Better Society: In recession you have less excuse to start a company
filed in Better Society on Nov.19, 2011
I know a lot of people procrastinate and come up with excuses why they can’t start a new company. In this article at Fast Company it gives you reasons why it is a good idea to start during this period:
If you don’t believe me, take it from Fred Smith, who founded FedEx in 1973, at the start of a two-year recession. Bill Gates and Paul Allen started Microsoft in 1975, when the country was still suffering from stagflation and flat GDP. Ted Turner started CNN in 1980, during the first slide in what was to become known as a ‘double dip’ recession; Steve Jobs rejuvenated Apple in the midst of the dot-com bust.
Entrepreneurs like these, who launch when no one else seems to have the guts, do reap advantages. In a recession, you can hire better people, and pay them less, than you could during a boom. Even if you’re not yet in a position to hire full-time staff, you probably have a lot more negotiating power with freelancers and vendors now than you’ve had in a long time. Rent is cheaper too, whether you’re working out of your apartment, buying time in a commercial kitchen, or renting office space.
[We’re in a recession. Time to start a company >>]
