Day: June 8, 2020

4 Tips for Starting a Business in an Economic Downturn

wayne June 8, 2020


7 min read

Opinions expressed by Entrepreneur contributors are their own.


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

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Zoom makes a small bet on hardware that could have a big payoff

wayne June 8, 2020

One of the most interesting aspects of the ongoing narrative around the pandemic-friendly success of Zoom Video is its David-versus-Goliath vanquishing of the WebEx unit of Cisco Systems. Zoom CEO Eric Yuan and much of his management team hail from WebEx. At Zoom, they created an easy-to-use business product that has become a consumer cultural sensation.

Zoom flexed its muscles last week with a boffo earnings report. Revenues more than doubled, and the company reported impressive gains (to 769) in its big-ticket customers, those who pay $100,000 or more per year, and, importantly, companies with at least 10 employees, the types of companies that pay to use Zoom, to more than 765,000.

Critical to Zoom’s success is that it’s a software company. Whereas WebEx is part of a network-equipment-making giant and sells devices of its own, Zoom put all its energy into the visual experience of video conferencing.

Little noticed is that Zoom might not be content to refer its customers to other hardware vendors. Last year it invested in a Norwegian company called Neat, which says it “was created with Zoom to provide the ultimate Zoom Room experience.” Though Zoom didn’t comment on it in its earnings …

Dunkin’ plans to hire 25,000 workers as restaurant industry begins pandemic recovery

wayne June 8, 2020

A Dunkin’ worker hands a coffee out of a drive-thru window wearing gloves and a mask as the Coronavirus continues to spread on March 17, 2020 in Norwell, Massachusetts.

MediaNews Group | Boston Herald | Getty Images

As the restaurant industry tries to bounce back from the coronavirus pandemic, Dunkin’ is looking to hire 25,000 employees.

The coffee chain is launching its first advertising campaign centered on hiring to tout the benefits of working at its restaurants. Dunkin’ also said Monday that it is partnering with Southern New Hampshire University to offer store employees an online college education.

The summer months typically spark fast-food hiring as consumers spend more and teenagers look for work. Yum Brands’ Taco Bell, for example, is looking to hire 30,000 new workers this summer.

But this year, the U.S. unemployment rate is 13.3%, according to the Department of Labor. Even as states relax social-distancing measures, millions of restaurant workers are out of work. 

Fast-food chains are bouncing back from the pandemic faster than other segments in the restaurant industry. Dunkin’s own sales have been improving, although the shift to working from home means that many workers are still making coffee and breakfast at

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On racial equity, how can companies show they mean what they say?

wayne June 8, 2020

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Good morning.

Last week’s flood of CEO statements on racial justice marked a dramatic change in CEO behavior from the past. But still, at the end of the day, the statements were just words, prompting one critic to tell the New York Times this weekend: “It’s complete B.S. It’s performative.”

So what can companies do to show they mean what they say? FSG managing director Mark Kramer, who partners with Fortune on our Change the World list, offered ten ways companies can put their racial-equity talk into action–including a commitment to pay-equity, a living wage, adequate health care, and making election day a paid holiday so everyone can vote. His suggestions are worth reading here.

I think the bigger issue here is one raised by Business Roundtable Chairman Doug McMillon in his statement establishing a special committee to advance “racial equality and justice solutions.” He put Education and Workforce at the top of the group’s list of priorities. Fixing our broken education system, of course, is primarily a governmental responsibility. But creating new training programs that provide pathways to …