International Management Consultants

Recession: Door of opportunity

When we talk of recession we say economy is slowing down,unemployment, depressed demand and ‘n’ number of things attached to it. But dont  you think that recession forces an entrepreneur to look for new business opportunity? Recession opens door for people who want to be entrepreneurs by showing them the gaps in the market and thus forcing them to think how to fill the gaps in the market.Entrepreneurs should take this period as boon rather than bane ,as recession gives them an ample time to think more creatively and try their hand in areas in which they wanted to enter but due to lack of time never able to convert it into realty.This period should be utilized in doing research on new products, new markets or even acquisitions and diversification…

For the people who always wanted to do business,  I would say that this time is the best to enter the market in fact many successful business today were started in economic downturn. Wikipedia foundation inc was also started post 9/11,Established in January 2001, the online encyclopedia had more than 100,000 entries by 2003. Today it is home to more than 2.5 million articles and continues to grow similarly Trader Joe’s, Disney and Hewlett-Packard were also started during recessionary period.

If you’re considering taking advantage of these economic times and embarking on your way to becoming an entrepreneur, stay focused with these steps:

Make a business plan and make sure to explain which market you are targeting by showing the gaps and telling how you are filling those gaps

Team work is always the best tool in start ups so if you are alone and also lack funds then I would suggest that try find people who have the same vision and passion as you have. If you have someone in your friend circle who is interested in your business plan  thats great and if not then dont worry you can find people from various blogs, networking websites, communities(Future Entrepreneurs at Orkut).

After this you need to do more research in that particular sector by analyzing the competitors behavior like what products they are offering/what not they are giving and which marketing channel they are using

Most important thing in any startup is the funds and most of the new entrants have ideas but they lake in better execution and lack of funds so I would suggest to look for a mentor and VC’s(Venture capital)/angel investors.This may sound simple but it would be most difficult task and the most fruitful as well as you need to prove infront of the investors why they invest in your plan?you can easily find the

Done lot of research and planning now execute your plans as planning without better execution is useless and within execution you will obviously encounter various challenges but if you have a team of like minded and knowledgeable professional you will be able to easily clear these hurdles

Remember, challenging times for some mean opportunities for others so get rid of your fear and come ahead and you will see that life is full of opportunities even in the time of slowdown.

opportunity

www.imc-dubai.com

management@imc-dubai.com

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August 12, 2012 - Posted by | Recession and Jobs

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