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Why You Should Start a Business in the Middle of a Recession
This is part of a series I’m publishing weekly during COVID-19
Disney. Microsoft. Instagram. Uber. Slack. What’s App. Venmo. Airbnb.
What do all these businesses have in common?
They were all founded during a recession, many during the Great Financial Crisis in 2009 nonetheless.
I’m starting a business during this down-cycle. While I can think of some reasons why now might not be the best time to start a business, I can also think of many reasons why right now is the best time to be launching a new venture, start-up, small business, or even side hustle.
I get it. This all sounds absurd. Who in their right mind would be looking to start a new business in this environment? Businesses are struggling, with thousands of non-essential businesses shut-down all across our country (many for a second time).
Let me present at least four reasons why now is a great time to be launching your next venture.
First, opportunity costs tend to be low during a recession.
Things are tough out there — millions of Americans are unemployed. Even if you are working, perhaps you’re remote and have flexibility to…