With the current economic downturn there are challenges and there always opportunities.  The biggest challenge when one is displaced or loses his or her job is:  What am I going to do? 

It is a question I hear a great deal.  Very often, the answer to the challenge is to start your own business. 

You can read a mountain of information that will tell you about starting your own business.  And, that is good.  Yet, regardless of how much you read and learn starting your own business and running your own business present their own unique challenges. 

Today’s post is about giving you a framework in which to think about the question of what type of business to start during an economic downturn.  In subsequent posts I will provide some answers to the questions.

Challenge #1—Do you have a market for the product or service you wish to provide? 

Challenge #2—Is the market you wish to pursue vulnerable to economic cycles? 

Challenge #3—What should you get into when in an economic downturn? 

Challenge #4—What should I stay away from?

Obviously, there are many answers to what business should you start during bad economic times.  The most important thing now is to ask the above questions and come up with your answers.  There are no right or wrong answers.   The only wrong thing to do is to not think about these questions. 

To change your life you must change your thinking.  Coming up with answers will help change your thinking.  In the next post I will give you some possible answers to help guide you.