A recession is hard on everyone, but it’s particularly devastating for small business owners and entrepreneurs who have more to lose than your average Joe. Simply closing up shop is not an option for many, which is a good thing because the worst of times can sometimes bring out the best in us. It’s true. After all, they say the toughest steel is forged in the hottest fire.
Because strength is found through adversity. That means if your company can make it through the dumpster fire that is 2020, then it can make it through anything. It all depends on your business approach. Savvy entrepreneurs that can weather a storm and turn a global pandemic into an opportunity will be more resilient and innovative for it.
Take Airbnb and Uber for example. These two unicorn companies were born after the crash of 2008 by disrupting old business models and presenting everyday people with creative ways to make new revenue streams with things they already owned - houses and cars. Genius!
Some businesses that are built during a recession are oftentimes built to solve problems or out of sheer need. Problems of course lead to solutions, and that means there’s more opportunity to deliver real value to the world. General Electric for instance, was founded by Thomas Edison as the nation was heading into the Panic of 1893.
Sometimes a recession forces you to go back to the drawing board, and that’s OK. Take Traders Joe’s for example. After Joe Coulombe launched a small chain of convenience stores in the greater Los Angeles area during the recession of 1958, he realized that a burgeoning chain called 7-Eleven would likely drive his business into the ground, so he created a new concept which brought unique international food offerings to consumers. The rest they say is history!
If there’s anything that history has taught us, is that when the going gets tough, the tough get going. Instead of taking the economic downturn as a threat, use it as a launchpad to take creative risks and start or transform an incredible business. Look, no one said it was going to be easy, but survival of the fittest doesn’t only apply to the laws of the jungle, right? You got this.
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