Did you know that a period of economic crisis is actually a good time to become an entrepreneur? Did you know that you can start and successfully run a business in a troubled economy? Becoming an entrepreneur during an economic crisis may not be seen as a good idea by some, but successful entrepreneurs think otherwise.
It is natural for every economy to experience fluctuations through the periods of expansion and contraction. This upward and downward movement is common for any economy. It is also common for individuals, families and business units, to make some adjustments as their expectations change.
One of such adjustments among others, is cutting back on spending. This may seem like a challenge to business startup or expansion. However, within this crisis lies some opportunities for entrepreneurs to exploit.
So, how does becoming an entrepreneur during an economic crisis work?
In this article, published on alphagamma.eu, the five stages of the economic cycle are clearly explained. A good understanding of the characteristics of these stages will provide insights into how to identify and exploit the opportunities that exist in an economy facing economic crisis.
This article also provides detailed explanation of how to use the following three-point questions to kick-start your journey to becoming an entrepreneur during an economic crisis. These questions include:
- How do consumers behave as the economy moves?
- What value can you add or create?
- How can you efficiently capture and utilize the limited resources?
Follow the link below to read the full article on alphagamma.eu
https://www.alphagamma.eu/entrepreneurship/becoming-an-entrepreneur-economic-crisis/
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This is such a great article by Dr Charity. She has great insight on the subject of finances.
Thank you Deborah! it can be difficult to make that decision to become an entrepreneur. This article is definitely a great help for someone making that transition.