24 Nov With bigger companies floundering, is now a good time for enterepenuership?
Actually, now is a great time for entrepreneurship for exactly the reason you said. The bigger companies are floundering, so there is more of an opportunity to get into markets that were previously dominated by them. Part of what is changing in the markets is that there is a noted lack of faith developing in the larger companies. The perception of large companies these days are as untrustworthy, uninterested, and generally not in tune with their customers.
This isn’t to say that new industry titans will rise out of the ashes of global economic meltdown, but rather that it’s making a little space for new companies as the current titans don’t have the resources to focus on competing with smaller entities. More to the point, smaller, local shops are more likely to be able to win the trust and comfort of their customer bases again. This is a time when knowledge of a product, passion for the purchase and production of something, can go a long way. Doing something well at a local level makes it more likely that a small business can be successful, especially when you would add today’s technology and communication advantages for the small business owner.
Also keep in mind that in economic hard times, new and clever business models emerge. People are losing jobs, and they have been so corporatized that it’s sometimes hard to conceive of doing something on one’s own. However, there are needs out there to be filled, and clever people can be the ones to fill those needs. Finding a new way to produce, market, package, or present an already established product or service in a cheaper, faster, or more efficient manner changes the playing field from that point forward and is better both for companies and consumers.