So is it such a bad idea to start up a business during a time of economic uncertainty? According to the results of a survey conducted by the business advisory firm, Deloitte, for Global Entrepreneur Week it just might be the perfect time to start. The data published shows that increasing
numbers of Entrepreneurs are rising to the challenge that the economic downturn poses and launching businesses in spite of it.
According to Deloitte the survey shows that three quarters of entrepreneurs in the east of England have found business opportunities during the recession. In addition to this Kingston University also published research that suggests 58 percent of small businesses have launched new products or services over the past year.
Is it possible that this surge in creativity is as a result of the current economic climate? Peter Finnie of GJ&E seems to think so. In a statement to the press Finnie said: “With redundancies and unemployment on the rise, innovators are more likely to set up businesses on their own.”
Yet again all those gurus and blow-hards in the city are saying that many small businesses are finding that conditions for entry are favourable due to current contenders competing at a significantly reduced level due to the recession. Ok -we get it, but let’s see how it goes before we go clapping ourselves on the back and revelling in our own self-glorification.
However, despite my rather cynical attitude towards city analysts and gurus, the evidence is there to show that whatever newly baptised entrepreneurs are doing they appear to be doing it right.
Other interesting links: