Finance & Loans

Starting a business in difficult economic time

Starting a business at any time is a daunting task especially during a recession like what we are facing today. People who recently lost their job may not have any other option and may want to go through the difficult task of establishing a business and find success.

At least half of the current Fortune 500 companies started during difficult economic times. Now famous HP started during the Great Depression in a garage in Palo Alto, California. FedEx Corporation and Microsoft started during the oil crisis. Most recently, Groupon, a coupon company started in 2008 during the current economic downturn. Isilon, a data storage company which started during the dot com bust, recently sold for $2.5 billion. The history is full of examples of starting businesses during difficult economic times and succeeding.

If you are looking to starting a business you should be able to find a market niche; ready to work hard; ready to sell yourself (promote your business); competent in your selected field of business; and knowledgeable about the field of business you are in. You should be trustworthy and likeable. Exploit your past experience and dominate on your skills. Be ready to enjoy your new experience.