File: Before entrepreneurs consider jumping into starting a new business, they must assess the problems and needs in the market which are not currently being met.JOHANNESBURG - Whether you are looking to replace lost income due to COVID-19 or simply aiming to plug a gap in the market, serial entrepreneur Arnoux Maré says now is the“During difficult times, it can be hard to focus on the bigger picture because our efforts are directed at dealing with immediate problems.
“Look at how quickly some companies moved to fill the gap of selling sanitisers and personal protective equipment at the outbreak of the COVID-19 pandemic. This is about meeting the demands of the market. All businesses should exist to meet those demands,” explains Maré.For Maré, companies should steer away from generic and abstract level offerings and instead focus on tangible and specific services. Solutions offered should be geared towards solving a specific problem.
“In any downturn, there are winners and losers. But we have seen from previous events how well organisations did that were quick to embrace innovation. Any new business would be amiss if it failed to recognise and incorporate a digital/innovation strategy into their operations,” explains Maré.Beyond the environment being conducive for starting a new business, Small, Medium and Micro Enterprises also play a vital role in mitigating unemployment.
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