As the saying goes where on door closes another opens, but for face value the recession is seen by many as a catastrophic failure on an economy that can only lead to social disruptions, price hikes and worse case scenario civil wars. but through chaos and mayhem opportunities are born for development and restructuring in any sector of a fallen economy, just the spark needed for radical and ground breaking innovation. As many look towards "fail safes" such as insurance companies and financial investments the visionary captures the most profitable fail safe which can simply be categorized under the heading NEEDS. needs create opportunities, opportunities spark ideas and ideas create innovation. Sounds simple doesn't it? like a baby crying to get what it wants, but the ability to innovate in times such a recession is no walk in the park the balance between critical factors must be maintained to fuel innovative drives.
Recession drives innovation. If you actually believe in what you’re doing, you’ll find a way to do it.
Becoming an Entrepreneur in a recession is hard work, but right-minded entrepreneurs don’t let economic downturn deter them. Current research shows 49% of British professionals plan to launch their own start-up if made redundant. And why not? Well-known, leading world companies had their birth in economic troughs: household name James Dyson launched his vacuum company in the downturn of the early nineties, while entrepreneurial icon Bill Gates founded Microsoft in the recession of 1975. These two entrepreneurs ,and the thousands more like them , are testament to the fact that if needs are addressed under the correct condition even in a downturn the possibilities can be endless. Both David Williams and Mike Dauncey know it’s true: they started up in recessionary conditions and made good, too.
Interestingly though, neither of our two entrepreneurs experienced the hardships of convincing cautious investors to offer funding: neither sought bank funding for their ventures. Nevertheless, Mike had such money trouble in the early stages that he sold his family home and moved somewhere cheaper; as a result he had sufficient funds to keep him going for about a year. Things were similarly tight for David, who couldn’t afford to pay himself for the first 18 months. “My wife was working as a hairdressers’ assistant at the time and we were living off her wages. It was tomatoes on toast for quite a while.”
But being short on funds when starting out isn’t the end of the world: it just means creating a leaner, more efficient way to conduct business satisfying a need with minimal costs. You should be keeping costs down anyway, though you don’t have to go as far as the Impact team did: they used to sleep on the roadside in sleeping bags to save money on hotel rooms.
