Understanding the ‘Wēijī’ Moment
Amidst the challenges of a crisis, there are opportunities for business growth. The Chinese word for ‘crisis’ is ‘wēijī’, made up of characters signifying ‘danger’ and ‘opportunity’. This represents the dual nature of a crisis, where danger and change point (‘ji’) coexist.
The Potential of Recessions for Business Start-ups
Historically, recessions have been a fertile ground for the birth of great businesses, with examples such as Uber and Airbnb emerging during the global financial crisis. While this generalization has its flaws, it begs the question of whether business strength is relative to the competition, especially during change points like Ji.
Case Study: Bedfolk’s Resilience and Adaptability
Bedfolk, a direct-to-consumer bedding business, experienced accelerated growth in 2020 amidst a changing market. The team’s nimble response to shifting consumer demands and systemic market changes showcased their relative strength within the industry.
The Evolving Consumer Landscape
The pandemic has reshaped consumer habits and spending behaviors, with certain sectors experiencing a surge in demand. This presents an opportunity for businesses to pivot their offerings and capitalize on changing consumer sentiments.
The Future of Work: Adapting to Remote Trends
The shift towards remote work has prompted businesses to reconsider their operations, creating opportunities for products and services catering to the remote workforce. This shift in working practices has opened up new market segments and demands.
Maximizing Opportunities: A Strategic Approach
As businesses navigate crisis-induced change points, strategic considerations come into play. Understanding the systemic shifts in the market, assessing relative risks and opportunities, and seizing the moment with tailored approaches are key to thriving amidst uncertainty.
If you’re starting a business in current times, consider these questions:
- What market changes are creating long-lasting impact?
- Where are the dangers and opportunities, and how do they compare for incumbents and new entrants?
- How can your product, marketing, and actions seize the available opportunities?
By carefully assessing these factors and crafting a proactive strategy, businesses can position themselves to thrive in changing times.
