Updated: Jan 5, 2022
The pandemic that has hit since 2020 has made the structure of the world economy shaky. The business sector is among those affected. So, is it true that wanting to run a business nowadays is risky?
Have you ever considered owning your own business? Want to sell food, clothes, services, and so on. Want to open a company based on fisheries, livestock, and agriculture. If so, you are on the right track.
Did you know that every single one of those who have started a career already aspires to own their own business? This is because they know the fact that owning their own business can give them more lucrative returns and several other advantages. Some of them are already thinking about the type of business they want to be involved in and some have even made a business plan and started looking for capital. Then they just need to wait for the right time to start it.
Then the year 2020 came incarnated with the Covid-19 virus. Makes all the chaos and raises a lot of questions. The entrepreneur's plan also had to be postponed. But wait, is postponing all those business plans the right choice? Who knows maybe it is a great start for you to become an entrepreneur. Here are 5 reasons why it is a good start: -
Reason 1#: A crisis yields opportunities.
The Employment Insurance System (EIS) has recorded that a total of 99,696 workers have been laid off from January 2020 to November 2020. It is predicted that 1.6 million people will lose their jobs. This is because of the difficulty of employers paying debts and eventually deciding to lay off employees to reduce the burden borne by the company. In 2021, many employers will freeze their employment, making employment slower for all sectors.
Looking at the situation, several public agencies and the government are working together to curb the increase in unemployment in Malaysia. They started implementing programs like ‘PenjanaKerjaya’ and ‘MyFutureJobs’ for those looking for job opportunities. Yet it is not an easy job because every day there is definitely an increase for new applications which will make the chances of getting the job slimmer.
Therefore, it may be a golden opportunity to start a business. Even as we often see on social media about those who have professional careers such as pilots, journalists, chefs, etc. who have already begun to venture into the field of business. Although the country's economy is still in a less stable state there are still sectors that survive and become stronger due to this pandemic. Among them are the delivery service sector, online business, food sector, advertising, and services sectors such as digital marketing, graphic and video editing, and so on. Recorded since the implementation of the first movement control order (MCO), about a 28.9% increase in online business, according to news reports.
If you are smart, you can find valuable opportunities in this situation. Maybe you can venture into the field of online business. Who knows that is the start of your business journey?
"In the midst of every crisis, lies great opportunity. - Albert Einstein."
Reason 2#: Help generate new jobs and stimulate the economy.
Not many are clear about this but with the rise of new entrepreneurs, it can be a vaccine to our sick economic system. Most people who want to start a business just want to improve their own or their family’s economy, but in fact, they have indirectly helped our country’s economy as well. So, don’t you feel that being an entrepreneur in this challenging year brings a lot of benefits to all?
This is a further explanation of how it can happen. With the increase of entrepreneurs, whether doing business online or other types of business and it becomes a successful business, directly these entrepreneurs will start to find employees to help their business. Here we can already see that these entrepreneurs have helped provide job opportunities to the public. These workers will have a pay check and with that pay check, they can pay bills, buy necessities, products, or services and create a healthy economy for the country. It is like an economic cycle that will help stabilize our country's economy.
Associate Prof Dr. Anuar Shah Bali Mahomed, from the School of Business and Economics Universiti Putra Malaysia, said online business growth this year is expected to boost GDP growth, which will keep the Malaysian economy on track to grow by 6.5% to 7.5%.
Reason 3#: Enhancing Innovation.
Entrepreneur is a mindset first, a skill set and rules. Depending upon whether you are an employee or small business, the mindset, skill, and rules are different. - Robert Kiyosaki.
Innovation is one of the skills needed by an entrepreneur. Innovation sometimes helps an entrepreneur be better known to the public with the uniqueness of their business. Having a business goal alone will not make a business successful.
A wise entrepreneur will see the demand and recognize the opportunities that exist to create something new. Among the examples of innovative ideas that existed during this pandemic is the existence of drive-through concerts and movies (entertainment industry), fresh goods preparation services (food industry) and so on which are now gaining popularity.
Reason 4#: Increased social entrepreneurship.
"Give a man a fish, and he can eat for a day. Teach a man to fish and he will eat for a lifetime"
That saying almost describes how this social entrepreneurship works. But in the current pandemic situation, the adage does not apply. This is because of the challenges faced by existing social entrepreneurs such as severe constraints or even bankruptcy.
However, studies conducted by The World Economic Forum show that social entrepreneurship will still be the mainstay of community movement and development. Therefore, 60 leading social-sector organizations have created The COVID Response Alliance for Social Entrepreneurs intending to help mobilize support and raise awareness of the vital role these entrepreneurs play.
Social entrepreneurship is very much needed to help solve the social ills from the pandemic and other ongoing issues such as detecting close contact, the lack of medical devices, the welfare of frontlines, and the public. So, if you are a social entrepreneur, it is very helpful for the community in Malaysia to fight this worsening pandemic. This is the time for you to pour your ideas as a social entrepreneur who can change the world.
Reason 5#: Able to adapt to new business models.
With the current pandemic situation, many companies, as well as employees, must go through new situations in their working days. They need to learn to work remotely, hold virtual meetings, leverage digital processes and sell online. The business you are running at this point needs to practice the current work situation until everything is back to normal. Indirectly you are well-versed and knowledgeable with the new system of business models now.
Working with the current situation will be second nature to you. As a result, you will be easier to use with existing business models or traditional business models. This will have a huge impact on the growth of your business later.
“The wise adapt themselves to circumstances, as water molds itself to the pitcher.” – Chinese Proverb
There are still a few other reasons why you should be an entrepreneur in 2021 but be reminded you still need to know about the risks in the business. You need to do a business plan carefully and take precautions so that the negative impact you receive is minimal. You have to be patient, not rush to make a decision and do it step by step like doing a formal business. Prepare a complete business plan to guide your efforts.
Believe that with demand, opportunity, sufficient capital as well as effort, and a positive mindset you can change your status from an employee to an entrepreneur.