Recession Can't Stop Entrepreneurship: Layoffs and Cutbacks Push Many to Start Businesses
Corporate Layoffs & Cutbacks Push Many to Entrepreneurship
It's no surprise new businesses are still cropping up in the midst of one of the toughest economies and real estate markets in the nation's history. With corporate downsizing and continuing layoffs,
entrepreneurs are still opening their doors at a maddening pace.
Over Half of Companies Launched During a Recession
According to a report entitled, "The Economic Future Just Happened," profiled by the Kauffman Foundation (the world's largest foundation devoted to entrepreneurship), more than half of the
companies on the 2009 Fortune 500 list were launched during a recession or bear market.
Further, according to the Office of Advocacy of the U.S. Small Business Administration (SBA), an independent voice for small business within the federal government, an estimated 27.5 million small
businesses operated in the United States in 2009; and they created 65 percent of "net" new jobs.
Entrepreneurship is a vital part of the United State's make-up, both historically and today. Almost half of the companies on the 2008 Inc. list of America's fastest-growing companies were
Business-owning Households Have More Wealth
Research by an arm of the SBA indicates that households propelled by entrepreneur endeavors (business-owning
households) are more likely than others to have higher income and wealth than non
Worldwide Fostering of Small Business Start-up
Entrepreneurship is promoted and fostered the world over. The upcoming Global Entrepreneurship Week, a worldwide phenomenon, is proof in itself. Global Entrepreneurship Week, taking place
November 15th through November 21st of this year, is an event that will celebrate and promote entrepreneurship in over 100 countries. Over 20,000 organizations, almost 58,000 events (slated to be held in individual
countries), and millions of people, are expected to celebrate, inspire and promote new ideas, enterprise and entrepreneurship.
Finding a Ripe Business Opportunity in a Down Market
For those considering entrepreneurship, the task lies in finding a solid business opportunity that fills a void, or fits a need, in a struggling economy. The foreclosure crisis has created one such
opportunity in the United States and can be credited with the now burgeoning "foreclosure cleanup industry" (also referred to as the "mortgage field services industry" or "property preservation industry").
According to recent Amherst Securities research, highlighted via an MSNBC editorial, approximately 11 million borrowers are at risk of losing their homes. With figures like these, starting a
foreclosure cleanup business is an example of a ripe business in a market suited for services under the foreclosure cleanup and foreclosure cleaning umbrellas.
With the increasing number of foreclosures on the market today, and with those expected to materialize in the future, the foreclosure cleaning industry is continuing to climb as a viable business opportunity for eager
entrepreneurs seeking business opportunities in the midst of corporate cutbacks and layoffs.
No End in Sight for Entrepreneurship
Entrepreneurship is growing by leaps and bounds in the U.S. and abroad, no matter the state of the economy, with no end in sight, for eager professionals ready to strike out and open new
For more information on starting a foreclosure cleanup business, click here. For more information on
starting another type of business, visit the SBA's website.
NOTE: Throughout the internet/web and in real estate industry literature, you may see the names mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger companies.