guest column

3 steps Houston entrepreneurs need to take to find opportunity during a crisis

Tomorrow, August 21, is World Entrepreneurs' Day, and it comes during a trying time for entrepreneurs everywhere. Here are three tips for business leaders operating during the pandemic. Photo via Getty Images

As company leaders approach the fourth quarter of 2020 and plan for 2021, many accept the fact that Houston's business landscape may look a bit different moving forward. Instead of the pandemic becoming a paralyzing force, new and eager business owners are committed to incorporating creative solutions.

These innovators have found ways to focus efforts to better serve customers in the transitioning economic landscape. The shift opens the door to new opportunity, and while the business outlook continues to evolve, some argue that times of crisis provide just as much, if not more, opportunity for entrepreneurs to find their footing. The past has shown that organizations can grow when faced with adversity and their resiliency in the earliest stages helps create a sturdy foundation.

According to the United States Bureau of Labor Statistics, twenty percent of small businesses fail within the first year, and by the tenth year, only about a third of businesses have survived. While these numbers may be intimidating to a new business owner, the measurements have proven consistent over time. This means success rates are less dependent upon the state of the economy and more dependent upon the creativity and drive of the entrepreneur leading the efforts.

Times of uncertainty and economic change bring focus to new obstacles, expose weaknesses in business structure and highlight the need for innovation. Strategic entrepreneurs can capitalize on these opportunities by introducing solutions that respond to the current reality consumers face. In honor of World Entrepreneurs' Day on August 21, below are steps to consider when launching a business during a time of crisis.

Plan for current conditions

It is always important for new business owners to plan for the future and be flexible enough to adjust them to the current environment. If a five-year plan is based on the premise of business returning to its pre-COVID-19 scale, the entrepreneur will likely face substantial challenges in the future.

Business plans should incorporate solutions to areas of weakness that have been brought to light by recent events. It may also be helpful to seek customer feedback early in the company's lifecycle to ensure audience opinion serves as a cornerstone in ongoing strategic development. Understanding if the business's premise will drive value and benefit consumers, even in difficult times, can help the organization prepare for future crises.

Identify gaps

In many ways, the pandemic identified business strategies that may no longer be relevant and provided insight into the economy's future. New entrepreneurs hold the advantage of witnessing what worked, what did not and applying the new knowledge to their plan.

The importance of flexibility, adaptable services, a strong digital brand presence and solid SEO practices all proved critical to a business's ability to remain both relevant and successful this year. When starting a company in times of economic uncertainty, identifying ways to bridge gaps and capitalize on windows of opportunity can help establish a competitive edge early on.

Seek out support

It is no surprise that, especially in the early stages, running a startup may be overwhelming. It is key for small business owners to feel comfortable asking for help and to seek out support early on. Consider joining business networks and local industry alliances to learn from others. Particularly in times of crisis and uncertainty, it can be beneficial to learn from seasoned professionals, as well as peers, and to welcome support from others who have found success during trying times.

Business support can be advantageous as well. While outsourcing may appear costly, the value of industry experts to assist with marketing strategy development, human resources and benefits, or financial management can be highly beneficial, especially in the development phase.

The early stages of an organization can make or break the success of a company, and though many questions surround the state of business during times of uncertainty, the entrepreneurial opportunity is still available for small business growth and success.

------

Jill Chapman is a senior performance consultant with Houston-based Insperity, a leading provider of human resources and business performance solutions.

Trending News

Building Houston

 
 

Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo via Getty Images

A Houston-based clinical-stage biopharmaceutical company has raised millions in its latest round.

Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team."

Through Slate Path Capital's investment, Jamie McNab, partner at the firm, will join Tvardi's board of directors.

"Tvardi is the leader in the field of STAT3 biology and has compelling proof of concept clinical data," McNab says in the release. "I look forward to partnering with the management team to advance Tvardi's mission to develop a new class of breakthrough medicines for cancer, chronic inflammation, and fibrosis."

Tvardi's latest fundraise will go toward supporting the company's products in their mid-stage trials for cancer and fibrosis. According to the release, Tvardi's lead product, TTI-101, is being studied in a Phase 1 trial of patients with advanced solid tumors who have failed all lines of therapy. So far, the drug has been well-received and shown multiple durable radiographic objective responses in the cancer patients treated.

Dr. Keith Flaherty, who is a member of Tvardi's scientific advisory board and professor of medicine at Harvard Medical School, offered his support of the company.

"STAT3 is a compelling and validated target. Beyond its clinical activity, Tvardi's lead molecule, TTI-101, has demonstrated direct downregulation of STAT3 in patients," he says in the release. "As a physician, I am eager to see the potential of Tvardi's molecules in diseases of high unmet medical need where STAT3 is a key driver."

Trending News