“Unprecedented.” “Uncertain.” “Frightening.” “Challenging.” We keep hearing companies repeat these same words over and over in every commercial on TV. And hey, I’m not saying they’re wrong. I just feel that they’re leaving out a couple of important words from the perspective of an entrepreneur.
As in “Fantastic” and “Frickin” and “Opportunity.” For as you can see in my headline, I truly believe that NOW is THE time to launch your own business. And here are the five indisputable reasons why I make that claim.
1. Because You Finally Have the Time – You’ve been dreaming about launching your business forever. Unfortunately, most of your previous waking hours usually vanished into the Black Holes of your day job, normal routine, and grueling commute.
Well, guess what? You now have more time on your hands than ever before. Now, you could use that time to watch other people’s stories on Netflix. Or you could use it to create the next great chapter of your own story. You may never get a better chance.
2. Because You Already Have Access to Everything You Need – The Internet’s awesome, now isn’t it? Its power, reach, and ubiquity have seriously softened the impact of the COVID-19 crisis. It can provide you with direct access to social media, videos, your workplace meetings…
And just about every danged resource you need to create a new business! Right from the comfort of your own personal, sheltering-in-place home. Even if you don’t launch before you emerge from lockdown, you can ensure you come out of it tanned, rested – and ready for action.
3. Because You are Living in the Middle of a Massive Global Market Disruption – Ever heard of companies called Uber, Lyft, or Airbnb? Of course you have. But you sure as hell hadn’t before the financial crisis of 2008. That’s because they didn’t exist prior to then.
In fact, they might never have launched at all if that nasty little meltdown hadn’t occurred. Today’s massive sharing economy was worth pretty much bupkis prior to 2008. Now it’s worth $335 billion.
Economic calamities create massive disruptions – and massive opportunities. Larger, meeker, and slower players will struggle. Smaller, bolder, and faster-moving companies will thrive. What new industry might emerge from all this? That could well be determined by someone like you.
4. Because This Crisis Won’t Last Forever – And You Have Some Historical Examples of What Could Happen Next – Unlike the Global Financial Crisis and the Dot-Com Crash, we know COVID-19 has a definitive end date. It’ll likely wind down in stages, but once a vaccine is available – it’ll be over for good.
And what will happen then? We don’t know for sure. But if we let history be our guide, we could find clues. So let’s review, shall we?
The Dot-Com Crash? It was the end of civilization, the stock market, and startups as we know it. And yet it was followed by years of extremely strong growth. The Global Financial Crisis? Sure to destroy the world’s economy, home ownership, and life on Earth forever. And yet it was followed by one of the longest economic booms in history.
As the famous investor Warren Buffet has said, “Be afraid when everyone’s greedy. But be greedy when everyone’s afraid.”
5. Because You Should Now Have All the Motivation You’ll Ever Need – “Our people are our greatest asset.” “We consider our staff to be like family.” “We are committed to our employees’ welfare and future.” Pretty much what every company says, now isn’t it? Right up until when things get tight. Then what do they do to those employees they profess to love?
Can them like tuna without a second thought.
Maybe you weren’t laid off. Or downsized or furloughed. But you probably know someone who was. And I’ll bet don’t feel you have as much control over your fate as you used to.
So take control. Launching your own business is tough. But I can attest that it is worth it. Remember, the best way to predict your own future – is to create it.
As has been said, the Chinese word for “crisis” is formed by two characters that mean “fear” and “opportunity.” My advice to you is to respect the former – but focus on the latter. Because the COVID-19 crisis just might be giving you the greatest opportunity you’ll ever have to launch that startup of your dreams.