Sunday, September 25, 2011
From unemployment to startup
This article highlights how young people are turning their lows, such as speeding tickets, into money making entrepreneurship. Literally, one young college student made a business out of getting his friends and family members out of tickets. This relates to the class because we spent a good portion talking about job separation and job finding as key factors in the unemployment rate. More and more people are going a different route and finding their own niche in this troubled economy and coming out on top.
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Reading this article, I recall what the Indian President once said to the youth: "You should not aim to be employed, instead aim to create employment." But the question remains, is entrepreneurship a lucrative alternative in today's economy? Entrepreneurship requires an individual to gather initial investment for which banks are often the best source. However, banks are largely unwilling to lend in today's world, as a result of the aftermath of the housing crisis. In a scenario like this, how can we expect the youth to come up with innovative enterprises? I feel that government intervention would be a good idea, such as creating incentives for young entrepreneurs to be forthcoming in exploring the field.
ReplyDeleteWithin our economy currently there is a lack of available jobs, stable employment and more and more capable participants every year. In a way this is the perfect time for those who have the vision and intent to be an entrepreneur to start their businesses. As the article mentions, “Richard believes that the recession has played a large role in Vorsight's success it has allowed him to attract great employees who were willing to work for his fledgling company.” This is because you currently need less to attract employees with the necessary high level of skilled labor in our current market.
ReplyDeleteSmall businesses are becoming a larger and larger portion of our economy, and a lot of it has to do with people like this ticket guy. It makes for a more dynamic economy that can eventually support the demand for jobs in the labor market.
ReplyDeleteWith this economic situation everyone have to do whatever they can do to be able to survive in this situation. There are more and more entrepreneur small side business popping even if its only for part time.
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