Have you considered starting a business during the Coronavirus Pandemic?
Entrepreneurs across the country are using their talents to overcome the many challenges presented by the novel coronavirus. According to Amy Haimerl of the New York Times, the spread of coronavirus is challenging entrepreneurs to meet new customer demands, which has always been at the crux of every new business venture.
In the time period following the greatest of American disasters, including the 9-11 terrorist attacks and 2008 financial crisis, industrious Americans rose to the occasion to meet new and arising customer needs and even carved out niche businesses within existing industries. In fact, earlier economic downturns have produced some of the best-in-business, including Venmo, Uber and Microsoft. Innovation flourished when companies were forward-thinking in manifesting ideas and technology to respond to different consumer behaviors.
With many companies large and small facing uncertain futures, instability, and the prospect of closing permanently, business owners are finding new opportunities to grow and survive. While it is true that some enterprises will not outlast the virus, companies that find a way to address a consumer need will flourish, especially businesses who support telemedicine, operate supply chains, and enable home education and work.
If you can pivot your business or have always dreamed of starting your own company, now is the time to do so. New businesses are forming in response to consumer needs in a post-pandemic world.
Should you have any questions regarding changes in your business, please contact HoganWillig Attorneys at Law, (716) 636-7600.