In the News

Should I Start My Own Business in a Bad Economy?

Risk is always a factor when starting your own business.  Even during the best of economic times, it is estimated that one-third of new businesses fail in the first year and half go under within five years.  In the current economic situation, small business start-ups are facing tighter lending standards, higher prices of energy and food, and weak consumer spending.  So what does this mean for those dreaming of being their own boss?  Louis Pasteur said it best, "Fortune favors the prepared mind." 

 

Now is a great time to start the planning process.  The resources at the library are here to help you assess and shape your business opportunity.  We have a plethora of information geared toward helping small business start-ups succeed.  Dennis Ceru teaches entrepreneurship and business strategy at Boston University and he asserts that, "The bottom line is anytime is the right time (to launch a venture) if the opportunity is correct and if you, as the entrepreneur, have correctly assessed and shaped the opportunity." 

 

 

The following list of businesses all started during a recession.

 

  • Microsoft Corp.
  • FedEx Corp.
  • CNN
  • MTV Networks
  • IHOP
  • The Jim Henson Company
  • Trader Joe's
  • Burger King
  • Sports Illustrated
  • Hyatt Corp.