The Year That Will Be: Entrepreneurship in 2021

entreprenuer concept

New years are for new beginnings, as many believe. In the wake of 2020, many of us realized that a lot of things can spiral out of control in an instant and without prior notice. This is the hard truth that the pandemic made us face. But it also gave an opportunity for growth amidst the turmoil. It made people shift their focus on the things that truly mattered to them. The things they would rather put their energy and effort into.

For many young professionals, 2020 was also a time of dire circumstances. If they were already employed, chances are that they were terminated on such short notice. For job seekers, on the other hand, the labor market was dry. Very few industries were looking to hire people to join their companies, especially those with very little experience. There was no hope in sight.

The End of the Tunnel

However, toward the end of the very long and dark tunnel that was 2020, some of these young professionals saw a flicker of hope and went straight for it. They adapted, playing with the hands they were dealt with. The pandemic forced many businesses to rethink their plans and transition to various online platforms. This was a huge sigh of relief for the younger generation who grew up as digital natives.

Even for others, they saw it as the perfect time to launch companies of their own, getting ahead of the curve and becoming fully digital from the get-go and not needing any sort of transition. Jobs such as freelance copywriting, online teaching, and online bookkeeping skyrocketed. These business ideas were very much suited for a group of young entrepreneurs who were looking to become successful when 2021 arrived.

Off to a Good Start

Establishing a business during a time of crisis is undoubtedly risky. But big risks often offer big rewards. For instance, several startups were created during the Recession of 2007 to 2009, and now some of them have become household names in the industries of transportation and the rental market. If you’re a young professional looking to create your own business but unsure of when to do it, now is the best time.

Leveling the Playing Field

Given the circumstances that the new normal forced upon countless consumers, accessibility became vital for businesses. The consumption of online content reached an all-time high in the wake of the COVID-19 pandemic, which is one of the key reasons young professionals should start investing more in themselves and their ideas. The digital scene is their area of expertise.

With an abundance of problems to overcome, entrepreneurs are surely seeking multiple ways to offer their own solutions. They even observe the current trajectory of businesses and consumption to maximize their companies’ potential. For instance, e-commerce spiked by almost 40% during the pandemic, which simply shows how much the purchasing practices of consumers changed in such a short time.

Working with Passion

young business owner

One of the toughest hurdles for a young entrepreneur to conquer when starting a business is thinking that they’re not good enough. Self-doubt is devastating to any professional. Thankfully, this pandemic has given people a lot of time to reflect on themselves and their true desires. It also gave them an opportunity to explore what they love to do. The same amount of introspection is crucial for guaranteeing a budding business’ success and survival.

While it may be true that talents and skills can come naturally to certain people, they may not necessarily enjoy doing those activities for themselves. This is what sets successful entrepreneurs apart. Capitalizing on a particular passion can eventually make work effortless, worthwhile, and fulfilling all at the same time.

Starting an online writing company, for example, can be wide-ranging. Certainly, there are other more successful competing companies out there already. But so long as the company’s writing niche is related to something the owner and writers are keen about, it would make their work much more enjoyable for them.

Idle Hands

It is safe to assume that the pandemic also forced a lot of people out of their jobs. Naturally, these same people—if they aren’t already starting businesses of their own—would be out looking for a job where their experience and expertise won’t be wasted. So there is already an abundance of professionals looking to be hired, likely from businesses with ideals they could connect with.

Online legal consulting, as another example, could also be a viable business idea. However, the law can be interpreted in different ways, which are why different types of legal professionals exist. Investing in people practicing highly specialized areas, such as a personal injury lawyer, can go a long way in ensuring a consulting company’s success.

Ultimately, 2021 is quite possibly the greatest time for driven young entrepreneurs to start their own online businesses. Many successful companies were founded during times of unrest; beginning in the wake of a global pandemic is no different.

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