Change is the only constant in life and occurs when our needs change. This could be brought on either by aspirational or self-growth reasons or due to a situational shift in our immediate environment, like covid-19 or more recently the looming recession. When our immediate circumstances change we can essentially respond in one of two ways – become a victim or take action.
History tells us a great number of successful businesses are born out of recessions: Airbnb, Apple, Burger King, CNN, Disney, General Motors, Groupon, IBM, Instagram, Mailchimp, Microsoft, MTV, Netflix, Pinterest, Revlon, Slack, Sports Illustrated, Uber, Virgin, WhatsApp, all started during recessions.
When times are tough, there’s more motivation to push the envelope and venture into something new.
Put another way – when on a luxury cruise there is no reason for passengers to jump. Hit an iceberg and …
Recessions create opportunities. A downturn offers the benefit of working with less competition. A bad market can clear the playing field revealing gaps to take advantage of.