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The Crisis Poses Challenges and Provides New Business Opportunities

  • Rating — 5 (3 votes)
  • Updated on April 01, 2020
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The coronavirus pandemic is a serious global issue. A worldwide containment effort to halt the spread of COVID-19 has affected far-reaching impacts on both the world economy and local communities.

Many businesses naturally have questions and urgent issues, but many are already starting to look for the latent opportunities within this crisis. The restaurants faced with the issue that they cannot accept any visitors and the only option is to offer “grab and go” or arrange the delivery. But some restaurants were ready for this, those who weren’t closed without any source of income. These hard times mean a chance to try out a new product offering like accepting orders through the app and delivering to the customer’s door. How we do business will likely change in the months ahead, but if you look for a way to stay relevant and meet your customers where they are, you will be ahead of the game.

Also, It’s the right time to finish that project that you have been putting off. Maybe it’s a website restructuring or the transition from your desktop to cloud-based application. As things slow down temporarily, you have the opportunity to upgrade and refine your systems and do some training internally in those areas. 

In other words, rather than sitting back and feeling sorry for yourself, take control and think of the greater good. Consider, for instance, that successful companies like Microsoft and LinkedIn were both founded during times of economic downturn. Therefore, instead of letting your perception of events cloud your judgment, allow it to be the source of motivation to strive against the current.

A crisis creates opportunities in industries directly affected, but also those indirectly affected. Let’s what’s happening in higher education during the coronavirus outbreak.

While online courses have been a growing trend over the last decade, the majority of undergraduate students still primarily attend classes in person. At least they did until the quarantine when universities across the country started telling their students to stay home and began shifting all their courses online. Until this moment, the rate of progress towards online has been stable but slowly. It has been limited by several issues, not the least of which are the risk of failure, the fear of the unknown, and many competing priorities. 

This is a major challenge, one that is filled with risk, and there are going to be many things that go wrong along the way. But because the only alternative is canceling classes altogether, which is the equivalent of temporarily going out of business, the universities will figure it out. In the end, they will likely make more progress in the next two months than they have in the last ten years. They say that this will end up being the most innovative period in higher education, and the business model will be forever transformed for the better.

If you’re considering the idea to develop an educational app you should read this article Best Types of Educational Apps You May Want to Develop

This crisis will no doubt cause many difficulties for people, but it will also create opportunities for innovation across many industries. This is time for people to take more risks, focus on what amatters, and take the opportunity to lead. 

So, what for you are the opportunities hidden within this pandemic? How can you double down by serving and creating value for your customers? 

Have a stunning idea of a new app?

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