This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/11/18/how-successful-entrepreneurs-launch-a-startup-in-a-recession/
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by LJ Suzuki, CFOShare.org
New business applications are the highest since 2008, reports the Wall Street Journal. Is it crazy to start a business during the Covid-19 pandemic? I say it’s brilliant, and at least 1.1 million Americans who recently applied for EINs agree with me. In my time as a Fractional CFO, I’ve seen the good, the bad, and the ugly of entrepreneurship. Although an economic downturn brings great uncertainty, it also brings the opportunity of a rapidly changing environment. Uber, Airbnb, Microsoft, Slack, FedEx, Disney, and Venmo were all started during recessions. The challenging environment breeds innovative opportunity.
How do you capitalize on the opportunity while managing the risk and uncertainty of Covid?
Here is what I have seen successful entrepreneurs do:
Tell everyone your idea.
Who should you seek advice from? Business mentors? Consultants? Friends and family? I say tell everyone about your business. Tell your Uber driver, tell your AirBnb host, tell your barber, tell your colleagues, even tell your boss! Here’s why: doors will open for you when people know your dream. You will find valuable connections in the most surprising places – for example, my first referral came from a co-worker I had not seen in 5 years. The most important factor in a startup’s success is its resource network, so start building yours.
Accept criticism with gratitude.
Everyone has an opinion to share, and there’s values in all of them. That friend who pokes fun at your WordPress website might have a good point. Your partner may tell you to spend more time with your family, and that is important. By accepting the criticism with gratitude, you will learn more about your consumers and build stronger relationships.
Expressing your gratitude … Read More
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