It’s a great time to start your own business! With cutbacks and redundancies starting to create massive turmoil and a recession looming, many people will be considering starting their own company.
If you’re thinking about taking that leap, I’m here to reassure you, it’s a great idea! Don’t get me wrong, starting your own business is a roller-coaster ride, with highs and lows and plenty of risk, but the rewards are worth it.
Watch this video, as I take a look back in history at some well known companies that started during a recession:
It's a great time to start your own business. With the cutbacks and redundancies starting to create massive turmoil and the recession looming, many people will be considering starting their own company. Now, if you're thinking about taking that leap, I'm here to reassure you, it's a great idea. Don't get me wrong, starting your own business is a rollercoaster ride, with highs and lows, and don’t get me wrong as well, plenty of risks, but the rewards are absolutely worth it.
Let's take a look back in time at some well-known companies that actually started during or in and around recession.
So, #1, Airbnb. December 2007 saw the start of a recession that opened the door for Brian Chesky and Joe Gebbia to explore the short term rental market. They received VC funding in 2009 and the rest is history.
#2, Electronic Arts, the gaming company. In 1981 and into 1982, the recession resulted in devastating unemployment rates, but this didn't stop Trip Hawkins from leaving a secure job working for Apple and off the back of a booming home computer and gaming market, they have evolved into a $5 billion business with 10,000-plus employees.
#3 and something you’ve we've been watching a lot of lately, Netflix. Put up for sale as a failing business actually in 2000, at which point Blockbuster had the opportunity to buy them, but turned it down. These guys weathered the storm and used innovation and creativity to become a pioneer in the on-demand video segment. #4, MailChimp. I'm a big fan myself, forced to move to a freemium business model in 2009. The email marketing business has quadrupled its user base within a year.
And #5, but last, but not least, my favorite of all of these, Disney. In, 1929 Walt and Roy Disney incorporated Walt Disney Productions right at the start of the 4-year Great Depression. Now, they knew, they must have known that people still needed to smile and their resilience saw them through. And eventually, that led to their first full-length feature production Snow White and the 7 Dwarves.
The list goes on, GE, General Motors, Microsoft, Facebook Salesforce, Google, all started in and around a downturn. So, if you have a great idea, or if you can identify a niche market where you can make a difference, I encourage you to take the leap and never look back. Good luck.