Should Entrepreneurs Wait Out the Pandemic or Forge Ahead? - Knowledge@Wharton
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Startups and Entrepreneurs: Wait Or Go Ahead?
- The pandemic is causing heavy financial losses across industries — but that doesn’t mean entrepreneurs and startups need to hold back until the economy recovers.
- It’s not all doom and gloom, and some companies have had the best weeks and months ever.
- About $314 billion in early-stage VC funding is currently available. This is a time when one can get good resources at decent value.
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Pandemic Blues
It’s tough to assess how much of the current environment is temporary, and that some companies will experience a permanent shift in how they do business.
Advice to early-stage startups: Put your head down, build your product…. You see where the world is in 12 months when you launch, and then you go. It’s dangerous to start to react at that early stage.
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“Some of the biggest companies in the world happened in 2001 and 2002, and then in 2008 and 2009. It’s never a bad time to join startups.”
MICHAEL VAUGHAN
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Survival Techniques and Hopes For The Future
- Many companies are joining hands and putting together business partnerships to leverage each other's strengths, as a survival technique.
- The pandemic will result in wider adoption of digital payments, digital invoicing and what he calls more creative financial solutions for business payments.
- Promising technologies like blockchain will help in building financial contracts where services get delivered or goods are provided and payment is automatically made when delivered.
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Lucrative Sectors for Entrepreneurs And Startups
- The pandemic is presenting new or increased opportunities for entrepreneurs in certain sectors, like the renewed spotlight on telemedicine, for instance.
- With the widespread necessity of remote work, other burgeoning areas include business intelligence software and cybersecurity.
Is joining a startup a smart idea for new business school graduates at this time? Experts say yes.
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