Startup – From Crisis to a Era of Digital Economy

Every crisis comes with changes, and changes lead to opportunity. The Coronavirus outbreak is no exception. This global crisis has drastically changed our daily life, economy, and for some people, even health.

Since the outbreak, it has been a very difficult couple of weeks. What we have increasingly been seeing and hearing are people now working from home (telework/remote work), talking to their doctors online, shopping online, doing schooling online, performing banking services online, and doing business online.

The current situation has led us to ask the question: “How will this outbreak shape our future?” As entrepreneurs, we love changes and opportunities. Changes and opportunities are like dopamine, the chemical behind the feeling we get when we jump off a plane to skydive, it excites us and pushes us to greater heights. This outbreak presents us with an opportunity to design a company that could be completely remote and mobile, a step closer to the era of digital economy.

What will the digital economy look like for us?

1. No time restrictions.

We will no longer need to be at a certain physical work address and no longer need to worry about the nine to five hours. We will have the freedom to choose our working hours when we work remotely, as long as we meet all the deadlines and deliver quality work. Imagine a world where we can get up in the middle of the night when we can’t fall asleep, and do some work if we like, and make money. It is the gig economy fully grown up.

2. No location restriction for hiring talent.

We will no longer be restricted to hire talent based on location. Everyone around the world who has the qualification for the job now has the opportunity to get the job. We will be able to hire talent no matter where they are; employees now can live and work where they desire, as long as they have high speed internet. If you long for the mountains, you can spend your time there, jogging into the deep woods in the mornings and then starting your day.

3. Cloud technology adoption.

All work will be performed in the cloud. Companies will need to adapt to full cloud-based technology to support remote workers and clients. For example, at Advisori Finance, we use QuickBooks Online to perform work tasks, Zoom for meetings, Slack for team communication, etc. If your team members work in different time zones, Every Time Zone is a very convenient tool to have for coordinating meeting times.    

Every change presents opportunity, the question is, how can we grab the opportunity and position our company better for the digital economy? This outbreak will pass, and our lives will go on. We, and humanity as a whole, breathe the same air and live under the same sun. Let the outbreak remind us that standing united makes us stronger. Let this change help us innovate our businesses to be better positioned for the era of digital economy.