Should you start a business in this economy?
September 26, 2008 by ShannonCherry
Filed under Business
Before it’s all over, thousands will lose their jobs due to the economic climate.
And many will think that it’s the ‘kick in the pants’ they need to start a business. But is the time really right?
Bill Gates didn’t wait for the recession to pass before launching Microsoft in 1975.
And plenty of would-be entrepreneurs aren’t waiting for today’s economy to improve either: Of the approximately 3,000 job seekers—mostly managers and executives—surveyed by outplacement firm Challenger, Gray & Christmas, 7.2 percent said they were starting their own business this year.
I think the way to go is to really evaluate risk.
I started my PR firm after the dot-com bust and found that I no longer had a job. It was rough going but the benefits outweighed the risks for me.
Things were bumpy, and I ended up taking a part-time job while I figured out what worked and what didn’t.
Hi Shannon, I wanted to stop by to answer your question. YES, people should start a business, even in this crazy economy. The economy is bad, but it is not so bad that a person with the passion to begin a business can build and develop that business. It may take longer in the current economic mess, but it is not impossible. Focus and determination will help a person with a great business idea become success. Just my two cents.
Darlene
Interview Guru
http://www.interviewchatter.com
I think it depends entirely on the market you are going into. We have all seen how the pinch has affected non-essential services. Is your startup business classed as a non-essential service in these economic climates? How are your competitors doing?
I would agree that entrepreneurs should still pursue their own ideas, despite the current climate. However, a little more care an attention to the specific market you are hoping to enter into could provide you with a greater insight of how difficult it could potentially be to succeed. (At least for the time being).