Global economy is in hot water now and everybody is worry about their money and future. However, there are still a group of people thinking about whether they should start a business during this bad economy time. Some of them have been planning for so long to start a business but unfortunately the recession happens when they are ready to start one.
So the question is should you start a business during recession?
There are no right or wrong for the answer. According to my research, big companies such as Microsoft and Apple were founded during slow economy. Today, they are the big companies that are making billions of dollar. This has proven that economy and market doesn’t really have that much of impact on a business. But somehow people keep saying that it is good not to start a business during recession. So it really depend how you make your decision.
What Are the Factors that Determine the success for a Business?
Personally, I’m running a business too so I know the requirement to make a business succeed. Yes, economy and market might have some impact on business but they are not the major. For me, there are 5 factors that really determine how success your business is:
Business is just like a tree. You have to nurture it so that it will grow. Without nurturing, you never receive the juicy fruits from the tree or even have a shade tree. However, the bad news is business is not as simple as growing a tree. It is a competition for you to grow your business. You have to grow it fast. If not, your competitors will surpass you and your business will be in hot water.
Now you know why many businesses are suffering. In most cases are due to the slow growing of their business.
Below are the top 5 reasons why small business cannot grow:
Do you ever care about your employees’ satisfaction?
It is a big challenge to run a business especially if you want to make your business become profitable and success. A business is challenging because there are a lot of factors involved that will affect your business. This is why people always use the word “volatile” to describe a business.
There are many things you have to take care in your business such as customer satisfaction. You will find that many reading materials discuss about customer satisfaction and how it can help your business. If you are running a business, have you ever care about your employee satisfaction besides customer satisfaction? I believe not many of the business owner care about this. Let’s discuss the issue.
Employee Satisfaction is as Important as Customer Satisfaction
We all agree that customers are important to a business because they are paying money to business. They are the one who generates the income cash flow for a business.
On the other hand, if you think properly, you will find that your employees are also important. They are the one who provides some kind of services, advices and also the one who help you to collect money from customers. So we can say that employees and customers are linking each other.
Baby boomer entrepreneurship is one of topic that I want to talk about in my blog. There are so many baby boomers still energetic after they retired and wish to do something to keep them occupied. Some of them might have a goal or desire to start a business and become an entrepreneur. Some of them might also want to continue to make more money through their new businesses after retired or as simple as running a business to occupy their free time. No matter what kind of purpose they are looking for, this topic is going to be hot.
Today, I found a great video interview from Mark Miller. He interviewed Jeff Williams from Bizstarters.com which is a web site that helps baby boomers to start business. The 5 tips for starting a business shared in this video are highly agreed by me and I wish you can watch it too. Without further ado, here is the video:
As a conclusion, the 5 preparation tips to start a business after retired are:
People give a lot of respects to successful entrepreneur. Maybe people respect them because they are success in business and make a lot of money. However, I believe successful entrepreneurs have more than just making a lot of money which gaining that kind of respects from people.
Other than making a lot of money, people respect and admire at successful entrepreneur simply because they can do something that ordinary people can’t do. Just like a hero, people love heroes because they do something very special that can help you and a lot of people. They are so brave to take action to help people. So if you want to be a hero, all you have to learn is how to be brave. The theory is really simple.
We can use the same theory to become a successful entrepreneur. If you want to become a successful entrepreneur and have a profitable business, then you must have the following 5 strengths that ordinary people don’t have.
Global economy is in hot water now and everybody is worry about their money and future. However, there are still a group of people thinking about whether they should start a business during this bad economy time. Some of them have been planning for so long to start a business but unfortunately the recession happens when they are ready to start one.
