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Richard Reed, founder of Innocent, the manufacturer of smoothies and soft drinks is shortly due to front ‘Being Your Own Boss' for the BBC in which he tracks down the best of a current generation of entrepreneurs and seeks to get them started in their business ventures.
Fun for some, but for many the idea of starting a business in the teeth of one of the more enduring economic downturns of recent times is only for individuals with the deepest of pockets or those who lack a few of their proverbial marbles. Yet business leaders and politicians repeatedly try to correct this view and to encourage potential entrepreneurs to act counter intuitively and set up shop in a recession. In fact many argue that it is the best time to start a business and there is a certain logic to this. Costs generally are often lower, sometimes significantly lower in a recession then in better times. Labour is usually more easily available and also cheaper and recessions whilst debilitating for some businesses and the cause of dislocation, can be powerful drivers of change and therefore opportunity. For some, there are issues of control: in a downturn an employee can easily become the victim rather than the master of events and taking charge of your destiny is a surprisingly powerful motivation. Some of course have greatness thrust upon them in that starting a business is the only way out of a redundancy. Whatever the reason, in the current economic climate, thinking laterally could be one of the smarter business decisions for individuals with a desire to succeed.
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