Entrepreneurs see an opportunity where others see obstacles. A recession is a great example. Recession means unemployment, difficulty paying bills, fewer customers, home and business foreclosures, and cost cutting in different areas for individuals and businesses. These are the negative consequences of recession.
However, even during a recession, the opportunities are endless. The business ideas are just different from those in economic boom times.
Select one or a combination of the negative consequences of recession and answer the following related questions:
Describe an entrepreneurial opportunity that would be beneficial to both the entrepreneur and those negatively affected by the consequence of recession.
Provide the basic product or service description and clearly define the benefits.
What would your strategy be to attract potential customers for this idea?
How would you try to secure funding for this business? Do you believe it would be more difficult considering it focuses on a struggling component of the economy? Justify your answer with examples and reasoning.
Support your responses with examples.