Nobody likes a recession, but truth be told, opportunity lurks everywhere, even during a recession. Did you know some of the most successful companies in the United States started during a recession? These companies include Microsoft Corp., Hewlett-Packard and the Walt Disney Co., as well as many others listed on the Dow Jones. Business is risk—at risk—with no guarantee, and not all businesses will survive whether we are in a recession or
a booming economy. A recession, however, does mean imminent doom, and
need not be the deciding factor as to whether you start a business.
Economic challenges stimulate innovation and creativity in business and in
consumer spending. Consumers and businesses are both looking for solutions,
creating a perfect storm of opportunity. For example, high gas prices can stimulate an increase in “local” consumer spending. Businesses, simultaneously, may focus more on customer retention,
resulting in better customer service and higher quality products. Another benefit is entrepreneurs and small business are more adapt to change and can move quickly compared to large, more established companies. As small business continues to be the driving force of our economy, many entrepreneurs and small business owners can in fact expect to benefit and grow in a downturn, or recession. A Google search for the phrase “small business and recession” reveals many supporting headlines like “Entrepreneurs undaunted by recession.” Studies show entrepreneurs and small business owners actually expect to grow over the next six months.
There are many resources and articles available online to help guide businesses through a downturn, seasonal or longf term.
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