The Great Recession Has Brought Out Latent Entrepreneurial Qualities In Americans

The Great Recession has brought out latent entrepreneurial qualities in many Americans

. A ballerina after retirement began to manufacture and sell garments. A marketing executive started a business in traditional Korean pickled cabbages. According to Marion Kauffman Foundation there was 4% growth in business in 2008 that dropped to 4% in 2009 but picked up to the level of 2009 last year.

Some of the new owners of businesses are pursuing their dreams while for others it was because of no other alternatives; there are others who do not want to rely on outsiders for their fate. Brian Miller of The Entrepreneurs Source (a firm that gives coaching in business) said the sudden massive loss of jobs during the Great Recession showed how vulnerable workers in the corporate sector are something quite different to the situation with the previous generation when people worked for two to three decades and retired with handsome pensions.

In 2008 July Jack DAlelio was retrenched from a job that he had come to love. This made him decide never to hunt for a job again and work under somebody else. By profession a chemist he was engaged with chemical and pharmaceutical firms. He started off his own unit, Nimble Jacks Enterprises. It has innovative answers to daily problems. For instance one of its products is Magic Toob Lampshade Leveler that increases the grip of a lampshade of the clip-on type. At the age of fifty four he has started off life anew. He has not earned much despite hours of work but even then he thinks this is the best employment for him.

Another new entrant is the owner of Gardiner, a Mexican restaurant selling tea in Maine. Lisa Liberatore of The Baxter Tea Co puts in hours of work. Unlike others her move was not out of need but she took this time to be an opportunity to make hay. In 2010 she started a retail store for her wholesale tea business together with her business in gifts. Then she purchased a property for her Mexican eatery Lisas Legit Burritos. For people like her with plenty of drive, the downturn spelt an upturn. The owners can get rented units cheaply; purchase products at less price and easily find qualified staff or workers. Liberatore is happy that this gave her chance to pick up and form a wonderful team to work with her. She could also bargain down her expenses. The recession armed her with plenty of negotiating power.

by: Julie Thompson

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