Sherard Griffin, Founder, NoodleShare, LLC
Timing is everything when you’re trying to start your company. Trying to stand out in an environment of overly saturated startups can prove to be unnecessarily difficult. I get how tempting it can be when you hear about companies making ridiculous amounts of money when the economy is booming. It’s hard not to want to get in on the action! But if you can resist the urge, you can easily improve your odds of success.
The easiest way to weed out your competition is to start a company during bad economic times. It may sound counter-intuitive, but try to come to grips with this logic. Investors and bankers alike are stingy with their money, so early funding stages are even harder to come by. That one reason alone can be a major deterrent for less confident entrepreneurs to launch their companies and presents a prime opportunity for you to take advantage of an unfortunate environment.
Another side benefit of this approach is that it proves the quality of your product. If you survive a bad economy where money is scarce, imagine the boom you’ll get once things start picking up. People want quality, and the quality of your product will shine in tough times.
Starting a company is no small feat, but there are far more positives doing so during bad times. I haven’t even touched on the improved odds of landing quality talent. A lot of recently laid off people will be looking for their next opportunity. Startups are always a calculated risk, but why not better your chances just by waiting for the right time? It sounds simple enough to me!