Author: Josephine Nicholas, Chief Operating Officer of Published Daily.
#1 – Entrepreneurs Are Free and Unhindered
“The upside to the massive amounts of layoffs we are seeing is that men and women who felt stuck in certain positions and afraid to go out of the box to pursue their dreams are now free – if not forced – to pursue their passions,” Josephine says. “The economy has forced people to reevaluate their priorities, reassess their skills and pursue entrepreneurship without being held back by a job to which they feel tied down.
#2 – Recessions Give Birth to Recession Babies
“Many of the largest companies in the United States were founded during a recession. Companies like Burger King, Hyatt, FedEx, Microsoft, and CNN – all those companies were started by entrepreneurs during some of the toughest economic years in our country’s history,” says Josephine. Taking this factual data, it is safe to say that at least one of the “next big things” is sure to come from this chapter in our country’s history.
#3 – Entrepreneurs Instill Trust in Skeptical Consumers
According to a recent survey, 68% of executives say that large corporations make a generally or somewhat positive contribution to the public good. Yet, only 48% of consumers agree. In another widely recognized survey by Edelman, it is clear that consumer trust in businesses in general is 50% lower than last year. “These are staggering numbers,” continues Josephine. “One of the main reasons that entrepreneurs start their own company is to get rid of the ‘corporate America’ mentally they can’t stand. Most entrepreneurs work very hard to earn the trust of each individual client as they create unique solutions to the needs of the marketplace. Consumers recognize this effort and respond to it with their dollars. In an economy where consumers are extraordinarily wary of ‘corporate America’, they are sure to give more business to the entrepreneurs who give them personalized attention and contribute to the public good with their creative efforts.”
#4 – Changing Markets Demand Innovation
According to the famous economist Joseph Schumpeter, an entrepreneur is someone who is willing and able to convert a new idea or invention into a successful innovation. “The current recession has caused a significant shift in the needs and wants of consumers across the board. In any industry, an innovative entrepreneur who identifies and addresses this shift creates an unbeatable connection with consumers,” says Josephine.
#5 – Boosts Local Economies
“The American Public is very community-oriented, and they band together, especially during tough times. Look anywhere throughout the US, and you’ll see that local businesses and entrepreneurs are hailed as heroes by their communities. They provide local jobs and inspire confidence in the economy,” says Josephine. “The heart of the American Dream is realized and moved forward every time an entrepreneur reaches inside, takes the risk and creates their company. Local economies respond to that in a way that almost resembles magic.”