A real, strong-willed entrepreneur does not stop at a sign of distress or challenge. Instead, he gives himself time to create something wonderful out of something that is unpleasant.
Let’s face it. Not all businesses were able to survive during the last 5 months. However, there are those that stepped up and took it as an opportunity to. These entrepreneurs saw something “magical” which benefits not just their company, but other people as well.
Fortunately, even though how much pain and stress the pandemic has caused us, there are those who saw it as a way to turn things around.
Success Factors for a Sustainable and Beneficent Business
The pandemic was a blessing in disguise, I could say, for some entrepreneurs. It became a way for them to discover something profitable and at the same time helpful.
Here are some of the factors that led them to succeed.
1. Business mindset – While some shops considered waving the white flag because of the COVID19 issue, one millennial took it as an opportunity to get out of her comfort zone. She converted her high-end nail salon into a mini supermarket called Go Grill Mart that sells Japanese and Korean products.
2. Innovation – Wearing face masks is now part of our daily lives. One of the most innovative products I have seen that is very timely is when abaca fibers were then used in making reusable masks. Abaca fiber has a higher rating for filtration, density, and porosity compared with other materials. We’re are not just talking about how fashionable you may look while wearing them, but at the same time, purchasing these masks means supporting our local farmers, as well.
3. Partnerships – Every business needs to be stable. And with the weakening of the economy, it is hard to know how long your business can stay afloat. I suggest that if you truly believe in the business that you have, but may have problems financially, seek someone who can see your vision and is willing to help you out.
4. Social participation –I am very thankful that many entrepreneurs provided free food and clothes to those badly affected by the pandemic. Some local celebrities have also promoted products of small business owners through their Facebook as a way of helping them reach out to more people. These small gestures do not just strengthen our ties, but our faith in the Lord as well, because even in our direst times, there are people who showed compassion to the less fortunate and to struggling small business owners.
5. Scaling – Good business sense is knowing the right product for the right customer. A couple used to operate a carinderia outside their home. But when Enhanced Community Quarantine took effect, this no longer allowed them to accept customers. So they started to sell food online and offered free delivery to customers nearby. They realized that they needed to step up because of the number of online sellers who offered the same products. Therefore, they improved the quality of their food and added a few more viands. Because of this, they are able to sustain the needs of their family even if their carinderia is no longer operational. They have now started accepting orders for small events.
Seeing in a broader perspective allows us to create dynamic ideas. Necessity is truly the mother of invention. And slowly, we can get back to how things are. We just need to be patient and always be safe.
For more information, you may contact Armando Bartolome
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