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SUCCESS

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“

Your Interest Always Comes First”

www.widehorizons.biz

COPYRIGHT WIDE HORIZONS BUSINESS SOLUTIONSThe Monthly Chronicle for Small Businesses in Trinidad & Tobago No. 3 June 2009

Entrepreneurial

SUCCESS

Recession may be a Good Time to Start a Business

Find a Niche for Your Product or Service during a Recession

It may be hard to believe, but periods of recession may be one of the best times to start a small business.Some of the reason for that may be out of necessity. If you’ve been laid off, you may have no choice butto strike out on your own. You may have had an idea for a small business for a long time, but now thatyou are out of a job, you actually have time to work on that idea.Many people are not only unemployed but underemployed during a recession. Both conditions maystimulate the entrepreneurial spirit and lead to the creation of new small businesses. Interestingly, thecreation of new small businesses is often what leads us out of recession as small business drives theeconomy to a large extent.

Businesses Started During a Recession

Here are some interesting facts as taken from a recent USA Today article:

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16 out of the 30 corporations that make up the current Dow Jones Industrial Average startedduring a recession

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

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

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Microsoft Corporation began during the 1975 recession.This USA Today also notes that in the recession of the early 90s, 25% of downsized executives over 40started their own companies. It makes you think that, perhaps, recession is a natural way to clean houseand restart the economy anew, even though it is very painful.

Why Recession is a Good Time to Start a Small Business

Many people spend years tinkering with a product in their garage. Others spend time drawing out ideasfor a special service in their home office. However, they hold down full-time jobs and never have time togo ahead with their inventions. During a recession, if their job status changes, it may be just the time to goforward with their inventions and ideas.