You are not mistaken – I stand by the title of my article. This is the best time to set up a business of your dreams or to expand your current business and yes, we are all still in the Covid pandemic situation. So why all my positivity? Have I gone off-tangent with my thoughts?
I am an economist and business educator. For a long period of time, I have also been an active Singapore/Indonesia representative of the World Future Society. Thus scenario-planning is quite up to my alley of expertise.
So here are my thoughts about why it is ripe to start a business now.
Reason 1: Globalisation
The spread of globalization has not ceased. Rather, more people are jumping onto the bandwagon of seeking goods and services from different countries. There is an unquenchable desire to purchase the next “big thing” no matter the source of the new ideas
Reason 2: Rapid Spread of Information
As the world holds it breathe for the technological march towards 5G, what has to be accepted is the speed of both information and misinformation. This means that with the right marketing strategy, you can propel corporate branding to a larger base of potential customers within a shorter time.
Reason 3: From social media to Mega Sticky Media (MSM)
I have created this acronym MSM because, during the Covid period starting from 2020, there was the rise of Tiktok to become a free media platform to get business messages across. It was like a combination of YouTube and Instagram but in hyper-speed of seconds. For the first time in history, marketing people are forced to distill the essence of a brand to suit a typical Tiktok attention span. To many, this is impossible but to the youth market this phenomenon is mere referred to as “Got to do it quickly!” GTDIQ -another one of my newly created acronyms.
Reason 4: Social Activism
For a business to embrace social change and be a good business citizen is not new. It also makes good business sense too. But the tsunami of social events that started from 2020 and how shareholders and customers will support a business that will take a stand – has officially taken root. Thus, if you start a new business, it is almost a truism that your brand has to encompass a certain level of being a change agent for the betterment of society.
Reason 5: No Lack of Funding
Not only is there no lack of funding, but there is also now a new financial model Special Purpose Acquisition Company (SPAC) which allows start-ups to bypass the traditional Initial Public Offering (IPO) route. There is now a big demand for patents and new business models that help dig out a new niche.
Reason 6: Food Security and Sustainability Issues
With the acceptance that food security and environmental sustainability will constantly challenge the minds of many governmental decision-makers, there are opportunities galore for more research in this area. Thus, start-ups can develop their business plan and strategy along the lines of these issues.