Think the best time to start a business is in a booming economy? Maybe. But some of the biggest business success stories in recent decades actually came from a good idea hatched during a recession.
Consider these names: CNN, Uber, Airbnb and Square. There are many more.
The effects of COVID-19 are forcing existing businesses to reinvent themselves, and some of today’s most significant business obstacles will spark new startups offering innovative solutions.
With the pandemic quickly shifting consumer behavior, more than $3 trillion is expected to be lost or moved to the businesses best prepared to exploit the possibilities, according to a November 2020 Accenture analysis.
Here are ways to formulate and recognize business opportunities during tough times.