Entrepreneurs see opportunity in downturn

Posted by peopleperhour.com - 30/06/2008 12:30

An economic downturn is a time when many entrepreneurs see new opportunities for business, according to research by Tenon Forum.

Over 60 per cent of entrepreneurs are feeling confident in the year ahead, and the number of entrepreneurs making "concrete plans" during the credit crisis has risen from 70 per cent in 2007 to 85 per cent now.

Carl Jackson, head of Tenon recovery said: "With so much talk of recession in the media, it's not surprising that entrepreneurs are feeling relatively downbeat, compared to the last two years.

"It is, however, very encouraging to see that entrepreneurs are aware of the opportunities for their businesses and a significant proportion are actively seeking opportunities during the downturn."

Over half (51 per cent) of entrepreneurs believe opportunities such as winning over competitors will result because of the economic downturn, and 26 per cent it will allow them the opportunity to acquire struggling rivals.

Mr Jackson added that businesses still needed to be careful, and SME owners "should be able to see their business survive" if they ensure they have good business plans.
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