The sharp decrease is likely because the economy has slightly recovered, allowing companies and government agencies to start hiring again. Whatever the reason though, this is great news for existing and aspiring entrepreneurs because fewer new start-ups means less competition.
So how can you capitalize on this tidbit of information? Well, it depends greatly on how you view business opportunities.
To me, it means to pay closer attention and look for opportunities that may be sitting around unnoticed. I'm already in research mode - learning about different industries such as import/export, real estate, and international business opportunities.
I also recommend using a time like this to evaluate and tighten up your products or service. When competition is reduced, don't get lax. Instead, focus on making those needed adjustments that you never got around to. Enhance your offerings, and find ways to increase customer retention.
This way, when competition heightens again, it will be less of a threat to you.
Hey Dante,
ReplyDeleteGreat information! I think entrepreneurship is the way to go, even if it's done on a part-time basis.
Mujiba
That is a shame because those individuals who are banking on hourly jobs will continue to be disappointed. Having your own business, becoming an entrepreneur is and has always been the key to wealth. Trading time for wages will never garner the results that the majority is looking for. I for one am glad that many refuse to see the light. It just makes more room for me in my business. In my business there are over 2 million people but only 5000 of them are in the US.
ReplyDeleteThe opportunity is there people just have to be willing to take advantage of the disadvantage.