Today we’re continuing the theme of finding solutions and opportunities despite the recession. The truth is that opportunities exist in both bad economies and in good ones and you can make of them as you will. That said, there are several bits of good news for entrepreneurs and start-ups:
1. Entrepreneur Peter Justen says that there are some advantages of starting a business during an economic downturn (via “Starting a Business in a Downturn”, BusinessWeek.com). These include:
• the ability to get retail at lower costs
• office and warehouse space at lower costs
• being able to more easily negotiate with landlords
• cheaper and readily accessible office equipment and furniture
• less competition
• soft ad rates
• more mutually beneficial partnerships to increase business survival
2. Stacy Perman explains how labor is becoming a buyer’s market, as large corporations lay off more and more employees. These employees have tended to flock towards small businesses, which benefit by the influx of cheap, good, readily available workers (via “What Layoffs Mean for Small Employers,” BusinessWeek.com).
3. Whether they’re out of a job or just venting frustrations about the limitations of today’s economy, people are networking more. Using social network sites can potentially be a good thing. They provide an outlet for anxiety and frustration and allow people to share experiences, empathize with one another and support one another. The friends and contacts you make today could be your gateway to better jobs or even better employees in the future (via “The Recession: My Facebook, My Therapist,” BusinessWeek.com).
4. Yes, it’s a bad time. But are entrepreneurs letting it faze them? They never have, and they aren’t now. There are reports of studies, showing that small business owners and entrepreneurs are maintaining positive attitudes and that optimism is rising. Take this one for example:
“I think we need to change the mindset,” said Travis Sims, owner of Extreme Entertainment. “Instead of cutting back, we need to explore how we can grow. We have to remain positive and remember that the strong will survive. It’s all about meeting new people and building positive relationships,” (via TMNews.com).
In general, due to the recession, small business owners and entrepreneurs have been compelled to rethink their business models and to re-design to meet customer demand and to stay afloat. If these businesses succeed now, we have every reason to believe they will flourish in better times.
Setting yourself up for future prosperity and success isn’t such a bad thing. It’s actually a glass half-full kind of thing.