It’s no secret the economy is slumping. I have told the companies I’m involved with that for 2009 let’s not worry so much about growth as much as maintaining the business and making sure we’re still going at the end of the year.
Having said that, I also believe that now is a great time to start a new business. In fact, during these rocky financial times we could well witness the rise of the next giant company—similar to what we saw with Microsoft and Apple during the recession in the ’80s. There are four key items that any would-be entrepreneur should consider when starting a new business in this weakened economy.
Find Talented People. Having a solid foundation of talented people will make all the difference in the world to your company. A talented person is not only smart and good at what he or she does but is also committed to building a successful business and won’t give up at the first challenge or hint of trouble.
Develop a Good Product. Spend time talking to potential customers and doing market research to gain knowledge and insight into what product will be of interest or will fill a need for potential customers.
Cut Costs and Find Funding. Every business needs money to get started. In this economy a business owner would do well to bootstrap his or her business and find investors who have liquidity to continue investing in worthy companies.
Support and Mentor. Finding qualified people to serve as mentors is as important as funding is. If I could do it over again, I would find somebody I could lean on for support and advice. If you can find a mentor willing to make an investment of time for you and your company, then your chances of success are increased exponentially.
By following these guidelines you’ll have a competitive advantage over other businesses and set yourself up for long-term success even in this sluggish economy.
Founder & Chairman
Grow Utah Ventures
Salt Lake City, Utah