Quote from: Bitco55 on February 11, 2024, 09:57:54 PM

Quote from: alastantiger on February 06, 2024, 04:33:47 PM

Are there any potential benefits that can arise from inflation, recession, or economic downturns? As they say, necessity is the mother of invention. We see an example when people in a country are faced with very imports duty that individuals there become inspired to establish local businesses and initiate domestic production and start consuming locally as an alternative to imported goods. While this approach might prove successful in certain countries, others may encounter obstacles such as high operating costs and countless taxes on startups. This is a challenge that discourages local production. Despite these challenges, do you think there are still opportunities during economic downturns?

When the economy gets tough and the problems, too much , that's when innovation is born. The challenges won't disappear immediately, of course not, it'll linger for a while before the economy becomes better, then stable, then run on automatic.

As for the new businesses, and local manufacturing companies, the same thing applies. They are pioneer and solutions to most of the economic problems. Of course they are going to face alot of challenges but ensuring wouldn't make it worth it not just for them but for the country at large.

So, yes, downturns are even where more opportunities lies

When a crisis occurs or a downturn occurs, new opportunities will open up, we just have to be clever in looking for these opportunities. Therefore, if we want to survive in any situation, we need to change our fixed mindset to a growth mindset so that our creativity continues to develop even in conditions of economic crisis.

We must be able to learn from previous people, because economic downturns have occurred in the past and of course we don't want to fall into the same hole. The closest example to a pandemic was several years ago, many people experienced financial difficulties, many were laid off, many entrepreneurs also experienced a decline in their business. However, many people who wake up finally have the opportunity to start a business, namely online sales, trading, investment and many more that we can search for on the internet to increase income so they can support their families.