The current economic crisis is particularly challenging for start-ups. They have invested time and money in building their business and now they are forced to deal with the suddenly changing framework conditions. Many fear for the fruits of their labor. But some young companies are also being spurred on by the crisis. They can use the opportunities that arise to make a breakthrough. Now is the moment of truth for many of them but there always is a light at the end of the tunnel.
In growth markets, it is much easier to start a new company, but during difficult times, this goal is much more challenging to achieve. Well-prepared companies take every crisis as an opportunity to grow and invest in some new ways. They need to be creative and flexible now. Every start-up claims this, but now the time has come to prove it. If the market changes, those companies that can adapt themselves quickly will be successful.
The events of the past few months have promoted or even forced the change. They were also a driver towards even more digitization. In Germany, for example, the educational start-up Punk Academy offers a unique further training program. It should help its participants to communicate well, to find creative solutions and to prove themselves as a manager. To do this, they solve a task of around 20 minutes on their smartphone every day. In this way, they gain experience and become more confident in their decisions. The program is consequently called Business War Games. The company wants to create a scheme for skills, which are more in demand and topical than ever before. Even schools are already there to teach their students even more digital skills. After all, the current situation is spoiling self-employed founders’ desire to start a company.
But those who have already established themselves in the digital world can use this advantage for themselves. It can be tough to gain a foothold in this business. Sometimes it helps to get together and perform together. Right now, there is a great willingness to support local retailers and shop there. However, the prerequisite is a correspondingly professional appearance on the Internet. Consumers are now making greater use of the Internet than ever before to search for and find the products they want. Those who can shine with a current inventory and deliver quickly and reliably will quickly win new customers.
However, the seeping out funding sources could soon prove to be a problem. The banks themselves are struggling with numerous ailing industries. Start-up Investors and Investment Networks could quickly withdraw to traditionally crisis-proof industries and thus worsen the situation. But that’s still all speculation. Good ideas and drive to implement them are always a success factor for start-ups. They will need the quality that made them great in the past more than ever.