Entrepreneurship During the Time of Recession

Entrepreneurship During the Time of Recession

tweetmemeAs layoffs continue and jobs remain hard to come by, many skilled and experienced unemployed workers are turning to entrepreneurship. The recession has pushed, if not forced, some people to start their own businesses.

Those whose work hours have been reduced need to find ways to supplement their income. Others who have lost their jobs need to replace the income theyve lost. While many try to get back to the job pool, some choose to take control of their incomes by becoming their own bosses.

Patrick Speese lost his job in the automotive industry, and turned to entrepreneurship. He bought into the franchise Snap On Tools and opened his store, which sells automotive mechanics hand tools, power tools, and toolboxes, among other equipment. According to him,

My entire life was spent working in the automotive industry, it was the only thing I have ever done and for many years allowed me to support my family with a nice lifestyle. Over the past few years my income has decreased until eventually I lost my job. With no prospects and really nothing on the horizon that would enable me to support my family, my wife and I decided to take our future into our own hands and invested every last penny into our own mobile retail tool store.

We are approaching our first year in business and although the work has been long and hard not to mention scary we have managed to save our house and grow the business to support our family. We are hoping that we are through the hardest part and love being our own employer! It has been amazing to be able to see our hard work turn into a successful business!

For some, losing their jobs forced them to reevaluate their lives and really think what they want to do. It gave them the opportunity to change the course of their lives and pursue their dreams and passions. Despite the difficulties of starting a business, they find that what they really want to do is to become their own boss.

Lisa Roseboro started her own jewelry and bag design business after she was laid off from her job. But she views losing her job as the wake up call she needed to actually do what she wanted to do. Over the years working in corporate jobs has not allowed me to incorporate these things into my day to day activities. So, I figured if you have something to put out into the world, now is the time to do it. Being laid off from work has given me more time to focus on a new horizon.

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