Urban Interns is a recession start-up. And according to the Kauffman Foundation study released in the middle of June entitled “Economic Future Just Happened”, we are also part of a rich tradition of entrepreneurship that stems from down markets.
From the release:
“more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc. list of America’s fastest-growing companies…job creation from startup companies proving to be less volatile and sensitive to downturns when compared to the overall economy.”
While the perceived weakness of competition and unemployment are cited as factors contributing to the “recession start-up” phenomenon, we personally find the “why” to tell only a small part of the story. From our experience and our observation of others also in recession start-up mode, why we chose our current path is yesterday’s news. What’s much interesting is seeing how people are surviving these times and finding ways to thrive.
We’ve seen some businesses using this time to re-invest in themselves and refine their brand and positioning. Others are diversifying their revenue streams, while other are choosing this time to circle around an area of focus. In other words, the strategies are all over the board. The common themes? Creativity, perseverance, resourcefulness and optimism. And while the vast majority of us may not wind up on the Fortune 500 or Inc List (though believe us, the Urban Interns team is trying!) history teaches us that many of us that although somewhat counterintuitive, many of us can use these times to grow and prosper. Additionally, the rapid growth in small business is a major driver in job creation. Now that’s some good news we all can use.
What about you? Do these economic times have you reaching for the stars or burying your head in the sand? Leave a comment--- we’d love to hear from you.