Look at the list of those businesses which stayed profitable during the Coronavirus outbreak, some of them even scaled up significantly in revenue. Apart from such services like cleaning companies, grocery stores, and gaming, we have seen tremendous growth in using online platforms from food delivery to e-learning and video communications. Do you think what will happen after Covid-19 crisis?
For many people and businesses, it was the same during the financial crisis and recession of 2008-2009, where numerous persons lost their jobs and life savings in just a few days. And at the beginning of 2020, the outbreak of the novel coronavirus was crashing global markets and affecting everything, so businesses shifted their physical platforms or stores into the digital world by online platforms and it seems this shift is going to be PERMANENT since business owners can truly feel how fragile are traditional corporate businesses without online profit-making presence.
It is commonly said that nothing creates as many new millionaires as a big crisis. And there lies a lot of truth in that. Many of the most successful online business owners and entrepreneurs today got started just after the financial crisis of 2008 when the whole economy went through disruption, and new opportunities arose.
So, if you want to stay profitable in a sustainable way or to start to make your first Million online, NOW THIS IS THE TIME…
Let’s look at some massive changes in different generations which come with great opportunities for online business owners:
Baby Boomers will go online
Baby Boomers or “Boomers,” classified as people born from 1946 to 1964, have grown more comfortable with technology over recent years. A 2019 Pew Research study found that 68% of Baby Boomers own smartphones and 52 percent own tablets. That technology use is about to leap upward.
COVID-19 was forcing people to stay home in unprecedented numbers, including limiting even essential activities such as grocery shopping. This was perhaps most true for Baby Boomers who were considered more susceptible to the virus’ threat than younger generations.
Many Boomers tried many online technology-enabled services for the first time, including grocery delivery, direct-to-consumer goods, and in-home subscription entertainment. Many will continue using these services after the pandemic passes as they will be won over by the convenience, quality, and, for some, necessity of these businesses.
Gen-X business leaders will look for their swan song
Generation-X, or those born between 1965 and 1980, is known for being overlooked. Gen-Xers were far more likely than previous generations to grow up in households of divorce or with two working parents, earning the nickname “latchkey kids” by often being home alone, which helps explain their strong independence.
Business leaders from this generation have also now gone through three crushing economic events in their careers, including 9/11 and the Dot Com Bubble in 1999, the Great Recession in 2008, and COVID-19.
Many Gen-Xers will likely come out of all this thinking long and hard about what they really want to be doing for the remaining few chapters of their life, I expect a lot of voluntary and involuntary career changes. They will be like the battle-tested generals coming off their most important deployment with an eye to one last victory before they ride off into the sunset.
However, it’s unlikely this vision for their future will feature a beach in Florida or an RV. Instead, they’ll be thinking about how they can pass on the torch. If they’re business owners, they may start looking at succession plans and life for the business beyond them. They and others with valuable experience on the front lines will shift to helping others through teaching, writing, coaching, and speaking using online platforms. While this may lead to a brain drain for companies, these Gen-Xers will look to new and different ways to offer their expertise and talent, likely a safe distance from the battlefield.
Millennials will gravitate towards stability, online
The millennial label is often misapplied to the youngest adults. In reality, the term encapsulates those born between 1981 to 1996, with the oldest millennials about to turn 40. Millennials have been defined by three seismic events: 9/11, during which nearly all of them were under the age of 18; the 2008 Great Recession, when many were either gaining a foothold in their careers or getting ready to graduate; and now the current COVID-19 situation as they enter the prime of their career.
Millennials are often labeled as job-hoppers who rarely stay with one employer for long. This is attributed in part to Millennials being less likely than other generations to feel engaged at work, according to Gallup. Many Millennials are motivated by purpose-driven work first and foremost and do not see a reason to be loyal to employers who no longer offer the promise of security of long-term employment.
Notably, this transient employment pattern is what helped create the gig economy.
Chasing the next best opportunity is a decent strategy during times of economic prosperity, which is all most Millennials have known along their early career path. However, the economic crisis COVID-19 will create will make the risks of that approach painfully apparent. This is a depression-era moment for a generation that did not value saving or delayed gratification to the same degree as previous generations.
It seems inevitable that Millennials will shift their priorities toward saving and stability, bucking the trend of a consumption-driven culture. They will spend more and more time to learn online and also using current online platforms to make more stable streams of income.
Gen-Z will reevaluate college
Gen-Z comprises those born between 1997 and 2012. Like Millennials, Gen-Z is aging faster than we realize—the oldest ones graduated from college last year and a vast majority are preparing to enroll.
For many in Gen-Z, the economic challenges of COVID-19 will completely reframe their college decision. Some will see their college funds slashed due to collapsing assets, others will fear to take on excessive student loan debt in a recession shocked economy. What’s more is that many Gen-Zers have seen their millennial predecessors delaying buying a house and other major life events because of the crushing weight of their debts, making them less inclined to want to follow the same path.
In 2018, only 14% of parents were willing to take on over $75,000 in student loans for their children’s college. That number will be lower for both parents and kids after this crisis is over.
While the most prestigious schools will always draw attendees at any cost, private universities with less cache will struggle in this new reality. Not only will public colleges become more desirable, but as students are introduced to online distance learning during the COVID-19 outbreak, colleges may seek to expand their online offerings to offer lower-cost education online content.
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