Experts say recession a good time to establish a business
Unbelievable as it may seem but the global financial crisis may be the ticket in establishing a new business.
The news these days can be discouraging now that 75 major retail chains have filed for bankruptcy which only means that even smaller players are also shutting down operations. However, it has been discovered that there are still new stores opening and they are doing well.
Experts say that it is in fact the best time to open a new venture at the middle of a recession.
Boutiques that sell clothing fit for modern times have opened including retail stores catering to women business clothes.
Santa Clara University Acting Dean of the Leavey School of Business S. Andrew Starbird said that there are multi-billion dollar businesses today that started during the recession in the past. He cited GE, Microsoft and FedEx among the many. He said that all the business-minded person needs to consider first is if he or she serves a particular need at the right place and at the right time. It means having the right product or service at the reasonable price.
Consumer behavior has changed drastically during these times with many looking for value rather than prestige. It means that a lot of people are tightening their belts. Given the right opportunity, new businesses may survive these tough times.
