Hi ,
Pandemic Panic: The Disappearance of Toilet Paper
As the COVID-19 crisis surged in March 2020, the government of Victoria implemented a stringent lockdown. What was weird was that toilet paper disappeared from supermarket shelves overnight. As trivial as it seemed, it soon became a significant concern, with suspicions of stockpiling and shoppers being forced to go out hunting for supplies.
In sync, other essentials like masks and COVID-19 self-tests became scarce, exacerbating an already tense situation. The food supply, particularly meat products, disappeared off the shelves. The suddenness of the need highlighted the often-underappreciated role of a well-organized supply chain.
The Invisible Backbone of Commerce: Supply Chains
This chain of events underscores the role of businesses as problem solvers. Beyond profit generation, businesses fundamentally address societal needs. In this context, scarcity was an abrupt shortage of daily necessities.
The Problem-Solving Role of Businesses
This scarcity presented businesses with a twofold scenario: a challenge to adapt swiftly and an opportunity to serve the community during a crisis.
Businesses exist to solve problems, creating value for customers, employees, and shareholders. Be it a tech startup developing an app, a restaurant serving a meal, or a supermarket ensuring toilet paper supply, businesses are inherently problem solvers.
The Dual Nature of Business: Challenge and Opportunity
Every household item, from utilities to your laptop, symbolises a solution to a particular need or problem. If you're considering starting a business, it will revolve around a product or service that solves a problem, the skill to sell it, and the ability to deliver it. Two further aspects, often overlooked, are the value proposition and profitability. I will tackle these last two in future articles.
Starting a Business: What You Need to Know
While this is a simplification, it helps understand how businesses function. If you plan to be self-employed, identify problems you can solve, ascertain a market ready to pay for your solutions and ensure reliable and efficient delivery. Your success will largely hinge on these factors.
The Road to Self-Employment
The unfolding of events during the pandemic underscores the problem-solving role of businesses. Aspiring entrepreneurs need to identify a problem they can solve, ascertain a willing market, and ensure reliable delivery to succeed.
Cheers
Nigel Rawlins
wisepreneurs.com.au
Follow me on Linkedin or check out the Wisepreneurs Podcast
