Why Recession Can Lead to Reinvention
The current coronavirus outbreak is a crisis on a scale most of us have never seen in our lifetime. Cities and countries are on lockdown, major events have been canceled, and people are panic-buying basic supplies while cutting back on travel. But separate from the tragic health implications of COVID-19, experts say there's likely going to be a global recession. You simply can’t shut down cities, countries and supply chains without a big flow-on effect. Think of when a car breaks down on the highway and every car behind it has to stop — it takes time to get traffic flowing again.
In the long term, however, the stage is set for unprecedented growth, because on the other side of this crisis, fundamentals are strong. The millennial generation is hitting its stride financially this decade (and there's a lot of them). The boomers are into semi- and total-retirement and have more wealth than any other generation in history (and they intend to spend it while they are healthy). Technology is laying the foundations for every business to have global opportunities, and governments of the world are pumping money into the economy by the billions.
Imagine a big spinning flywheel that spins down at first, then catapults things up on the other side. First it dips, and then it flies off. This decade is going to be the Roaring Twenties anew on many fronts for entrepreneurs. Many big businesses are being disrupted and some will even fall over, creating opportunities everywhere for small businesses.