In this time of global economic recession where thousands of people are getting laid off every day and IT & Financial giants getting bankrupt every now and then, is it a wise decision to foray into the challenging startup environment. Any intelligent guy would strongly advise against it. But I say why not and am going to give a few reasons why I feel it is so. It’s purely my own opinion and I may be completely wrong. You're welcome to fire your comments.
Well for any startup to succeed one of the most important factors is quality human resource and what better time can one get to hire A+ brains at low remuneration. Apart from human resource other basic requirements like real estate etc. are also cheaper during this time. Furthermore the capitalists also tend to look for cheaper outsourcing partners and with a decent portfolio, its not that difficult to find clients for IT services firms. Furthermore one has to think outside the US and Europe as well. The gulf nations especially have not felt the heat of recession to that extent and building professional relationship with firms from Middle-East is a better option. One can also concentrate on local markets typically Indian, Chinese, Brazilian and other South Asian/American nations where the economy is still growing albeit much slower. Its great for building professional portfolio and reference which can later be used to approach US clients.
However services is really not the way to go during this time. Its really advisable to develop ones' own product and build on long term business plans. If one has the resources to sustain for at least an year, then its really time to build a good development team and get that product rolling. Choice of proper niche is a vital aspect in succeeding. One can think of venturing in the field of remittance, travel, tourism and logistics, mobile applications, social networking, micro-blogging, digital advertising, innovative web2.0 applications etc.
So if you are really enthusiastic about entrepreneurship, and willing to take that extra risk and off course have the financial backup and supportive parents (in case you're an Indian :D ) then its high time you took that step forward.
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