CRITICAL Business Lessons Post-COVIDOct 05, 2021
To start of the week each Monday for the next few weeks, we're going to be briefly discussing an interesting article from Startups Magazine.
This week, we're covering:
(Click the title above to view the original article).
So, why was this article interesting to us?
This article helps to highlight the state of entrepreneurship right now. The failures, the pivots, the successes, and the challenges.
Starting with the stats, we're reminded that the pandemic hit most businesses hard, at least in the UK, with many staff being on furlough for a good period of time. However, this was for the established businesses. What about startups?
Well, as in any period of great difficulty, more people step up to try to get by, even if it means going it on their own. In fact, almost half a million new businesses were founded in the UK in 2020, which is a huge increase from a normal year. A lot of businesses in sectors opened up by technologies that are now easily available (IE the internet) were founded simply because there was easier access to them.
So let's focus on the lessions this taught us. This pretty in-depth article shows us that there are a number of things that are a part of our "new normal". Our top favourites are to have multiple sources of income (this makes sense personally and from a startup persepctive, because the more types of income stream you can rely on, the safer and more profitable you're likely to be) and to be more keen to adopt digital technology (because of course, it'll help you stay ahead of the game and more innovative).
These are things you should have done anyways, but being forced into a corner has made a lot of people more aware of why these steps are important.
Is there anything else you've found important or strongly learned since the pandemic? Let us know!
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