If 2020 taught entrepreneurs anything, it’s that they need businesses that will not only stay above water but also thrive during a crisis.
If you pay close attention, there seems to be a pattern that has developed right after lockdowns are lifted. A pattern that seems to take entrepreneurs back to square one. “It’s rushing back to work right after restrictions are eased, only to find out that they are back to the same rutt or even worse.” It’s rent arrears, low consumer demand and the uncertainty of going back into another lockdown. And In a desperate move to revive their businesses, entrepreneurs re-invest the little they had saved into a lifeless business.
It’s a very unfortunate pattern evident in this part of the world. The world bank recently drew attention to the “new poor” profiling them as being more likely to live in urban areas, own slightly more basic assets than those who are much poorer and, more educated than the chronic poor. This statement paints a clear picture of what’s going on in the entrepreneur’s world today.
But, could we turn things around if we were more deliberate? Well, I believe it’s possible, And this is what the plan should look like as we move forward;
We need businesses that are going to thrive far and beyond this crisis. Businesses that have the potential to generate wealth, grow exponentially and also run on their own with very little or no supervision at all.
The latest trends at the moment show that consumer spending is at a record low. Individuals are spending far less and spending only if they have to. This makes businesses that supply the basic “human needs” very attractive. Things we can not survive without. Basic needs like food, clothing, housing, health care, transport and communication services. I think it’s fair to say that Regardless of what takes place in the world whether, during good or bad times, human beings will always need a roof over their head, clothing to put on, food to eat, medication when sick and transportation to get from point A to B.
That brings me to a critical point. Man is a creature of habit. According to psychologists, it takes about 21 days to form or break a habit. Entrepreneurs have developed a business as usual mentality. Unfortunately, this is a period that requires us to break that chain. We need to create businesses that are sustainable and strategically designed to cater for human basic needs. Businesses that will not only survive but thrive well beyond this crisis.