I’ve said it before, and I’ll say it again – crisis interrupts all patterns in business. And as small business owners, the best way to grow and evolve in a post-pandemic world is to take advantage of the new opportunities afforded to us at this ever-changing time.
Look for Opportunity as Disruptions Cause Change
Technological revolutions, or disruptions, have occurred regularly over the past 250 years at intervals of fifty to sixty years. Think about your grandparents or their parents and the stories they’ve shared about the days when things we take for granted today didn’t exist.
Some of us have relatives who can remember the excitement that came with going out and getting a television with color. Teens who stream Stranger Things on Netflix can’t believe that pay-phones or even phones were attached to the wall. They can’t imagine a life without their cell phones!
Each technological revolution leads to a massive replacement of one set of technologies by another. This typically occurs in one of two ways. Either the new technology becomes an outright substitution, or there is a modernization of the existing equipment.
Whenever these shiny new opportunities become available to us, it starts with excitement and can end up causing some stress and pushback. Technological revolutions soon feel like a threat to the established way of life in firms, institutions, and society at large.
Consider the way people received the idea of using the internet instead of reading the newspaper, reading from a Kindle tablet instead of making a purchase in a bookstore, and being able to watch Hamilton by streaming it from home!
There is Opportunity in Emerging New Tech
Right now, we’re experiencing breakthroughs in so many different industries at the same time:
● 3D printing
● Human longevity
● Quantum Computing
I love reading what Peter Diamandis says about the opportunity in the convergence of emerging tech. We are in a period of the greatest opportunity of our lifetimes because we’re in the midst of dramatic change and market shifts.
Project Your Business Success – Where to Start
All growth happens on the shoulders of what we’ve done in the past. Consider the changes we’ve witnessed over the last two years. What is different now? What resources are available now that weren’t in 2019?
What are opportunities in your business that can help you solve problems for customers in the marketplace? Start with asking yourself the following questions:
● How is your business known? What do your customers say about you?
● Who are your customers or clients? Identify target audience demographics.
● How does your business make a difference to them? What impact or value do you
provide? Why do your customers choose you?
● What is your five or ten year vision? (If you haven’t defined your company’s vision,
I highly recommend Cameron Herold’s book Vivid Vision). I’d love to hear about your business! What are opportunities that are emerging? Share your thoughts in the comments!