NY Times: Success for Entrepreneurs same in Recessions as in Expansions

If you think now is the wrong time to start a business because the recession will hurt your chances, you’d be wrong! This great article from the New York Times shows that new business actually have nearly identical success and failure rates during both recessions and expansions in the economy. The article has some great graphs illustrating success and failure rates, with roughly 49 percent of all business making it past their fifth year. The lesson to be had from this is that it is never a bad time to start a new entrepreneurial venture. It certainly won’t be easy and success may be elusive. But with innovation, determination and the right product or idea, the market will always be ready to accept that next great business. Remember the values of service, charity and hard-work, and never be afraid to try!