2020 Changed Business Forever

The entire business landscape has been changed as a result of the pandemic and everything that happened in the year 2020. If you're an entrepreneur or a business owner, it really doesn't make sense to go back and look at how business used to be done, because things have completely and permanently changed moving forward. So in this video, we're going to look at how businesses have been permanently affected and how, moving forward, things are going to be different. And as a result of what has happened in the year 2020, earlier this year, I did a video on seven industries that were never going to return to normal. But it's not just industries that have been impacted by all the changes that we've seen. It's the way that we do business. So if you're a business owner or an entrepreneur, you need to know how things have been changed and how they'll be different moving forward. That's what we'll talk about in this video.

Number one, remote work is now the norm. This is going to present some challenges and some opportunities. It's going to create a lot more freedom. But in a lot of industries, this is going to dramatically reduce salaries across the board. So in the year 2020, we got used to the idea of working from home in pretty much all industries. I mean, even doctors do telemedicine now. Things that we never expected to be digital are now being digitized. Now, that was a harsh adjustment for some people. We've all gotten used to it to some degree. Moving forward, though, that is going to seriously impact the way that people are paid and compensated for the work that they do. Here's why. Now that we have the expectation that we're going to work remotely, it opens up the pool where you can hire from. So if you are used to going into an office for your job, and now that expectation has been relaxed, it makes sense that your boss or the company that you work for would look in other cities, other states, maybe even other countries where your job could also be performed. Now, that's the downside to something like this, because if people are used to making $150,000 a year working in a tech field, well, that same work could now easily be outsourced to the Philippines. It could also be given to the same individual living in the Philippines, and their cost of living would be a lot lower. So that's one side of it. The other side of this is if you're an entrepreneur, then this is good news for you because it means that you can hire from anywhere in the world. It means that you can get the same expected work done for far less money. And it frees up a lot of the financial burden that you might have if you're trying to start a business. So the positive of this is we're all going to have a little bit more lifestyle freedom. You can now keep your job or be hired for a new job, regardless of where you're living in the world, which would have been a fairy tale just a few decades ago. The downside is we're going to have a tremendous amount of pressure for salaries to come down because the pool of talent is so much wider. If you're an entrepreneur, this can be good news for you because your price to hire really good talent is probably going to go down over the next few years.

Number two teams are now permanently smaller. We've seen examples starting to emerge of 2, 4, 8 person teams building really big companies because we no longer need a bunch of people in an office. We no longer even people being on the same salaried team because there's so much outsourcing that is happening right now. Trevor Blake calls this the hub model. I call it the owner's model. It's where you have one entrepreneur who, who sits in. I call it the owner's seat. And they have enough capital from their investors or from loans or from their own self funding or from profits to be able to just hire other agencies for just about every line of work that the company needs. Which means that on your team you need like yourself and maybe a couple core operations people and that's it, push them out. Everything else can be outsourced. And we're seeing that model become more and more prevalent in today's work. Now it's again really good news if you're an entrepreneur because it means that you don't need to raise as much capital. It means that you don't need to hire as many people. It means that things can happen much, much, much faster. It's bad news if you are an employee. So if you work for somebody else right now I would be looking at how you can be more entrepreneurial within the organization that you're a part of. Right now. A lot of organizations are just trying to stay put. They're just trying to hold the line. They're just trying to get through this. That's not going to play out well for the organizations that are not innovating right now. So how can you innovate within the organization that you're in right now? Or it might be time for you to consider starting your own thing.

The Third, thing that we have learned from all of the changes in the world is that sometimes it pays to be early. What we saw in 2020 as the result of the pandemic was that things that were going to happen just got accelerated. And so a lot of the businesses that were doing things ahead of the curve really won big this year. And from an economics perspective, they really carried the rest of the economy. Old established businesses got crushed while emerging tech companies boomed. We saw companies like Zoom, which isn't that old. I mean, can you think about how Zoom has just taken over our lives in just a few years? They were early, they were ahead of the curve, they got the customer adoption, and then the world rewarded them. There's an old saying that says that if you're in an industry long enough, eventually you'll have a time when the economy or the state of the world rewards you. Every industry kind of has its time and has its boom in the cycle. Well, we saw that with a lot of emerging companies as a result of everything that happened this past year. So what we can learn from that is that the way that you will build the most wealth, the way that you will establish yourself as a player in any industry, is to be ahead of where people are thinking right now. If you can create the future rather than respond to the present, then you'll be much further ahead of everybody else who is trying to compete. Most entrepreneurs are simply looking at what's working right now and then trying to tweak things around the edges. But the businesses that really succeed are the ones who see where humanity is going, where business is going, and they play for that.

And number four, this is the most important takeaway from the year that was 2020. The world rewards calm minds. The world is busier than it has ever been. There's more things to pay attention to than there has ever been. But those with the calmest minds win. So let me tell you what I mean. If you had been paying attention to the noise during the market crash of March 2020, then you sold everything you got out of the markets, you didn't start a business, and you just froze like everybody else. But those who were able to stay calm during that time recognized that this was the buying opportunity of a lifetime. It was the opportunity to reset. It was an opportunity to start something new. And those who did that had really good financial years this past year. So those who are able to stay calm in the chaos, one that's going to be normal moving forward, there is going to be extra rewards for those who can Tune out the noise, be real centered and quiet, and make good decisions. You are usually one good decision away from your next big breakthrough, but you need to be quiet enough to be able to have clarity for the right decision. That is harder than ever when we have notifications and distractions and pandemics and wars and protests happening all the time. So 2020 gave us this beautiful contrast between the noise and the quiet. Both were available to us. You could quarantine and shut up the noise and get real centered and come out of this and grow real fast. Or you could pay attention to the noise and the busyness and the chaos and get wrapped up in it with most of the world. And the results really spoke for themselves. So moving forward, if you can cultivate a quiet mind that that allows you to have really good decisions, you will win in the short and long term. So moving forward, what does the world look like? How does the business landscape adjust? While things are going to continue to move faster and faster and faster, we're going to have more lifestyle freedom and we're going to have more freedom of choice. And that requires more personal responsibility for us to be in charge of our lives, what we want, and to make good decisions about how we want to intentionally create this life. And I still think to this day that there is no better time to start a business. You just got to do it in today's world versus how things worked a couple of years ago because the whole world is different now. If you need some help and you want to get started, you can download our free resources over@capitalism.com start I would like to hear from you how you think the world is going to change as a result of all this. So let me know in the comments and I'll interact with you there. If this is our first time meeting, please make sure that you subscribe to the channel because our mission is to empower entrepreneurs to create change in the world. Thanks so much for watching the video. I'll see you guys next time.