That was also the time when Microsoft and Apple were founded.
This of course is not to say that every start-up will reach that stratospheric level of success. But it is a sure sign that starting or growing a business during bad economic times is not impossible. As pointed our by Paul Graham here, success in business is more about who you are, not when you do it. A bad economy won’t kill you, but a good economy won’t save you. Sure, investors and customers may be harder to come by now, but play that to your advantage. Come up with a cheaper way of doing something. Go after investment capital while others are steering clear of it – thinking that nobody is investing (hint: they are still investing).
Want some more proof that good businesses can be founded during and grown out of a recession? According to Gary Beach at PC World Magazine:
- 35 % of the 2008 Fortune 500 incorporated during a recession.
- 46% of the Fortune 100 incorporated during a downturn.
- 52% percent of the Fortune 50, 64% of the Fortune 25 and seven of the Fortune 10 all opened their doors while economic pain was all around them.
He comes to two very good conclusions.
First, if you are pining to start a company that you believe can scale to be one of the world’s most dominant firms, you shouldn’t be afraid to start it in a recession.
Second, watch your back. That 35 percent of the nation’s 500 largest public companies launched during a period like the one we’re in is stark evidence that-the recession notwithstanding-competitors are starting up all around you.
Now is as good a time as any to start or grow a business. Adapt to the times. Don’t focus on the economy. Focus on your business – let others worry and be driven by fear of the economy.
Zig while others zag.