuals and organizations must do to thrive and maintain their health in the new environment we live in, "she claims. “New requirements are created by new situations. This call for startups to fill in the gaps in our economy is receiving a prompt response."
Suggestions for Entrepreneurs' Presentation to Investors
According to Phil Santoro, founder partner of San Francisco-based startup studio Wilbur Labs, businesses in sectors like e-commerce and mobile on-demand saw a five-year customer growth period shortened into five weeks.
While many businesses have seen unusual difficulties this year, he notes that others have made great progress.
Why Agility Is Beneficial
During the pandemic, startups have a number of benefits. First off, they are frequently nimble, which puts them in a better position to compete with big businesses in tumultuous times.
According to Santoro, "existing organizations frequently shift their attention away from long-term potential and prioritize short-term performance to appease stakeholders." "This offers a chance for startups to reconsider how to better serve customers over the long term and wrest market share away from established enterprises,"
Additionally, young businesses are better equipped to adjust to quick changes in consumer behavior.
"Industries and trends are changing more quickly than ever before all around us, "He claims.”This gives business owners a chance to consider what the future may hold in order to construct a market-dominating organization. While more established, older businesses worry about changing course to survive a crisis, ambitious entrepreneurs can start from zero."
According to Santoro, aspiring business owners and investors should have hope for the future of their ventures. "While the business environment is challenging, startups that embrace change will gain market share and become more resilient than established organizations, "He claims. "More than ever, we need people to create the next wave of businesses that will address some of the largest issues in the world. Although there are many unanswered questions at the moment, we think that now is the ideal time to launch a business."
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