Times Tough?

Being an Entrepreneur During a Recession…

Sure, we are hearing this hard-luck news everyday. Wall Street giants going down, job losses, financial disasters, panic… Be afraid or take advantage? That is what I pose to you.

Take a look at the times and identify the upsides. This is your moment. You have little to lose by taking the power into your own hands as a renegade entrepreneur!

If the thought of this scares you, guess what?

It isn’t any easier to start a business during times of prosperity…

Here are 5 reasons you should be your own boss now…

1. Competition - with fear of a sluggish economy comes reduced competition. Larger companies in your field will be unable to compete with your ability to turn on a dime, as they make drastic leaps to control costs and inflated overhead expenses. Other potential entrants will fear the market and will avoid launch. You, on the other hand, will go forward with full knowledge that there is no better time than now!
2. Creative Bootstrapping - when you enter a rocky terrain, you are much more likely to watch your footing and take careful, calculated steps. In other words, when times are trying - you will think twice before making risky decisions with your capital. Take advantage of the fact that you are small and nimble.
3. Think Low Cost - slowing job growth, tight financing options, and limited resources mean that everyone is feeling the squeeze. This is the best time to secure low cost arrangements for your overhead. Whether you are negotiating leases, securing vendor partnerships, or looking for talented team members, your launch will cost a lot less today than it will when the market picks up.
4. The Outsource Principle - if your venture is focused on B2B markets, this is your chance to land a big deal with a large customer. Think about it. This is the time that large corporate entities are reigning in and putting controls on internal expenses. Whether it is reducing specific departments or eliminating various operations, they will still have a need to fulfill relevant business projects and will outsource to smaller firms. Marketing firms, for example, do quite well in hard times, as large companies cut out internal marketing functions… This is your chance to help them save money while fulfilling their needs with your service.
5. Fear = Pain… Pain = Opportunity - Sound horrible? Sure, but it is the truth. When the economy suffers, fear reigns. We are intelligent enough to identify the pain behind the fears. Remember, those who help ease the pain of the masses prosper.