Four Lessons COVID-19 Has Taught Us

Finance

At a time when medical sciences believed it had advanced beyond any world-eradicating epidemic, COVID-19 struck and left the world in a lot of pain and death. However, there are a couple of lessons that can be learnt from the pandemic, particularly from a business point of view;

Create an alternative source of income:

One of the most striking lessons the COVID-19 pandemic has taught us is that having a single source of income is risky and a wonderful job can disappear at a moment’s notice. A lot of professions suffered tremendously during the pandemic, a good example is Education. In Nigeria, just like in many other countries, schools were closed for several months, and while government employed teachers still got paid while at home, private schools teachers were not as lucky. Many had to live off the largess of friends and family. Those who had alternative businesses faired better during this period.

It is important that you don’t rely on a single source of income. Aside from the risk of unforeseen incidences like COVID-19, a single income source is hardly ever sufficient to cater for any individual’s needs, particularly as the years roll by and things get more expensive.

Get a side hustle, you just can never tell what may happen.

Go digital:

While many individuals and businesses suffered tremendously during the pandemic, one sphere of business prospered wonderfully well; Digital Businesses. While many brick and mortar businesses folded up, online businesses thrived and gathered customers and subscribers. In just the first half of 2020, Netflix garnered an additional 16 million new subscribers and its market capitalization rose by nearly $100 billion in 2020. Other tech companies that prospered during this period include Amazon, Microsoft, Apple, and Tesla. Combined, these companies raked in revenues than ran into several trillions of dollars.

So, while you are thinking of starting a side hustle, try and consider going digital. Even if you can’t think of a new digital business to invest in, try to incorporate digitization into your existing business. History has taught us that businesses that refused to do digital (Kodak, IBM,  Blockbuster) end up failing in the long run.

The world is smaller than you think:

The world is smaller than you think, we are more interconnected than you can imagine. In a matter of a few months a virus which originated from China had spread to every corner of the globe. As a business-minded individual what does that teach you? That you can have a product which would be hugely acceptable and productive at the other end of the globe from where you live. So, if you have a digital product, do not limit yourself by trying to offer only to customers within your geographic location, reach beyond your borders and try to get new customers in other clime.

Appreciate what you have:

Appreciate what you have; the air you breathe, your company of friends, the hugs and laughter, the parties… appreciate it all because at a moment’s notice it can all be taken away. For months, COVID-19 took all of that from us and left us alone and depressed. The Netherlands is reputed to have the happiest young population but currently, the country has fallen in the happiness index with many of the young population battling depression.

So, appreciate it all while you can.

Leave a Reply

Your email address will not be published. Required fields are marked *