WHAT BUSINESSES CAN THRIVE IN A PANDEMIC SUCH AS COVID-19

The simple answer goes back to the basics. One-o-one class of any business program teaches us how to identify the needs of the customers. There are many theories to determine the types of needs the humankind exhibits. The most popular need classification theory is the Maslow's need hierarchy theory. Maslow's need hierarchy theory classifies the human needs in five levels. In this article, we employ the Maslow's need hierarchy theory to understand the kind of businesses that can thrive in a hyper constrained environment such as COVID-19 pandemic situation today.

Physiological Needs: The very first need class is the physiological needs in Maslow's need hierarchy theory. People have run for toilet paper in several countries when the lockdowns have been announced. Some of the people are categorizing this need below the physiological need, humorously. Still, one cannot negate such products and their needs in the crisis of pandemic, such as COVID-19. Air, water, food, shelter, sleep, clothing, and reproduction are other needs that come under the physiological needs category. Businesses producing masks for the protection from the virus, the food-related companies, the short-term shelters offered by the markets are the ones that can thrive in the kind of constrained environment such as today. Companies such as Domino's Pizza and KFC, NGOs such as Akshaya Patra, etc. have started operating, or they are at the rescue to provide food for the needy. E-commerce and online delivery of the essential food items and daily groceries are getting the boon to thrive in such an environment. Logistics companies and businesses also come under this category to maintain the supply chain of the essentials for human lives. As the lives matter the most, the hospitals, research in healthcare, medicines, life jackets, etc. are still working for the larger good.

Safety Needs: People, economies, businesses, and countries are running for life. The healthcare businesses and insurers are there for the rescue. The products such as hand sanitizer, soaps, and medicines are high on demand. The security companies are providing the civilian guards for the safety of the haunted companies in lockdowns. The NGOs providing the volunteers, the banking and financing systems, and government-allied businesses are getting the most out of today's situations. 

Love and Belongings: People are stranded wherever they are in the lockdowns. They are missing their acquaintances and home. People are craving to go out and meet their families and friends. Therefore, social media platforms facilitating people to talk to each other through video calls or phone calls are still in their continuous operations. Some businesses are innovating and coming up with new platforms for facilitating the communication and ideas sharing among the people. The companies are offering platforms for work from home, online meetings, and classes. Such businesses are soaring high on national and international indexes. Zoom is an excellent example of such a kind. The telecommunication companies are maintaining the essential infrastructure for information and communication flows.

Self-Esteem: Professionals, personal guides, teachers, and life coaches are helping people to tackle quarantine lives. Individual professionals are making good out of this kind of lockdown. Businesses that hold a fleet of professionals are gaining a significant advantage. The online technologies and platform will continue to help these businesses and vice-versa.

Self-Actualization: NGOs are helping people to self-actualize themselves. The online podcasts and vlog platforms are gaining from the ideas and creativity of the people. Television channels are hosting celebrities, doctors, ordinary people who are doing great in such a constrained environment.

Since the lives and essentials for the living matter, the most in pandemic situations, the physiological needs, and related business will keep thriving. Still, companies and entrepreneurial-minded people can employ frameworks such as discussed here to understand the business environment. There are always hopes and opportunities for innovation. Businesses can still thrive in COVID-19 and kinds of situations.