4 Entrepreneurship Lessons to Learn From 2020
Entrepreneurs Brian Condenanza and Bav Majithia share that while 2020 looked quite glum in the beginning, entrepreneurs are coming out of this year with a renewed energy and motivation
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Two thousand twenty was a year no one expected. Facing a global pandemic, tensions around the world, uncertainty, and increasing regulations, entrepreneurs dealt with new challenges many of us had never seen before. Determined and undeterred many business owners pressed on utilizing technology and the power of connection to keep their companies running in light of tremendous upheaval. Entrepreneurs Brian Condenanza and Bav Majithia have seen their fair share of challenges and contend that we can learn four powerful lessons from this year.
When physical locations are down or restricted, make sure your customers can find you online. "We saw this year how important the digital experience is to consumers," states Condenanza. "When businesses had to close down, people immediately turned to the internet."
Majithia agrees, "a fully optimized website gave people a desirable experience from the safety of their own homes. That is what kept the customer relationship alive."
Focus on social media
"There are all these communities operating online," says Condenanza. "They share interests and passions and pose huge potential in terms of audiences." Condenanza feels that even as things go back to normal, this isn't going to change.
Adding to that, Majithia believes that brands are witnessing a more considerable ROI on niche audiences in tapping social media. "Social media kept people connected this year," says Majithia. "These followers are doing business online, sending conversion rates higher."
Find a trusted e-commerce partner
"Shoppers will continue to do an extensive amount of their shopping online, increasing the volume of fulfillment businesses will require," explains Condenanza. "Success will rely on finding a trusted e-commerce partner with a verified track record and reliable process."
"Relying on e-commerce is just going to be a non-negotiable part of the business from now on," states Majithia. "Ensuring you are working with the right platform prevents the chance of disappointing your customers."
Find new ways to adapt
There is so much to be said for learning to adapt, which will hold true no matter the year. Condenanza explains, "the life of an entrepreneur is already challenging, so take the knowledge you have and apply it to those external sources."
"Don't let an unforeseen event completely derail your plans," adds Majithia. "Business is all about adapting to the conditions you are faced with, and 2020 taught us that would never change." Don't be afraid to adjust your plans.
Condenanza and Majithia understand that this year can't break us if it made us, and with new ways of thinking, entrepreneurship looks better than ever.