Starting A Business In An Economic Downturn

Starting A Business In An Economic Downturn

Some of you might be saying, “I understand what the benefits are; however, we are in a period of economic downturn with even threats of double-dip recession, according to some analysts, with almost all economic theories having been defied in the last few years.” Both governments and businesses are scrambling for the little piece of business out there. Apart from such countries in Asia like China and India and others like Brazil and Uruguay in

South America, most economies are caught up in great levels of economic uncertainties.

This is my simple answer to you. History has taught us that it is in such crises that fresh innovative ideas are born as a solution to the challenging times. Most of the billion-dollar businesses out there today were established during the Great Depression and some recessionary years of the 1950s, ’70s, ’80s, and ’90s.

A few more interesting facts from a USA Today article affirm this point. According to the article:

• Sixteen out of the thirty corporations that make up the current Dow Jones Industrial Average started during a recession.

• Walt Disney Corporation began during the recession in 1923-24.

• Hewlett-Packard Corporation began in 1938 during the Great Depression.

• Microsoft Corporation began during the 1974-75 recession.

This article also notes that in the recession of the early ’90s, 25 percent of the over-forty executives who were made redundant went ahead to start their own businesses.

To further emphasise the point:

• Two of the oldest globally recognized firms, Proctor & Gamble Co. and General Electric Co., were founded during the panic and recessionary times of 1837 and 1873, respectively.

• Burger King was founded as a franchise restaurant chain during the ten-month recession in 1953.

• Cable News Network (CNN) was founded in 1980 during a twenty-two-month recession.

“Challenging economic times can serve as a motivational boost to individuals who have been laid-off to become their own employers and future job creators,” said Carl Schramm, president and CEO at Kauffman.

To Preview the book and ORDER your copy of "THE BUSINESS YOU CAN START - SPOTTING THE GREATEST OPPORTUNITIES IN THE ECONOMIC DOWNTURN" visit  http://www.vikebusinessservices.com/Published-Book.php

Thank you.