Entrepreneurship & COVID-19
As the saying goes, Necessity is the mother of invention. The COVID-19 pandemic has truly reminded us of this. At the beginning it seemed as though things might never improve; however, we have quickly learned to find the opportunities amid the challenges. In response to the outbreak, many companies were forced to lay off a significant portion of their staff. This has led many to venture into new business opportunities, from freelance work to becoming entrepreneurs.
We all have something to say and with more time being spent at home, many individuals are now finding the time to share their personal experiences, professional insight and creative perspectives. With restrictions placed on how we can physically interact, a lot of these content pieces are helping us to maintain a connection with each other. From blogs to video posts and podcasts, virtual communities are now heavily relied on to help foster a sense of solidarity.
Besides monetizing the content being shared, content creators are also offering to create on behalf of brands. The age of social and digital media means that social media managers and content creators are in high demand. What once seemed like an idle way to spend a few hours has turned into a career for many.
Influencer Marketing and Brand Ambassadorship
Influencer marketing is a fairly new concept but quite a lucrative one. Companies have been approaching individuals with a large social media following to create partnerships that will give them access to their audience. Similarly, individuals with a certain level of expertise or insight in an industry are being engaged as brand ambassadors. Brands are able to present a warmer, more human and relatable side through the ambassadors and influencers, which helps them to connect better with their target audience, in a time when human connection is more valuable. In turn, influencers and Ambassadors are incentivized through discount offers and paid partnerships.
Another industry that has seen a boost is e-commerce, which has experienced an accelerated shift away from physical stores to digital shopping by roughly five years. Not only is this a more convenient way to make purchases, but it is also now the safest way to do so. For many high-risk individuals and those who might have to be at home with their children, the ability to shop online is quite literally a lifesaver. Realizing this, most businesses and entrepreneurs are now facilitating virtual shopping. From using Instagram to creating their own account on platforms such as CoolMarket, retailers are meeting the demands of their consumers from the comfort and safety of their own homes.
As we shared before, the restrictions on physical interactions have moved many services into the virtual space, some of which include management, tutoring and consultation services. With schools moving their classrooms online, parents are finding that it is sometimes easier to have an individual approach to learning by engaging a virtual tutor for their child. These new roles that parents have to face have also led to them needing additional help in managing their tasks and this has seen an increase in the demand for virtual assistants. The more things change, the more we find that we have to work our way through the learning curves and here consultation services come into play. From Doctors, to help with managing finances, to therapy and life coaches - people are seeking assistance in order to properly cope with the changing times.
There is no doubt that this year has drastically changed our lives and for many, this has allowed them to venture into a new path that affords them more financial stability.