COVID’s Effect on Business

In March 2020, I was fortunate to catch the last flight coming to Washington D.C. from overseas. As we landed, the world pretty much shut down. We had a call on that Monday based on requests from our partners and affiliates and since then, nothing has been the same, nor is it likely to be the same again any time soon.

Once a shift in the workplace and/or the work occurs, a new dynamic shows up. The two week shutdown turned into four, six, eight weeks, three months, then off and on for an entire year. It has become clear that COVID has had a profound effect on business.

But even in a bad situation some positive things can arise. As we reflect on the past year on a personal level as well as a business level, we’ve noticed that while the entrepreneurship space may have taken a big hit, the world has opened up for entrepreneurs in the Angel Investor and Venture Capital space. There is now an accessibility that was not there pre-COVID.

Back then, if you called an Angel or VC to request a meeting and you were outside their region, they most likely said Not at this time, Give me a call if you are in my town. Today, you could more easily access these Investors and Angels and groups. Pre-COVID, a Zoom, phone, or Skype call between someone seeking money and someone looking to provide money was unlikely — there were some, but very few. Today, that’s about the only way to do business.

What used to be limited to a city has now become regional, national, and sometimes even international. The opportunity to access the talent, money, and resources that used to be limited — with some exceptions — to a specific location is now a better scenario.

BEFORE YOU GO

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

1. What positive things have come out of a negative scenario in your world?
2. What can you do to leverage what is happening today to keep your business moving forward?
3. What other tools/resources/insights have you used/had regarding the affect of COVID on your business?

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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.

#entrepreneurship #COVID #farisalami