Recession brings the best in entrepreneurs

Entrepreneurs Definition
Entrepreneurs are by nature the persons who are willing to take extreme risk and run business with a focus to win.
It is this zeal and risk taking ability which makes them shun the jobs and be there on their own.
If you do not have this in you then of course you are not the person who can make a good bsuinessman.

Here is the story of my uncle who started a business and failed twice before making it good.
For the sake of anonymity let us call him Uncle Roy

Uncle Roy gave up his job has the export manager of a large textile firm and started his own business manufacturing Denim and supplying all over the world. Business Flourished for the tiem being but come 9/11 tragedy and the demand got worst . he shut down his plant and decalred bankruptcy.

Rise Again
He again started a business with the eye on the most of the lucrative market of the world that is the US and this time he started with supplying specialized bakery intermediated for the growing demand of the bakery products in the US. But now he has learnt his lessons well and did not spend away the money in a throwaway manner as he did in the earlier business.

"Boot strap the Business and start a Business in recesssion times " he said.
Why because that way you always start with a disadvantage of less predictable future and lack of cash and funds.
In the growth phase all the venture capital funds as well as the angel investors will vie to give funds to you but not in recession so you learn the ropes and conserve the cash the hard way and that is how he was able to insure financial discipline.

An exmaple of boot strapping the business, rather than having a good phone system for his company which would have cost thousands of dollars he used one cellphone for himself and then hired a live answering service which his relative was offering.

For all other communications he used free messenger services and well as Email services services offered by MSN or Google.

That is one heck of a finacial discipline.

A more famous example is Paul Allen and Bill Gates when they started the business they were not even worried about recession and that was 1975 which was all about recession and slowdown in economy and look at where Microsoft is now.

Advantges of having a business in recession
You learn financial discipline

Rents and other property prices are lower and in fact you can easily negotiate with property owners for good terms as they are also feeling the heat


Negotiate with suppliers for good rates as well as lock in the rates for longer number of years
That said your best bet is to start an online business and hopefully that will not have an impact from recesssion and the reason is simple. Looking at Google's profits it does not look like that Profits will die down soon in the internet world.
Famous Last words
If you have a vison and an idea then just make sure that you get down to business instead of looking at the economy otherwise you will keep on waiting for a long time.
It is the vision that drives you rather than the economy.