During an economic downturn, if you look close enough, there are always industries that are doing better than they ever did. What’s interesting is that despite the economy’s negative impact on buyers’ purchasing power, the demand for certain companies’ products is so high that even the leaders of the industry cannot keep up with demand.
Will you do something about it? Entrepreneurs owe their leadership, hustle, problem-solving skills and risk-taking to those in need. You know there’s a promising business opportunity when you see people ready to spend their money but can’t find anyone to take it. This is as important for new ventures as it is for existing startups whose products are not a priority anymore.
Speed is of utmost importance. What matters is introducing a product that gets customers’ job done. An MVP may not have been enough to attract your competitors’ customers a few months ago, but today, in many cases, it’s all you need to get a piece of the pie.