The lockdown this year has had a visual effect on the business world. Many people found themselves starting to think about that business idea they’ve always harboured. The figures speak for themselves: in the UK a staggering 273 tech startups were filed in September alone! Being an entrepreneur has a glamorous appeal to it: one that we gravitate towards, founding our own business Live Tech Games. Not just a small cog in a big machine, as a founder you have a real impact, but it does also have its drawbacks.
Firmly settled in lockdown 2.0, we have a few key pieces of advice to bear in mind as you set the wheels in motion on your own lockdown business.
Start
Don’t let the pandemic dissuade you; let it motivate you to finally take the plunge. It won’t be without challenges, and of course more challenges than starting a business at a normal period. On the flip side, it will also be filled with more opportunities than normal life. The pandemic has brought to light real gaps in the market, and if that excites you more than it scares you, start now.
Keep on top of your logistics
This may sound obvious, but with everything changing rapidly, keeping your finances, data and logistics in order will keep you ahead of the game when inevitably the tide changes. Plan. Do your research on the market. You may want to jump in and fill a gap before anyone else, but you’ll have a better chance of succeeding long term with a plan. Launching your business properly is more important than launching fast.
Take a risk
Taking a risk in an economy doing its best just to stay afloat, may sound like the last thing you want to do right now, but it’s the only way to drive change. Our biggest learning so far is key: whatever your idea, be prepared to work hard, fight the odds and take risks. Moving forwards, requires you taking the first step, even when you don’t know where your foot will go.
Fail…and then fail again
You’ll often have heard the age old iteration that when you fail you learn what to do next time. In London over 55 more startups failed in September than August – the economy is ripe for launch, and ripe for failure; failing is your opportunity to know where to go next. You’ll learn to prepare for the worst, how to adapt, where to shift your priorities. If you can overcome a pandemic, you can overcome anything else that comes your way.
Don’t marry your idea
It’s important to be flexible with your idea: the entrepreneur path is paved with unforeseen obstacles. Anything can change your course and steer you down a slightly different road to the end goal. With a pandemic adding another layer of difficulty, everything is suddenly moving towards a virtual stream. Your challenges may feel company-ending, but they could be the key you need to shift your perspective. If you marry your business idea you’ll be less inclined to roll with the punches.
Ultimately, launching our own business during a pandemic has been a path rife with challenges and learning curves at every turn. Aspiring entrepreneurs are not few and far between, and the current climate is lending itself to founders making a claim for a small part of their industry. 18 months into our own business and we may not be experts yet, but we’re firmly on our way and to those hoping to be their own boss, now is the time.
Samuel Worsley and Nathan Moore, Co-Founders, Live Tech Games
