The reading level for this article is Moderate
I certainly understand that this struggling economy has many people worried.. but I just can’t help being excited. As an entrepreneur, I learned early on in my career, that with things get rough, opportunity is abundant. This is true for many reasons:
- Investors, while cautious, are looking for new opportunities. Many investors have seen their stock portfolios plummet, and there is a bit of uncertainty in the market. As such, they want to put their existing capital to work without placing it in a volatile stock market… suddenly small business seem a lot more enticing.
- Business partners (and employees) are more abundant. As large companies feel budgets tighten, they are laying off qualified workers who are having a hard time finding new jobs that match their existing salary. Many of these unemployed will take advantage of this opportunity to start the business they have been dreaming about, and will be looking for partners with complementary skill sets.
- So many companies are focused on retaining their customer base they lose touch with new demand. This is always a great time to improve a business model and target a larger audience.
- No matter what it is, energy, cars, clothes, food, friends, etc.. When people are struggling, they are more open to new ideas, and will make adjustments in their life to try and adapt to changes they feel will benefit them.
- Cost of goods and services are CHEAPER. With competition increasing, and customers becoming more and more valuable, companies keep lowering their costs in an effort to increase business volume. This makes for a good time to buy everything from office equipment to manufacturing materials.
Keep in mind that while it may become easier to start a business, get angel funding, get partners, employees, office supplies, and some customers.. it doesn’t mean that things will not be challenging. You’re going to have a lot of competition with other smart entrepreneurs, and you’re going to have to work faster, smarter, and be more innovative to come out on top. >p<
Good luck!
