Starting a Business in Today’s Economy

Last week’s Question of the Week was about whether or not people would start a business in today’s economy.  It is very interesting that 100 percent of the respondents said that they would start a business today.  Here are a few of the responses:

  • There are certain things that everyone needs on a daily basis. If you can tap into that needed resource, do your research and make it attractive/affordable to the consumer.
  • Even though our economy seems really bad right now, there are still goods and services that are needed and are being purchased. Most people have money they just will not part with it as willingly as before. If it is something they feel they need, they will purchase.
  • The opportunity to move quicker and leaner than larger companies puts small business owners at an advantage.
  • If it met the needs of potential customers and this economy, e.g. shoe repair, any type of company that would/could make things last, anything that would make people more secure in this environment and self-help.

What the respondents said is so true–even in a down economy, people will always need services and products.  Plus, small businesses might have an advantage over their large competitors because of their speed an flexibility.  What entrepreneurs need to look for right now are opportunities. 

What do you think?

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