Restaurants and local businesses all over the world are closing their doors, likely for good. However, while many mom-and-pop shops file for bankruptcy as their government aid quickly dwindles, many business leaders have been able to pivot into some of the emerging markets creating by the very same pandemic. Dr. Jay Feldman, an established business leader, explains why.
We are now witnessing a global Darwinian-like evolution of business owners and entrepreneurs. It is survival of the fittest for all business leaders. Industries are collapsing, while others are being created, and the first movers are raking in massive profits. While it is disheartening to pass by our favorite local pearls littered in ‘Closed for Business’ signs, we must appreciate the fast movers that are acting to to make our new way of life easier and more convenient.
How Dr. Jay Feldman has Succeeded During the Pandemic
Dr. Jay Feldman is one such entrepreneur who has been able to quickly pivot and move his attention into fast-growing marketplaces such as media and at-home fitness. Prior to 2020, Jay Feldman ran a successful digital marketing agency aimed at helping small businesses. When COVID struck, he knew he had to make a change. In March, Dr. Feldman quickly anticipated how the following months would unfold and adapted his business for success.
Regarded as one of the Entrepreneurs to watch in 2020 by the International Business Times, Dr. Feldman has become a well-known name and business leader. He has been gaining recognition recently for building a multi-million dollar media agency during the worst economic time in the last decade. In addition, he is the founder of REX, a portable home gym that can be purchased for less than $200.
“If there are two areas of our new lives where businesses can find success, it is in digital content, and home health,” says Dr. Jay Feldman in an exclusive interview. Like many entrepreneurs, Jay is one that was able to notice patterns in anticipating what opportunities would lie ahead, and that has led to great success.
Emerging Industries in COVID Era
With gyms at limited capacity, or closed completely, people are seeking safe alternatives for home fitness and exercise classes. Prior to COVID, an astounding number of people were flocking to group fitness classes such as Spin and Zumba. We do not know when or if these classes will return, but right now the market is demanding alternatives. Pelaton, a home fitness brand, saw their shares skyrocket over the past several months, driving the CEO’s net worth well over a billion dollars. In addition, online fitness coaching has become incredibly popular. In fact, 95% of personal trainers and fitness coaches now offer some sort of online training for their clients.
Similar to home health and fitness, more and more people like Jay Feldman are creating content from the comfort of their homes. Entertainers, TV studios, and thought leaders are not producing professional video and audio from the comfort of their living room. As the access to better remote content creation becomes mainstream, we may even see a permanent shift to virtual content. Services that assist in making virtual content more accessible, such as Zoom, have been seeing massive booms over the past 6 months. Anyone in the business of content creation, distribution, and marketing, is going to have a major opportunity to succeed, according to Dr. Jay Feldman.
In this new Darwinian business environment, those leaders that are quick and agile enough to move with the changing times and see change as opportunity instead of hardship, are the ones that will come out ahead. From 2010 until 2020, entrepreneurs have had is easy, with a booming economy and unlimited access to resources. 2021 will determine who the next generation of business leaders will be.