Entrepreneurs take heart — recessions can be best time to start a business
- On December 16, 2020
- By GrowthInvest Marketing
Previous recessions have shown that this can be fertile time for starting a business. Airbnb and Uber were founded during the 2008-2009 financial crisis and if you go back even further, FedEx and Microsoft were born either side of the 1973-1975 oil crisis. At times of stress and struggle, people are forced think and work even harder, which can lead to higher rates of innovation.
While this is not an easy time, I am convinced that the Covid crisis can lead to a resurgence of entrepreneurship. The idea that crisis heralds opportunity has been repeated many times before and I believe it to be the case today.
The UK economy is going through a challenging time. It is predicted to contract 11 per cent this year, the worst in 100 years. As a venture capital entrepreneur, with a stake in more than 40 businesses in a range of sectors which we helped with early-stage investment, I know we must remain positive.
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