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COVID-19 has forced millions of companies to reassess their business models, but what about the businesses that are still just ideas in the minds of aspiring entrepreneurs? As mass layoffs and desperate bailouts dominate the news, few people are talking about what it’s like to launch a business in the current climate.
But like other crises throughout history, the coming recession will create genuine opportunities for founders. As Michael Loeb, founder and CEO of Loeb.nyc, said, “Moments like these are like forest fires. The blaze will cripple some businesses, but they will also provide the heat to release new seeds into the soil. Many amazing companies have been born from the ashes of economic downturns and market crashes.”
The 2008 housing and financial crash saw people in the U.S. seeking affordable accommodation without long-term commitments. That’s when Airbnb emerged as a cheaper and more flexible alternative to traditional housing. By 2011, Airbnb was valued at more than $1 billion.
If you think your business idea is ready for the next step, position it as a solution to emerging customer needs. Here are