Jul 113 min read

Why the Right Time to Start Your Startup is Always Now.

A start up team staring a start up. — The right time to pursue your entrepreneurial dreams is always now.

Why the Right Time to Start Your Startup is Always Now

With everything going on in the world, it got me thinking about whether it is a good time to start a business at the moment. Every time I turn on the news, it feels like constant upheaval—political turmoil, geopolitical tensions, threats of military conflict, natural disasters, and human-made crises and challenges. With all of that and more, one might think it prudent to wait for a more stable environment before launching a startup.

However, the reality is that there is no perfect time to start a business. Despite the chaos and uncertainty, the right time to pursue your entrepreneurial dreams is always now. I thought I would share my top five reasons why I believe it to be true and a few short thoughts on why it matters.

Innovation Thrives in Adversity

Historically, some of the most groundbreaking innovations have emerged during times of crisis. Economic downturns and geopolitical instability often force entrepreneurs to think outside the box and develop solutions to pressing problems. For example, Airbnb and Uber were born from the 2008 financial crisis. These companies identified gaps in the market and leveraged technology to create new business models that addressed the changing needs of consumers.

Why It Matters

Necessity Drives Innovation: There does appear to be a higher demand for creative and efficient alternatives when traditional solutions fail.

Market Gaps: Crises often reveal unmet needs and new opportunities that nimble startups can capitalise on.

Access to Talent and Resources

In economic and political uncertainty, larger companies may downsize or freeze hiring, leading to a surplus of available talent. This provides startups with an opportunity to attract skilled professionals who are looking for new opportunities. Additionally, assets such as office space and technology might become more affordable as demand decreases.

Why It Matters

Talent Acquisition: High-quality talent is more accessible and potentially cheaper.

Resource Optimisation: Cheaper access to essential resources can reduce initial startup costs.

Changing Consumer Behaviour

Crises often lead to shifts in consumer behaviour and priorities. For example, the COVID-19 pandemic accelerated the adoption of digital services and remote work. Startups that quickly adapt to these changes or anticipate new trends are better positioned to meet emerging demands and capture market share.

Why It Matters

Rapid Adaptation: Startups can pivot faster than established companies to meet new consumer demands.

Market Entry: New consumer behaviours create niches that startups can exploit before larger companies react.

Supportive Ecosystems and Incentives

Governments and private institutions often implement support measures to stimulate economic recovery during and after crises. These can include grants, subsidies, tax incentives, and investment programs encouraging entrepreneurship and innovation. Startups can benefit from these initiatives, reducing financial risks and accessing vital support networks.

Why It Matters

Financial Aid: Access to grants and subsidies can provide crucial funding.

Support Networks: Government and private programs often include mentorship and networking opportunities that can accelerate growth.

Building resilience

Starting a business in uncertain times builds resilience and adaptability. Entrepreneurs who navigate their startups through challenging environments develop critical skills and a robust mindset that can help them withstand future difficulties. This resilience can become a competitive advantage as it prepares the startup to handle various challenges and uncertainties more effectively.

Why It Matters

Strength and Adaptability: Learning to thrive in adversity equips entrepreneurs with the skills to manage future crises.

Long-term Success: Resilient startups are better positioned for long-term sustainability and growth.

Final Thoughts

While the world may seem fraught with challenges, these conditions can create fertile ground for innovation and entrepreneurship. The right time to start your startup is always now, not despite the uncertainties but because of them.

By leveraging adversity to drive innovation, accessing available talent and resources, responding to changing consumer behaviours, taking advantage of supportive ecosystems, and building resilience, aspiring entrepreneurs can turn today’s challenges into tomorrow’s successes. The key is to act decisively, remain adaptable, and seize the opportunities that arise from disruption.

So what are you waiting for?

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About the Author

Adam Ryan is a Professor of Practice (Adjunct Professor) at Monash University and is a principal at Watkins Bay. Adam has over twenty-five years of start-up experience in Australia and the USA. An expert in Company Structuring for Innovation, Strategy, Mergers & Acquisitions, and Capital for early and growth-stage businesses.