Starting a Business
Incorporating a business during an economic downturn may not seem like the most viable option for an entrepreneur
. However, studies have recently shown improvements in lending and small business hiring.
Although other surveys, such as the most recent Discover Business Watch survey, may indicate that smaller firms are still uneasy about the economic recovery. But Entrepreneur magazine's Greg Digneo writes that incorporating
during an economic downturn is not necessarily ill-advised.
"When you start your business in the down economy, you are forced to develop great habits," Digneo writes.
"When I say great habits, I mean the uncanny focus on your business' bottom line. Everything that you do will not only help generate revenue, but will help you increase profit," he added.
Additionally, if a business owner succeeds during the economic conditions being experienced at present, then they will likely see greater success when it recovers. This will also enable a company to charge more for products and services, because it knows it can withstand the competition and is delivering quality to its consumers.
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