This a very good article especially for people in the business or tend to do business. I'm totally agreed as the article said that bad economic doesn't not mean for we can't do business. I used to work in finance company. After I started our economy was down to currency crisis originated from Thailand. I remembered a local paper put the headline " Jatuh Merundum" referring to our composite index fell from 1200 points to 700 points, if not mistaken, after overnight trading. It was hard to time for the bank and finance companies. But my late former assistant branch manager, I remembered was saying, "If you could go through this bad time, you will be somebody in finance and banking field." Unfortunately not for me as I not interested in this field and I left a few months after that.
This article revealed many big American companies started their business during bad time of economy. Now they are big player not only in US but also in the world. The article also told readers few interesting things. Such as entrepreneurs are problem solvers. They not only solved their own problems but others too. In such entrepreneurs saw problems as opportunities.
Successful entrepreneurs seized the opportunities though there will be a lot of risk. They acknowledged the risk but that will not stop them to move ahead. Finally according to the article every successful business must had a winning team. We simply cannot do it alone.
Please read the article, hope you will get something from this. It is very good article.
Why now is a great time to be in business
31 July 2012
(MoneyWatch) It's a lousy time to start or grow a business, right? Wrong! Over half of America's Fortune 500 companies started during a depression or recession.
As far back as the first century BCE, Horace noted that "Adversity reveals greatness; prosperity conceals it."
These companies either started or prospered during an economic downturn or depression:
Entrepreneurs see problems as opportunities
Once upon a time there was a little girl that was so unfailingly, unflappably optimistic that her parents worried that she would not be prepared to face the often brutal realities of adulthood. When a truck-load of fertilizer was delivered on her birthday, she thought it was her birthday present. She immediately grabbed a shovel and frantically began digging through the mountain of manure. "What are you doing?" her parents asked. She replied, "With all this horse poop, there's got to be a pony in here somewhere."
Entrepreneurs seize opportunities
Hockey great Wayne Gretzky is often quoted for saying: "Statistically - 100% of the shots you don't take, don't go in." He took a lot of shots. In fact, he's the only player in NHL history to score 200 points in a season and he did it four times. Though he retired in 1999, he still holds the NHL record for leading point scorer.
They don't do it alone
Gretzky also had more assists than any other player in the NHL had points. A business, like hockey, is a team sport. Even if it doesn't include employees, it requires other team members such as customers, suppliers, vendors, sales and marketing people, bankers, accountants, lawyers, mentors, advisors, community organizations, etc.
The best businesses make a meaningful difference
Recessions should help business owners better focus on what customers truly want and need as well as highlight the gaps in conventional offerings. Companies that survive and thrive in bad economic times act more like a start-up than an established business. They scrutinize both their product offerings and their business practices in the light of current market needs to find solutions that create opportunities.