Scott Galloway: You should start a business during the recession - Business Insider

'You have the wind at your back,' said @profgalloway

5/18/2020 8:55:00 PM

'You have the wind at your back,' said profgalloway

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— will be the best time for business creation that we've seen in the last decade.Other entrepreneurs and business experts agree with Galloway; their observations are backed up by some research and anecdotal evidence. This could be welcome news for professionals who have lost their jobs — in the eight weeks ending mid-May, more than

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in the US filed for unemployment benefits — and are looking for a way both to reinvent themselves and to make some money.If you can't get anyone to hire you, consider building something of your own.Founders who start businesses during recessions get used to being scrappy

Galloway shared a few key reasons why a recession is an ideal time to start a business.It's easier and cheaper to hire top talent. Job candidates don't have the same leverage that they do in a tighter labor market, in which a dozen other employers might be trying to woo them.

The resources you need to get started — Galloway cited real estate as an example — are less expensive.Coming out of a recession, the companies that might use your products and services are more willing to innovate and try new things. "You have the wind at your back," Galloway said.

As a founder, you'll get used to being scrappy, which will serve you well going forward. That's instead of "wallpapering over your idea with consensual hallucination that it's working because you have access to cheap capital." (Galloway's referring to money from venture capital investors, which flows more freely in a strong economy.)

Successful businesses like Airbnb and Venmo came out of the Great RecessionThe Great Recession is a prime example of what Galloway is talking about.A2013 paperpublished in the Journal of Economics and Management Strategy found that the unemployment rate increased by 100% from 2006 to 2009; in the same time period, the entrepreneurship rate increased by 16%. "Slack labor market conditions are a key determinant of business creation," writes Robert W. Fairlie, a professor of economics at the University of California, Santa Cruz.

came out of the Great Recession, among them Airbnb, Uber, Venmo, and Rent the Runway. Previous recessions yielded what are now major companies, including General Motors and Hewlett-Packard. Read more: Business Insider »

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