The world as we know it has been thrown a curveball which seemingly brought our entire lives to a halt. As a worldwide community, we are attempting to safely navigate this new way of life whilst fulfilling our goals and pursuing our endeavors. The rising generation of young business professionals have a unique task, seeing that there is no solid textbook definition of how to obtain success during a pandemic. Fortunately, I have come across several young entrepreneurs who have taken advantage of the disadvantages presented by the Coronavirus Pandemic.
As young individuals, it is important to start taking small steps toward your goals early on to ensure stability and economic maturity in whatever your niche may be. No Cap Sports is the epitome of a rapid growing non-profit business that started with achieving small goals. No Cap Sports is a sports journalism and broadcasting podcast.
On the podcast, Vance Laws (Millsaps Alum), Josh (PVAMU), and Nic Hayes (Millsaps Student) discuss a variety of sports topics while offering their own sports experience as athletes. Co-Founder of No Cap Sports, Nic Hayes says, “Vance (co-founder) and I came up with the idea about a year ago, but we had never gotten anything rolling. The pandemic allowed us to sit down and get everything going in terms of recording and getting our name out there. The pandemic really helped us focus and plan and really just get the ball rolling”. Over the course of the pandemic, the young entrepreneurs have gained an audience using multiple platforms and social media which include: Apple Podcasts, YouTube, Instagram, and Twitter. In addition, they attract and bring together audiences of diverse demographics.
Providing further information, Nic Hayes spoke on No Cap Sports to reach wider audiences.
“With our podcast and as three black males, we want to make sure that we don’t just stick to sports. Sports itself is filled with diversity, especially among the players, so in our podcast, we try to highlight all the social issues affecting sports and everyday life. As black men, we offer our own experiences at the intersection of race and sports. We try to have these discussions as much as possible in order to keep the conversation going just like many athletes have done in their sports” said Nic.
The pandemic has made us more aware of the social injustices that exist in communities, and these young men are able to have difficult conversations in a professional manner. Additonally, these brilliant young minds have also made use of analytical business skills that can be used on any level in any organization and have strategized ways to gain various audiences, viewers, and readers despite the great hindrance the pandemic has created. This persistent and open mindset ensures long term success for any business or corporation.
Owning and operating a non-profit has its challenges, so does operating a for-profit business. The CEO of Prosperity Co., Jabriel Fields, took the time to highlight these advantages and disadvantages the pandemic has caused.
Expressing the difficulty the pandemic has caused, Fields explained his new marketing strategies to generate revenue.
“The pandemic has definitely affected the brand in some ways. The main barrier that the pandemic has created is the use of postal/ shipping services. The post office that I frequent, is often backed up due to numerous stipulations that the Coronavirus pandemic has imposed. As a result, my business is negatively impacted. Despite the circumstances, I have been maximizing capital by doing things to get more sales such as deals, limited time promotions, and bundle sales. This is used as an attraction mechanism for consumers. I also strategize by using modern business tactics to expand, develop a business culture for all stakeholders in my organization. After all, the purpose of my company is to become a lifestyle and be more than just a brand” said Fields.
Like other businesses, Prosperity Co. Uses social media platforms for advertisement campaigns, media projects, and as a method of communicating with customers from all over the world.
Nonetheless, after reaching out to other for-profit business owners, there were several tactical patterns found in relation to the disadvantages the pandemic has caused. After speaking with the owner, operator, and CEO of Lae’s Shea, Lacee Winfield, I have found that although the product may be different, businesses face some of the same issues. Lae’s Shea is a company that creates all-natural and organic skin and haircare products at an affordable price.
CEO Winfield expressed her concern for her business when the pandemic first escalated.
“The pandemic did slow down sales in the beginning, and it’s quite hard to find packaging since many people have gone into the art of DIY skin and hair products”.
Winfield uses problem-solving business tactics to combat this competition and maximize her ROI (return on investment). Winfield says, “We provide our customers with high quality and small-batch skin and hair care products. We also provide tips on how to maximize the beauty our customers already have”.
This relationship that Lae’s Shea builds with their consumers on a consistent basis is essential and very important in the pursuit of loyal customers. It is statistically proven that it costs ten times more to gain a new customer than to keep loyal customers satisfied.
Though proven to be difficult in a pandemic, these businesses whether non-profit or for-profit have not only stayed afloat but thrived during this pandemic. They have disclosed business success secrets and tactics for the benefit of the business community in general. Defying all odds of 2020, these young business professionals have succeeded in taking advantage of their disadvantages.
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Great read. Very encouraging to see so many young businesses working so hard through such a difficult time!