Past Recessions Created More Entrepreneurs & New Businesses? And Now?
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Chad Moutray, Chief Small Business Administration Economist Anticipates Growth in Entrepreneurs & New Small Business Startups
The numbers for our serious economic recession bear this out. The United States lost 2.6 million jobs in 2008, its greatest decline in annual non-farm payroll since 1945. The unemployment rate rose to 7.2 percent and going higher by all indicators.
The SBA chief economist, Chad Moutray, expects more entrepreneurship as a result, much out of necessity. Here is why: the talent pool of the newly unemployed has never been better. Now they will now be able to sell their talents as their own boss. Many, according to the Moutray, have considered self-employment for some time, but were risk averse UNTIL THEY HAD NO CHOICE. NECESSITY IS THE MOTHER OF INVENTION AND ENTREPRENEURSHIP.
Getting and keeping customers requires a few elements: Understand customer needs. Tailor services wrapped around the new entrepreneurs skill sets married to the customers needs. Target prospects who need what you are selling.
So what can a new entrepreneur do to increase his odds of success. An employee who is no longer one but has with strong technical skills needs the ability to go out and sell his expertise (his lemonade). That means every day, all the time not just job interviews. Motivation may not be lacking in today’s economy to get up each morning with a plan to consistently articulate those needs to prospects.
The time is now. If the young entrepreneurs in the above image can sell their lemonade what’s stopping you from selling yours? In past recessions, small business recovered sooner than big business according to Chad Moutray.
