The harsh realities of an economy in recession are often what make people reevaluate their personal wealth and career. During the economic downturn of the 1990s, Byron W. Perry, a carrer councelor at the time, was forced to shift gears.
The credit crunch is not new for Black women businessowners. "When you are a Black person, you are used to dealing in crises," says Phillis Shearer Jones, president and chief executive officer of Elan International L.L.C., an international development and conference and event-management firm in suburban Washington, D.C.
You would be amazed how many times I’m asked the question: “I’d like to do more marketing online, but it seems so cold and impersonal....” A businessowner describes this dilemma below.
Do everything you can to get your costs down to rock bottom — fire your employees and hire your kids and teenage nephews and nieces. Not only are they inexpensive labor, but you actually get tax breaks for that.
When you run your own business, it may seem there’s never anything but difficult times. The rules of good management apply no matter what the economy is doing at a particular moment.
Peter Justen, president and chief executive of MyBizHomepage (www.mybizhomepage.com), a Web-based firm that helps small and emerging businesses to most efficiently keep track of their bottom line, argues that a weak economy may be just the environment for starting a business.