During the worldwide pandemic Covid-19 there has been an increase in start-ups across the UK. But why is it that a global crisis can spark the entrepreneurial spirit? And how does the start-up manage in this pressured time?
From closed businesses rises start-ups
Many established businesses have experienced a crisis during the pandemic. Companies have had to turn the key around and have been forced to let their employees go. Their economy has been pressured to the pain threshold due to the lockdown. It has resulted in the closing of nearly 400,000 companies in the UK.
Amongst all of this, a great number of start-ups have risen turning a pressured situation to their advantage. However, strange it may seem; the pressured business has evolved into a new range of businesses. Now, years into the pandemic, it is clear to see that the tendency has gotten a big push from the situation. In 2020 over 400,000 start-ups were formed in the UK. 2021 showed a dizzying rise of businesses with around 80 new businesses per hour in the first half of the year. The increase of start-ups is not only a British phenomenon. The Pandemic has fuelled entrepreneurship across the globe. But how come a global pandemic and crisis can lead to an entrepreneurial explosion?
Trouble solving and time
Many start-ups have been a reaction to the surrounding crisis and have presented a way to handle the crisis. This is probably one of the reasons a crisis can develop into an entrepreneurial wave. People want to be constructive and find ways to solve the issues society is facing. And there are other challenges than the pandemic, like young people’s chances of studying, two young entrepreneurs have engaged in. This presents both the driving force in a start-up and a response to how they can manage. Presenting trouble solving is a solid way to a successful start-up.
Another important factor is time. Some employees have been dismissed and those who haven’t have been working from home. This has released more time for considering their working situation. The pandemic has made a lot of people turn their gaze inwards to figure out if they are content with their job and life. Some might have realized that their workplace is causing them stress and decided to be their own boss in a start-up.
If you are considering a start-up
If you have been dismissed or if you have considered building a start-up, it might not be the worst time to go through with it. The country is yet again pressured by a new mutation of Covid-19. However, it takes a great deal of effort and time. You can take it step by step, and one of the more important things to establish a presence is finding a good name. However, this can be quite tricky, and if you need help with finding a business name click here. Here you will be presented to a wide range of different ideas for business names that might spark your engagement in building your start-up. You should make sure that you are fully engaged in the project as it takes a lot of energy and drive.
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