4 business trends during the COVID-19 pandemic for student entrepreneurs

By Hari Middleton Recent events have forced all of us to change our lives in ways unimaginable in a pre-Covid 19 world. However, such a situation also brings opportunity, with such changes in our lifestyle leading to new trends as we adjust our lives. This article will provide my top trends that all budding student entrepreneurs can look to benefit from in the near future. 1. Remote working With social distancing likely to stay for the foreseeable future, business, education and many other practices have been forced to move their operations online. As a result, ensuring the rapid growth of certain companies enabling this, including Zoom. With people adjusting their lives to meet new regulations it means that certain innovations have risen to the forefront to help cater for our needs. Yet, with ongoing controversy and privacy issues regarding Zoom, as well as issues such as “zoom hangovers” with people burning out from excessive video meetings. Furthermore, there are issues surrounding people talking at the same time, how to get effective large group conversations and how to create more human-like conversations and so there are still gaps in this industry which remain. 2. Personal development Given the current situation many people around the world have significantly more time on their hands, which has led people to take an increased interest in self-improvement. As a result, personal development platforms has seen a significant rise in consumption, this can range from learning a new language to participating in-home workouts. Therefore, there is no better time than now to launch your own platform or service based on your own sector of expertise and ensure that this need is fulfilled. 3. Well-being Owing to the closure of public spaces and loss of jobs among many other factors, it is more important than ever to take extra care of ourselves and our mental health. People have realised this, which has resulted in the increasing popularity of well-being apps, such as Calm and Headspace, during this period. Headspace in particular, has set up a new feature called ‘Weathering the storm’ to address the increased sense of anxiety recently experienced recently by many. So there is without a doubt considerable need for such services, especially in this time. Regardless of this wellbeing and mental health are complex issues to solve and so while app-based solutions can be effective there is significant scope for technology-free ways to support the wellbeing of individuals. 4. Digitalisation The closure of physical stores during the pandemic, has served to accelerate widespread digitalisation. With many small local stores shifting to create an online presence for operations such as online booking and delivery. As a result, there is space to exploit to help accommodate this shift, whether it be to aide businesses such as through creating better websites or to launch your own online platform such as setting up a shop on Shopify. With customers now preferring to purchase online, this is a trend that is likely to continue in the long-term and has accelerated this shift throughout society. Overview As a result, it is clear that despite these challenging times, there remains a significant opportunity for all student entrepreneurs out there hoping to start new businesses! If you want to find out more, we have created a document to help inspire new ideas, which can be found here. We welcome you to get involved, share your ideas and learn from our student entrepreneur community!

4 business trends during the COVID-19 pandemic for student entrepreneurs