Should a person start a business during this negative growth period in economy? It seems like a lost cause considering the economy is at such a low, right? Wrong. Anytime is a good time to start a business because a good idea will always trump a less than prosperous period.
Though there might not currently be a lot of money to put towards investment, some planning, organizing, and analyzing can be done at any time. It’s important to fully understand the product or service you are planning on providing and the ins and outs of what makes it work, as well as what could possibly hinder it in its success. The demand for your product must be there, and it must be able to compete with or completely surpass already existing products and services. All of these conclusions can be drawn without financial investment.
Doing your research beforehand, staying positive, and then completely standing behind your product idea can lead to great success. Microsoft and Apple were both started in a close to recessionary period. General Electric also started in a similar time: after the Great De-leveraging of 1873. The seemingly impossible is possible…if it’s worth it. Possible vetting techniques including the inclusion of Potter’s Five Force model, which incorporates comparisons in each industry/market. Forces such as Barriers to Entry, New Entrants, and Bargaining power of consumers can turn your idea into a viable concept or a “good start”. The later must be realized with a dose of humble pie, meaning that for you to realize that all ideas are not “good” ideas is one of the first steps to success.
After vetting every possible aspect of a product and the process necessary to creating it, it will be time to start considering funding, man-power needed, and any order fulfillment needed. Considering your market means weighing the ROI for online sales as well as sales in a physical location. How your product lands in the hands of owners is a big factor. It could mean more or less manpower with a bigger consumer reach.
The process can be exhausting and may leave you questioning your business dreams. Stay positive. Don’t let a down economy bring you and your entrepreneurial dreams down with it. We are a forever evolving society of individuals, and the urge to continue to better ourselves is deeply rooted within almost all of us. The difference between the successful and unsuccessful is their ability to never give up.