WHY RECESSIONS CAN BE ADVANTAGEOUS FOR ENTREPRENEURS
Few are better positioned to survive—and even thrive—during an economic downturn than entrepreneurs.
Why? Because of the very nature of entrepreneurship.
Here’s how it works…
Entrepreneurs solve problems for consumers or businesses. The greater the problem, the greater the potential reward.
Recessions present massive problems to everyone—unemployment, restricted cash flow, businesses shutting down, and an atmosphere of tension and dread, to name just a few.
Step up to the plate and solve those problems, and you stand to reap significant benefits.
But having more problems to solve isn’t your only advantage.
Afraid of a saturated market? Recessions can thin out competitors and free up market niches.
Intimidated by startup costs? Recessions can lower the price tag on the goods and services you need to get your business into gear.
Unsure about going it alone? Recessions can increase the availability of talent looking for new, fresh opportunities.
So if a faltering economy has you skittish about starting a business, it may be wise to reconsider. Research the market you seek to enter, speak with a seasoned entrepreneur, and start taking steps towards starting a part-time business. You might find that the downturn is the start of your next opportunity.