Wednesday, December 17, 2008

Is This the Time to Start a Company?

I’m using the semester break as a time to play catch-up with some reading and came across a wonderful piece in the December Wired magazine. I’ve been telling my students that precisely because of the state of the economy, that this is a great time to launch or buy a business. In “Back to the Garage,” author Daniel Roth of the magazine comments that “With the world's economies apparently snowballing into a deep recession, it feels uncomfortably Pollyannish to see signs of hope. But for the bravest inventors and entrepreneurs, conditions are ideal to pounce on a business opportunity. In periods of economic turmoil, people are hungry and work cheap, and entrenched companies often concentrate on in-house cost-cutting instead of exploring new markets, which can explode with the next turn of the business cycle. “

As we watch the news or read the newspaper, we see examples of large corporation cutting back on everything from staffing, to marketing to R & D, which opens up opportunities for the entrepreneurial company. Now is truly a great time to launch a business. In the words of founder Jeff Hoffman, “Get up off the couch and start that company!”

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