An Entrepreneur’s Guide to Surviving a Tumultuous Economy
During the 1880s, Herman Hollerith had invented the tabulating machine that was used to automate the tabulating work of the census of 1890 and also to tabulate medical statistics gathered by the United States Army. This led to the foundation of the Tabulating Machine Company during the Panic of 1896, which was later expanded and renamed International Business Machines by Thomas Watson, who expanded on the original tabulating machine concept and put the company on a fast track to becoming a giant in today’s data processing industry.
Around the time of the 1907 Banker’s Panic, William Durant was renowned for his Durant-Dort Carriage Company- a leading manufacturer of horse-drawn vehicles. Then in 1908, along with Charles Mott, he founded General Motors. General Motors went on to acquire brands like Oldsmobile, Cadillac, and Buick. In 1910, Durant was kicked out of his own company by a board of unhappy directors and went on to form the Chevrolet Motor Company. Eventually, he reacquired a controlling stake in General Motors. Again, he was replaced by Alfred P. Sloane, after which the company saw unprecedented growth.
When Andrew Mason tried and failed to cancel a cell phone contract, his frustration knew no bounds. He realized that if a lot of people were to come together and demand the same thing, their voices would have to be heard at least then. So, he created a platform called The Point, where a group of people could collaborate for any given cause. This received a good deal of attention until some users decided to gather more people to buy a product in bulk to get a group discount. This was when collective buying came into the picture, and The Point transformed into Groupon amidst the global financial crisis of 2008. Groupon is now an American e-commerce marketplace promoting local merchants by offering deals on their products and services to consumers.
These are three different stories of three different people during three different periods. The thread joining these stories together is that of passion and the ability to adapt; all three companies mentioned above were born during three different periods of economic tumult- a time when all hope seems lost and forlorn.
In today’s scenario, several countries adopting a partial or complete lockdown amidst the Covid-19 pandemic has fueled fears of an upcoming economic crisis- one that is anticipated to be more devastating than the 2008 global financial crisis. This is a matter of great concern- with the population only increasing day-by-day, a looming economic crisis that has rendered and will continue to render millions more unemployed unwillingly is not a very cheerful scenario to look forward to after getting out of the pandemic phase.
While we will inevitably emerge into a changed world post this pandemic, this can prove to be the silver lining for budding entrepreneurs to put their ideas and skills to use to help people adapt to the new trends. This might sound intimidating, but it is very much possible, as can be seen from the above examples of IBM, General Motors, and Groupon.
Being an entrepreneur, especially through a tough economic scenario means adopting the right strategies and most importantly, adopting the need of the hour. This can make or break your company. Being efficient, resilient, and curious, coupled with sound finance, communication, strategic thinking, and networking skills can work wonders and prove to be the start of something unique and huge.
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