Recession? Why Not Start Your Own Business And Be Rich?

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In these times of recession and global financial crisis resulting to retrenchment and lay-offs, many people will be unemployed. Hence, no more salary income to make a living.

In these times of recession and global financial crisis resulting to retrenchment and lay-offs, many people will be unemployed. Hence, no more salary income to make a living.

 But as long as there is life, hope springs eternal. In fact, as the Chinese would say, the other side of crisis is opportunity.

 Many successful businessmen and big name entrepreneurs, past and present, made their wealth and fortune during hard times, by taking advantage of the opportunities brought about by the recession.  They made the crisis the turning point of their lives, of their decision to launch their businesses. They started their businesses in times of crisis—in times like these.

 History is replete with many examples of people who were able to turn the crisis into opportunities, and even left a mark in the business annals of the world. Joseph P. Kennedy, the patriarch of America’s most famous family political dynasty, built his vast financial fortune during the Great Depression of 1929-1930s era, by investing most of his money in real estate, when other landowners were facing problems and while many people were discouraged.

 And was it not a fact that during the Great Depression, John J. Raskob built the Empire State Building in New York, a 102-story skyscraper that became the world’s tallest building for more than forty years?  It was the world’s tallest since 1931 when it was finished until the World Trade Center was built in 1972.

 Opportunity is really the other side of crisis. Behind the dark clouds the sun is still shining, as the optimists would want us to believe.

 What are the reasons why people go into business?

 The reasons are many, as there are many businessmen and women.

 Based on my random interviews with businessmen and entrepreneurs who are my friends and clients, they told me the reasons why they went into business are:

 1. Independence.

2. To be the boss and call the shots, instead of remaining as employees.

3. Achievement.

4. To fulfill a childhood ambition of being the owner of a business.

5. To make money or lots of it.

 Indeed, most businessmen said making money is one of the important reasons for  starting their own business. Making money to be financially independent, to be free from financial worries, to provide for a decent living for the family, to travel to other countries, to help other people by providing them jobs, are some of their motivating factors.

 This reminds me of what J. Paul Getty, the late famous American businessman and billionaire, once said:

 “Almost without exception, there is only one way to make a great deal of money, and that is to own your own business. You’ll never do it working for someone else.”

 So, now is the time to turn the present crisis into opportunities and make money. Start your own business now!

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