Lay-offs, redundancies, reduced working hours and financial hardship are headlines that seem to dominate the news, and with the UK officially in recession we will doubtless hear much more of them over the coming months. Companies like KPMG are taking unprecedented steps and asking employees to accept shorter working weeks or time out to prevent colleague redundancies.
But could this hardship also reveal an opportunity for some people to start their own business? During the last recession in the early 1990’s, redundancy and lay-offs lead thousands of people, otherwise seemingly content in their day to day lives, to strike out on their own. Many famous entrepreneurs including James Caan, of Dragon’s Den fame, found their first business successes when the chips were down.
In a recent article in The Times, Sir Richard Branson made clear his belief that the next generation of self-made billionaires will emerge from the corporate wreckage of this recession. In his words “Fortunes are made out of recessions. A lot of entrepreneurs get going in the economic depths because the barriers to entry are lower.”
So, if you’re caught up in the present turmoil and find yourself out of work or with extra time on your hands, should you consider revisiting that great business idea that’s been lurking in the back of your mind?
The team at the The New Product Network can help you answer this question. We’ll help you test the strength of your idea, give you impartial feedback as well as help you take the first steps into business. As part of one of the UK’s most successful business incubators we’ve got a wealth of experience to share .
Call us on 01273 704400 or email npn@sinc.co.uk
