Reasons to Become an Entrepreneur in 2021
Published on: 26.03.2021
At first thought, the idea of starting a business in 2021 sounds irrational. On second thought, maybe it would be a great plan. That’s not because business people now know what ideas definitely won’t work. It’s because the conditions might be right, if not to start a business at least to dip toes into entrepreneurship. Experience has shown that every time, even the worst moments ever, can be good to launch a successful business. Yet, the recipe for success has some consistent elements. Those elements make some of the reasons why 2021 can be a good year to get started with entrepreneurship.
Niche markets with low competition
The ability to find a profitable niche market depends on the level of expertise and a viable audience of customers. What happened in 2020 changed the world and the global markets. Hundreds of thousands of companies have shut down or switched to inactive. Meanwhile, others managed to keep afloat by changing business strategies.
On the other hand, most entrepreneurs are still holding back and waiting for more opportune moments.
All these consequences of the 2020 health crisis left fewer competitors. To beginner entrepreneurs, this means one less thing to worry about.
Covid-19 created niche markets
Healthcare, communication, retail, finance, are the key sectors that witnessed drastic change during 2020. At the same time, it was easier for niche small businesses to take the leap and provide customers what they needed. The pandemic not only forced customers to focus more on health and safety but also pushed them towards more conscious behaviors. From ethical and vegan footwear to environmentally-friendly cleaning supplies, alternative niche businesses are more flexible to meet customer needs and find success, too.
More access to customers
This narrative is known by everyone either consumer or entrepreneur. People and businesses went digital in huge numbers during the lockdowns, while Covid-19 triggered economies around the world to make the shift to e-commerce. Many governments were fast enough to support e-commerce industries by removing possible barriers or providing tax incentives. Hence businesses and economies were able to capitalize on coronavirus-triggered eCommerce opportunities. While digital giants grew even bigger, smaller digital companies were able to build an online market presence and make profits.
The sure thing is that more people are buying online, hence there’s more access to a larger customer base.
Breakthrough business models
The pandemic and climate change action are part of the same battle. Entrepreneurs, consumers, and founders know this and are searching for breakthrough business models. Future trends include increased focus on entrepreneurial mindsets that align sustainability with profit to bring change. Companies that incorporate such a mindset will be key players to achieve the Sustainable Development Goals (SDGs).
If you are eager to embrace a business mindset that promotes social change and a circular economy model, here’s your chance to get started.
Join the Citizen Entrepreneurship Competition. The 2021 edition will start in less than a week. This can be an experience that will help you understand if you’re cut for entrepreneurship. Besides that, you will have the chance to take free online training and join a global network of beginner and experienced entrepreneurs. The right mindset is the first step to become an entrepreneur.