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Is this the right time to start a new business? We are expecting the largest reduction in GDP since 1946 in the next 12 months – and unemployment levels are set to rise to over 3.25 million by the end of 2010.
And interesting to note that Bill Gates founded Microsoft in the recession of 1975, James Dyson launched his vacuum company in the early 90’s and Hewlett-Packard emerged out of a garage at the end of the Great Depression. According to Ernst & Young’s ITEM Club, the recession may well be the catalyst for the next generation of UK entrepreneurs.
The current situation may well fuel an increase in entrepreneurial activity, which will undoubtedly play an increasingly important part in re-energising the economy. On the other hand, investors are cautious and unless the people driving the ideas are creative and persistent, they may not find the funding they need. Low start-up costs, quick routes to market and a high perceived value are vital for customers and investors alike. But without charismatic, passionate people with strong personal brands leading the way, it will be tough, very tough.