No matter what side you are on, it is truly a historic occasion to have at Black, South Asian woman be the first female Vice President of the United States. This is a victory for my daughter, my 5 nieces and women everywhere. My heart is full of hope.
I feel very blessed to be an American and have the freedom to pursue my passion and the opportunity to support the dreams of aspiring entrepreneurs everywhere.
The American Dream is alive and anything is possible. In the midst of uncertainty and turmoil, ingenuity has still managed to thrive, with Americans starting new businesses at the fastest rate in over a decade. 3.2 million people have filed for a US business application in 2020, up from 2.7 million at the same point in 2019.
These “covidpreneurs” give me hope.
These entrepreneurs show us that the American Dream – the freedom to start something out of nothing and make your own way in the world – is still alive and well.
Here is why now is actually a great time to start a business:
1. There’s plenty of room in the market
The U.S. lost more businesses during the first three months of the pandemic than it normally does in an entire year, with hundreds of thousands of businesses permanently shutting their doors. COVID-19 has accelerated the process of transformation, creating opportunities for new businesses to embrace a new future.
2. The pandemic has introduced new needs in the market
From a widespread need for reusable masks to better video conferencing options to at-home fitness solutions, COVID-19 ushered in all sorts of new needs and problems entrepreneurs can address and solve for. This is still the case post-pandemic.
3. Crisis breeds opportunity
General Motors. Microsoft. Uber. Airbnb. Some of the largest and most successful companies in the world were started during times of economic crisis. If you’re considering starting a business during this one, you’re in good company.
4. Many have more free time than ever before
Chances are, the commute to your home office is a whole lot shorter than your commute to work. If working from home has freed up time in your schedule, use it to start a side hustle outside of regular office hours.
5. People are looking for work
Did you know that startups account for ⅕ of job creation? Starting a business doesn’t just give you a new source of income – it can also create opportunities for other people looking for work, too.
Starting a business is always challenging and most startups don’t survive even if they’re founded during a good time. But that doesn’t mean yours has to be one of them. (Besides, doing nothing is way worse than trying and failing!)
Follow these 3 tips to increase your chances of startup success:
1. Make sure there’s a need in the market
The most crucial question you need to answer about your business is, “Will people pay me to do this?” Do some research and figure out if the business idea you have is one that solves a problem people will pay to solve.
2. Learn from someone who’s been there before
No need to reinvent the wheel – if you have specific questions about running a business, find an expert to help you out. Reach out to a person in your local community who’s running a business that’s similar to the one you’re considering and ask them to get on a Zoom call with you. Or if you’re not entirely sure what type of business you’d like to start yet or how you’d even begin, my step-by-step course The Side Hustle Accelerator is a great place to start.
3. Dream big, start small
No need to make starting a business a bigger risk than it already is. No matter how big you hope your business becomes one day, have the patience (and the good sense) to start small. Don’t quit your day job, don’t invest your life savings upfront, don’t get frustrated that you haven’t become wildly successful yet. Focus on the very next step. Follow opportunities as they come, without getting overwhelmed by how far you’re hoping to go.
As always, it’ll take resilience, hard work, ingenuity, and a whole lot of hope – but if you play things right, you just might be able to create something truly great.
Kim Perell is widely recognized entrepreneur, investor and national best selling author. A great believer in paying it forward, Kim loves to help aspiring entrepreneurs achieve success and is an early stage investor in over 100 start-ups, 16 of which have successfully been acquired by some of the largest Fortune 500 companies.
Originally published in Entrepreneur