Business
Entrepreneurs assemble: The pandemic isn't stopping entrepreneurs — quite the opposite in fact

Entrepreneurs assemble: The pandemic isn't stopping entrepreneurs — quite the opposite in fact

The entrepreneurial spirit is alive and kicking. New businesses are being formed at a phenomenal rate ever since the pandemic gripped the US in the middle of last year. Data from the US Census Bureau reveals that there were more than 4.25 million new business applications last year, up more than 20% on the year before. The data for 2021 so far is even more impressive — with more business applications being filed so far than any year that's been tracked since 2006.

Never waste a crisis

Never let a good crisis go to waste were famous words supposedly said by Winston Churchill — and often echoed now by many entrepreneurs. With much of our economy in upheaval new sectors, products and services are cropping up at an astounding rate and if you are an entrepreneur starting a company during this recession, it's hard not to be inspired by some of the successes from the past. The last major global recession saw Uber, Airbnb, Slack and WhatsApp get started — to name but a few.

Why is now a "good" time?

It's a bit counter-intuitive for people to take more risks when the economy is in such dire straits, but there are a lot of reasons to support why we're seeing this:

  • New work paradigm. Offices and office space will change forever — and that means opportunities for physical and digital products (collaboration software, home office desks etc.).

  • Funding is available. We might be in a recession, but venture capital funding is still widely available, and was actually up 13% last year.

  • Time. Furloughed workers, or those with reduced hours, may now have the time to turn that side-hustle or side-project into a more substantial venture.

  • Necessity, the mother of all invention. Lost your job? You may not have much choice but to start your own company and try and go it alone.

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Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy. 

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

business

Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: smile, make eye contact, and greet or wave when a shopper comes within 10 feet — and if they get closer, within four feet, ask whether they need help or how their day is going, according to a new Bloomberg report.

Dubbed the 10-4 program internally, the rule mirrors rival Walmarts own 10-foot policy, formalizing behavior Target had previously only encouraged.

business

Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

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