The pandemic has caused a great disturbance in the economy. It has closed businesses that resulted to the unemployment of thousands. How can one start from scratch this 2021?
This 2021, its time to break the romanticism of looking into passion and pursuing it, but instead, focus on what successful entrepreneurs have done and that is to seek opportunities in growing industries or strong industries and align with their capabilities.
In preparation for a 2021 program that I will run on starting a business, I asked the wisdom of a veteran economist from a research firm and he gave industries that will be strong this coming year.
The 5 are the following:
- Digital Services
- Logistics & Distribution
- Health and Wellness
Dr. Villegas, an economists from CRC, sees industries related to agri, digital, health and education as industries the will thrive this 2021, and business in travel, fashion, furnishings and non-digital entertainment will have difficulty in recovering.
I don’t really give specific business ideas instead one can look into the industries and see what they can do as their business. It may be based on their experience and network. But if you we to ask me what I will do for myself, I will continue with education of course because that is where my capabilities are and the industry will thrive, if I were to follow the logic of Dr. Villegas. If I were not in education today, I would be in the industry of health and wellness, probably in healthy food.
I do not undermine the importance of passion in business but in 2021 or in any year for that matter, it would be an advantage if one’s passion were aligned with a growing industry. Although of course, other factors are involved too in success like capabilities and network.
This 2021, if you wish to start a business, do it within the predicted industry to increase the chances of creating a successful business.