Businesses Born During Volatile Times
There’s no denying that we are in uncertain and turbulent times, but unprecedented – I would disagree. I’m not an economist, but like anything else, there I see patterns and cycles to the economy. It generally looks something like this: 10 years of economic growth, then 6 to 18 months of some sort of economic shock where the economy shrinks, confidence falls, people and companies spend less, layoffs occur, stocks fall and banks lend less money. But the thing is, a volatile economy can create just as many opportunities as it destroys for those who are willing to work harder than ever and capitalize. I’ve mentioned this in the past, but every business leader and entrepreneur should be auditing the business environment by using my model called S.E.T – constantly analyzing the business environment via 3 lenses: social, economic and technology trends. Yes, we didn’t see COVID-19 coming, but how we react to the current and rapid shifts in social, economic and technological trends will define leaders and businesses in the next decade.
On a more positive note, some of the biggest brands and the world’s most renowned businesses were created during economic shocks. Here are a few examples:
BizON will be sharing more examples on Instagram over the next few weeks. The goal is to ensure that people remain optimistic in times like this. In the past, I’ve spoken about the Stockdale Paradox – never lose faith in the end of the story. It’s so important to have faith, especially in times like this. Having faith will only allow you to prevail in the end. But the most diligent leaders and businesses must confront the most brutal facts of our current reality. Yes, things are crazy, but know deep down inside that these economic shocks and recessions are temporary and always come to an end.
So, this is going to break many and make many. What side of history will you be on? Share your thoughts with me on Twitter.
Nunzio Presta is the Founder & CEO of BizON.
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Opinions expressed here by Contributors are their own.