The coronavirus pandemic is another defining moment of US history, and experts including Warren Buffet say there’s hope for our country’s entrepreneurs.
“We haven’t really faced anything that quite resembles this problem,” Buffet said during Berkshire Hathaway’s virtual annual meeting on May 2. “But we faced tougher problems and the American miracle, the American magic has always prevailed, and it will do so again.”
The coronavirus pandemic will undoubtedly change the landscape of every industry — it has already disrupted or accelerated many. For entrepreneurs, this time will determine whether they become an economic statistic or a trailblazer of change.
Buffet said we have a long way to go, but we should never bet against America. “Bet on America,” he said. “That’s what’s really gotten me through ever since I bought my first stock when I was 11.”
Starting a business in the depths of a recession has proven success — Airbnb, Venmo, Pinterest, Uber, and WhatsApp were just a few of the startups formed during the Great Recession. “In 12 to 24 months, it will be the best time to start a business,” New York University Stern School of Business professor Scott Galloway told Business Insider’s Sarah Silverstein.
Joleen Hughes, who founded her Seattle-based media law firm during the last recession, told Business Insider that “there are business models that need disrupting because they’re completely out of date, and this is demonstrating that.”
In addition to running her law firm, Hughes also hosts a podcast in which she talks to a wide range of entrepreneurs.
“There’s just no better time to really get your idea out there and have it take the world by storm,” she said, highlighting trends she’s starting to see in content creation and distribution, health and technology, and personal concierge services.
A recent survey by Lending Tree showed that half of Americans want more local businesses like restaurants, coffee shops, and grocery stores in their communities. People continue to need goods and services, and while high profits may be some years away, there’s plenty of opportunity to run a resilient business that adds value to the community.
Business Insider has covered companies big and small as they’ve navigated shutdowns, government loans, employee safety, and preparing to reopen. We’ve talked to experts and leaders across industries, and through these conversations and analyses, we’ve determined an unranked list of businesses that we expect will shape our economic recovery. The key to starting a business, and maintaining one, within these industries will be adaptability and innovation.
If you want to bet on America like Buffet, start a business.