The global coronavirus pandemic, for many businesses, has raised a lot of questions than answers. However, most business owners and entrepreneurs are taking advantage of the crisis to find the hidden opportunities to exploit to gain a foothold.
But what are these hidden opportunities for entrepreneurs?
#1 The opportunity of time
Time is a valuable resource for every firm, individual and government. It’s the ultimate masterpiece by which we all operate and make decisions. After all, as an entrepreneur, the golden principle of time (Time is money) should be the reason to see time as an opportunity.
The pandemic has caused a universal economic slowdown where most business are taking the opportunity to review systems and processes. This unprecedented time, has presented all entrepreneurs and start-ups with just the right amount of time to rethink strategies and develop solutions to problems that can turn their ideas into profit-making businesses.
A grace period has also been presented to entrepreneurs to seize and gain that extra knowledge to improve upon their skill set. With improve skill sets, you can always stay ahead of your competitors and be the go-to ‘guru’ in your field. Time has become a valuable opportunity for entrepreneurs now
#2 The opportunity to go after market share
As the ‘giants’ in your field, you know, the corporations with huge market base and low margins are also experiencing a crawl in their business. This is the opportune moment as an entrepreneur to seize.
As most consumers work and stay at home, entrepreneurs must find out what their customers and potential customers require in both the short and long-term and develop services and products to meet the demand. This is the moment to create both short and long-term business success.
#3 Opportunity to strengthen relationships with your customers and suppliers
With the help of the digital media space, it’s easy to establish a strong relationship with your customers and suppliers. Interacting with your customers on social media platforms, newsletters, video chat among others are a great way to forge a customer-brand relationship.
This helps with your customer retention rate and enables you take advantage of discounts from your suppliers.
#4 The opportunity to go virtual
Many businesses are placing efforts in increasing their digital presence as the digital space is currently offering the opportunity to reach huge number of audiences.
As an entrepreneur, now is the moment to build a solid brand on LinkedIn and other social media platforms to engage with audiences and ensure the highest possible conversions. Commit to building unique narratives that will sell your brand, generate leads and increase conversion rate.
#5 The opportunity to purchase stocks
Investing in stocks is another opportunity for entrepreneurs to explore. As global markets are down, it offers an opportunity to buy stocks at lower prices. However, knowing the right stock to invest should be a priority. According to Warren Buffet, when asked about the market declining amid the coronavirus pandemic back in February, he said “That’s good for us actually. We’re a net buyer of stocks over time…when stocks go down, we’re going to be buying on balance.” If you would want to take your cue from Warren Buffet, simply be a net buyer of stocks over time, especially when stocks of quality companies are down in price during this time of COVID-19.