Throughout history, crises have led to major transformations, and this one will be no different. Here are some reflections on how to make the most of your time for your project: if you're not doing it now, remote work is saving some people 1 to 2 hours of commuting.

1. Build good spending habits and be cost effective

A common mistake among many startups or early-stage projects is to multiply tools or unnecessary expenses. The current conditions therefore force every entrepreneur starting out to stay hyper-focused on the two things that make the business: the customer and the product.

This habit should stay with you when the market rebounds, which will provide you with greater margins. For example, you might be able to increase prices when consumers and customers start spending again.

2. Markets evolve

Markets evolve and demand innovation. Certain sectors such as food delivery, online pharmacies, teleconsultation, online education, gaming, and online platforms (to name a few) are already benefiting from the crisis. Remote work has accelerated the digital transformations of companies with associated issues such as security, user training, etc. Innovation is demanded, even required to meet new needs.

3. Be customer focus

Having a paying customer is the single necessary condition for a new venture. “Don’t start with the product; start with the customer,” — Bill Aulet

Like everyone in this time, your customers need to get to the core. Cutting expenses that are not fundamental or indispensable to their operation has become a concern. The advantage is that it creates a virtuous circle where the entrepreneur rethinks their product to deliver more value or to meet the essentials of their customer. One of the questions will be, what is useful for your customer? Which elements of your offer are most valuable?

The crisis has modified work habits and provided more time. When possible, conduct discovery interviews to better understand your customers.

4. Less competitors - hence build moat

In these difficult times, fewer people are trying to start up. The main reason is that in this period, the economy slows down, and there is less funding available. This makes things easier for those passionate about starting businesses.

5. Talents Are Available - build and A Players Team

On of the first topic will be to hire talents. During this crisis period, layoffs are numerous, especially in startups. It's easier to find qualified, talented individuals. If you are looking for co-founders, now is a good time to discuss with them. There are also many people who are experiencing a slowdown in activity who you can ask for help on their area of expertise.

Some of really great companies were founded during recessions, whether it was Disney during the 1929 crisis or Apple and Microsoft during the recession of the 1970s.

Here are some companies founded during the previous crisis:

• Uber : Founded in 2009 by Travis Kalanick and Garrett Camp
• Slack : Founded in 2009 by Stewart Butterfield
• Cloudera :Founded in 2008 by Jeff Hammerbacher, Christophe Bisciglia, and Amr Awadallah
• WhatsApp : Founded in 2009 by Jan Koum and Brian Acton

Now is probably one of the best time to start !