Entrepreneurs Are Planning To Start Their Business in 2021 – Vic DI Criscio Highlights the Reasons for It

The year 2020 had its share of challenges and issues. So, if this year taught us anything through the lockdowns and stay-at-home orders, it is – that almost everything can change in one year. Several entrepreneurs started their business last year in January and had high expectations and hopes. However, most expectations didn’t come true because of the pandemic. 

However, it’s human nature to move on and plan for the best! Even when 2020 wasn’t a good year for business, several companies remained afloat. But many talented and expert entrepreneurs are planning to move forward now and make 2021 their year of progress, if not absolute success. Vic Di Criscio shares the probable reasons for this bold business move by many entrepreneurs. 

• There is less competition

Several businesses that started on a good note in 2020 had to close down or pause because of the pandemic. A few managed to remain afloat because of re-strategizing. Hence, there’s a big gap in the market, and there are several scopes for start-ups to thrive. Generally, entrepreneurs start a business in a flourishing and buoyant economy. The economy presently has just picked itself up from the downswing. And many entrepreneurs will choose this time to move forward because the competition from other market players is less right now. 

• Having access to funds

Future uncertainties made several investors withdraw or pause their investments from the entrepreneurs in 2020! And amongst them are many who locked their assets safely and waited for the best time. These people are all set to invest again and attain good returns on their investments. And since there are lesser entrepreneurs who are ready to step out in 2021, it indicates less competition. Until you have a good strategy, attaining funds to support your business is not as challenging as you imagine. 

• Having access to customers

Today, most customers are close to their mobile devices. Hence, online consumption has increased to a great extent. Today, eCommerce has gone up by about 40% after the pandemic outbreak. The customers now want to order whatever services and goods they can to secure themselves from virus exposure. Several offices remain closed and more people are working from home who are making use of online tools. 

Entrepreneurs need to follow customer behavior trends, purchasing habits, and how it has changed. It will help them have access to customers, go online, and provide a solution to customer issues. 

Entrepreneurs are ready

The entrepreneurs had one thing in abundance in 2020, that is time. And the clever and smart ones have spent this time conducting market research and connecting with their target customers. It has equipped them with the necessary know-how and strategies to move forward when the time is correct. 

Currently, the economy is gradually improving, and not many companies are planning to move ahead. It could be a perfect time for entrepreneurs who are ready to hit the market with their service and products and witness a favorable outcome, despite the pandemic and its after-effects.