How to come up with a great BUSINESS IDEA during a RECESSION (Mini Documentary)

Описание: Business ideas are hard to come by, and recessions are tough for everyone. Many people fear losing their job or their home, and not being able to provide for their family. But throughout history, there have been examples of people who take advantage of the recession to start or grow successful businesses despite hard economic times. We provide some great tips to coming up with your own business plan in proven markets during hard economic times.

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Prologue - 00:00
Part 1: Entertainment - 02:01
Part 2: Inferior Goods - 05:08
Part 3: Comfort and Home Goods - 07:09
Part 4: Selling Knowledge - 09:31
Outro - 11:10

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SCRIPT:
For most of the working class, recession is a very scary word. It means losing your job, your house, your livelihood. It means not being able to take care of your family. Many countries have social safety nets like unemployment, but that money only goes so far, and only lasts so long.

But what if I told you that there is a way to make money during a recession?

It may seem counter-intuitive. How can you sell a product or service to people when they’re too busy watching their spending? The trick to making money during a recession is the exact same as how you make money when times are good: you have to solve a problem.

Fortunately, during times of recession, there are lots of problems to solve. Problems are ripe for the picking. All it takes is a little ingenuity.

In this video, I’m going to talk about some of the strategies that people have used in the past to kick start their idea and solve an important problem during times of recession. I’m not going to give you a get rich quick scheme here, but I hope that this video inspires you to keep trying and keep pushing when times are bad.

So here we go.
The types of businesses that thrive during a recession
There are some business models that actually perform well during a recession. Imagine the goods and services that you used during the last economic recession. What would they be?

The most obvious case is entertainment. Regardless of whether or not people can afford entertainment, they usually will designate at least a portion of their income to staying entertained. In times of recession, the emphasis is on cheap entertainment. There are a couple of really great examples of entrepreneurs taking advantage of this principle.

In 1929, right after the stock market crash that caused the Great Depression, salesman Charles Darrow lost his job. During his downtime, Darrow modified a parlor game called “The Landlord’s Game” into what is now one of the highest-grossing games of all time, Monopoly.

Darrow sold it to Parker Brothers and within a year, the game was selling 20,000 units a week. Darrow saw himself become the world’s first millionaire game designer.

During the 2020 recession, we saw the historic rise of streaming and online entertainment. Now, I know what you might be thinking, “Well I can’t just magically start an online streaming business like Netflix”. That’s not what I’m suggesting. Remember, you have to be shrewd and look for opportunities that are not obvious. A big winner of the 2020 recession was Twitch streaming. It’s reported that in October, people spent 1.6 billion hours watching streamers on Twitch. We saw some insane numbers of increases in followers for existing streamers, as well as new streamers. For instance, relatively new streamer Auronplay saw an increase of 5.1 million followers in 2020.

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SOURCES:
https://docs.google.com/document/d/1d...


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