The uncertainties an entrepreneur encounters when starting a business should not become causes of stress. The biggest concern is usually the state of the economy, which is something so large it’s beyond the control of any single business owner. This issue keeps aspiring entrepreneurs up at night.
But the economy should not impose any worry about failure in business. Such fear only distracts an entrepreneur from a required focus on such matters as acquiring new customers and keeping up with changes in technology.
Worry about the economic future is nothing new. Business owners cited the economy as their biggest worry in both 2003 and 2009. Those occasions were prime opportunities to take advantage of impending economic advances. The economy improved just when existing business owners expected it to get worse.
There’s no reason for an economic unknown to deter you from starting a business. These are opportunities for new companies when economic conditions rise. A startup can adapt to the demands of customers when they start buying again. Your new business can rise above competitors by offering previously unseen products, delivery methods, and price structure.
The same circumstances existed in the recession of the early 1980s. But that’s when Jim Koch launched The Boston Been Company offering the Samuel Adams brand. Between the late 1940s and the time that Koch started, about 1,000 breweries had closed in the US. There were not many small local brewers left.
According to Koch, the state of the economy was a complete deterrence to opening of new breweries. No one wanted to compete with the large national breweries selling mass produced light beer. But Koch recognized that the bleak economy meant an opportunity. As conditions improved, Samuel Adams beer was able to capture a significant share of the growing market.
Entrepreneurs are well known for fretting over the state of the economy. But that doesn’t stop the ambitious ones from rising to the occasion. Slow economic conditions are actually ideal opportunities for entrepreneurs to start a business. New companies are perfectly positioned to attract buyers who are looking for alternatives in a changing economy.