- If you want to bet on America and the country’s ability to prevail, start a business.
- As we saw during the Great Recession when startups like Uber, Airbnb, and Pinterest emerged, many fast growing companies were formed during lean times.
- Some industries are better positioned for recovery and growth than others, so Business Insider compiled a list of the businesses we expect to grow, based on expert analysis, interviews with industry leaders, and our previous reporting.
- Visit BI Prime for more stories.
Businesses across the US are continuing a phased re-opening approach, finding innovative ways to serve customers, keep employees working, and pay rent. The pandemic will change every industry, and some are poised to make the strongest comeback.
In May, Warren Buffet touted America’s resilience, expressing hope for our country’s entrepreneurs.
“We haven’t really faced anything that quite resembles this problem,” Buffet said. “But we faced tougher problems and the American miracle, the American magic has always prevailed, and it will do so again.”
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.”
For entrepreneurs, this time will determine whether they become an economic statistic or a trailblazer of change. Many successful startups were launched in the depths of a recession, including Airbnb, Venmo, Pinterest, Uber, and WhatsApp.
“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last recession, told Business Insider that “there are business models that need disrupting because they’re completely out of date, and this is demonstrating that.”
While high profits may be some years away, there’s plenty of opportunity to run a resilient business that adds value to the community, and data can help you determine which ones. A recent MIT study examined which businesses should open earliest based on their relative importance to consumers and risk of spending infection. A survey by Lending Tree showed that half of Americans want more local businesses like restaurants, coffee shops, and grocery stores in their communities. The key to starting a business, and maintaining one, within these industries will be adaptability and innovation.
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.
