The majority of people think last year was a disastrous year and they’re not completely wrong a global pandemic a potential civil war in the united states a global recession basically the end of the world which surprisingly was actually predicted for last year as a result.
Almost everyone thinks that becoming successful this year is pure madness but they are wrong in this post we’re going to show you how 2023 changed a lot of people’s lives in a very positive way and maybe we will convince you..
Coronavirus and Booming Industries
The biggest impact on the economy and social life currently is none other than the coronavirus it’s affecting many businesses around the world and most of these businesses are suffering as a result of it however there are a number of industries and companies that are booming thanks to the virus let me give you some examples.
1. Delivery services industry since most people have been stuck at home due to the quarantine ordered by world governments most folks couldn’t go outside unless it’s an emergency or if you needed to go to the supermarket or get medical services so people started to buy more things online from things.
They needed to things to pass the time like puzzles or coloring books moreover restaurants and fast foods only did delivery services so people had no choice but to order food online.
2. Medical products industry of coursethis industry is booming and thriving thanks mainly to the pandemic so anything that’s related to curing or preventing the coronavirus is being produced and sold more than before we’re talking about masks hand sanitizers latex gloves.
Successful Business Started In A Recession
An economic downturn can cause a range of unexpected opportunities for entrepreneurs who want innovation did you know that some of the biggest brands in the world have started during a recession here are some examples.
1. Microsoft the global tech giant microsoft started in 1975 in a period of high unemployment rising inflation and stagnant gross domestic product gdp in america.
2. Fedex have you ever seen castaway in this movie tom hanks is the operational manager of fedex an american multinational delivery services company did you know that fedex began as a university project for fred smith during the 1969-71 depression and turned into a business with almost 70 billion dollars revenue why is recession a great time to start a business there are a lot of reasons.
Why Is Recession A Great Time To Start A Business?
Startups we should not pretend that every business will succeed in the current climate a financial uncertainty but here are some reasons why a recession can be good for new startups.
1. Competition is lower since competitors struggle to restart after the pandemic many businesses will find themselves with less competition but this can be an advantage when they’re back in the marketplace for those who are able to innovate or borrow something if they survive the storm when chen launched nerd wallet.
There was virtually no one else trying to start a personal finance company and if there were existing competitors they were too hamstrung because they were laying off staff in a recession china firms you don’t have to race against some well-funded competitors to go after a market but there are just a lot of fewer competitors coming in the next couple of years.
2. Top talent is available a sad fact of a pandemic is that a lot of great people are going to find themselves out of work but while that is something bad for them it’s something good for business which can snap up top talent that’s usually not available chin says now it’s the time to snatch up top talent chen said that the cost of a great talent drops in recessions.
It’s actually easier to hire them moreover finding better talent for cheaper rates allows entrepreneurs to create a better product for less money he also suggests looking internationally for talents it can be daunting but once you do and figure out recruiting onboarding and operations hiring internationally is much less expensive chen says.
New Business are Nimble
Chen invited entrepreneurs to think differently when developing new businesses or products since the world’s not going to be the same when we come out of this pandemic the advantage that new companies have is that they can move much more quickly are more nimble and respond to these opportunities better than the incumbents who are now currently trying to fire people or worry about the future.
You think about slowing down and building a good foundation and you think about efficiency rather than just optimizing for speed and then scaling as quickly as possible finally he urges startups to raise as little money as possible and figure out how to be highly efficient on small amounts of cash.