Ready to roll in a recession
Starting a business during a downturn can be nerve-wracking, yet some of the most famous brands were launched during an economic crisis. Airbnb and Uber began trading during the 2008 global financial crisis; Burger King opened its doors in 1953 when the U.S. was in recession, while Hewlett-Packard was founded in a Palo Alto garage in 1939 during the Great Depression. With the R-word threatening to rear its head again, the key question is why?
According to John Mullins, associate professor of management practice at London Business School and author of ‘Break the Rules! The Six Counter–Conventional Mindsets of Entrepreneurs That Can Help Anyone Change the World’, there are three key reasons.
He says: “Firstly, during or in anticipation of economic downturns, as we are seeing today, large companies are cutting costs and reeling in their ambitions, which means less innovation and less…