Even if business cycles never existed, managing a business successfully is challenging. These challenges include competition, changing consumer preferences, input price pressures, selling prices, cash flow issues, employee morale, strikes, taxes, regulations, geopolitical events, natural disasters, quality control, and of course supply chain disruptions. In other words, entrepreneurs should be thinking of value networks that will allow them to switch out links, take new routes from supplier to market, and be agile and flexible. Business is a constant swirling flow of change and more change.1 And in 2020, COVID-19 caused the greatest challenge to American businesses—large and small—possibly in our country’s ...
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