In light of the recent economic crisis that swept across the globe, hundreds of thousands of people were made redundant from their jobs or were forced to take voluntary redundancy as a result of businesses having to make dramatic cuts to survive the recession.
As the recession became increasingly worse, job seekers sought desperate measures in an attempt to survive being out of employment and experiencing financial difficulties. One of the most prominent measures adopted was that of entrepreneurship, which found millions of people setting up their own businesses rather than attempting to step back on the corporate career ladder.
Becoming an Entrepreneur
- You will have the opportunity to get involved in something that you are passionate about, from the early concept, design and creation, to the sales, business operations and customer response.
- You no longer have to report to anybody – you are your own boss and in charge of the total operations of the business.
- If successful you will be in a position to achieve significant financial rewards.
- Owning your own business brings great satisfaction.
Many successful entrepreneurs make an important contribution to society, by helping the local economy in various ways. For example entrepreneur Steve Jobs made an important contribution to the way that business is carried out by igniting the revolution of desktop computers.
Becoming an entrepreneur during a recession means finding a gap in the market that can easily be filled during a difficult economic climate. Typically speaking, people spend less during a recession, so it is important to create a product or service that will be required and desired during any economic environment.
Benefits of becoming an Entrepreneur during a recession
During a recession it is considerably cheaper to purchase business related goods, including land, equipment, commercial office space, personnel and labor.
It is also possible to find a more qualified workforce, due to the high saturation of qualified job seekers that the job sector is experiencing at present.
Image: Matt Cheuvront