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While the health crisis is far from over, the business world and consumers alike have mostly overcome the “survival” phase and are starting to adapt to what it will mean to live and operate, post-pandemic.
Now faced with a “new normal,” budding entrepreneurs are reassessing business ideas that had been on the backburner and exploring their potential in the current circumstances. But while many businesses have successfully launched during times of economic downturn — Mailchimp, Airbnb, and Whatsapp, to name a few — that doesn’t mean it’s the right time for everyone.
When it comes to post-crisis strategic thinking, aspiring business founders must consider how the needs, wishes, and budgets of consumers have changed for the long term. So if you think your business idea has potential, ask yourself these four questions to determine its strength in today’s landscape:
Do you fit into the new normal?
Business as usual is off the table, at least for a while. If you envisioned your business idea before the reality of the pandemic hit, you