Recession, slowdown, downturn, credit squeeze, cash crunch, pink slips. Are these good times to start a business, or grow a business?

Some businesses will prosper greatly during this time, if  the 3 "ovelooked main assets are effectively utilsed:

1. Your customers

2. Your Prsopects

3. Your Products and services.

Furthermore: The first thing you need to do is discover the common mistakes 
that most business make during a recession. The second thing you need to do is uncover some proven methods that can help your business to not only survive, but 
prosper during a recession.

The third thing you need to do is find money-making opportunities that can help you and your business bring in extra money during a recession!

But you need to be careful that you have correctly analysed 
the current situations. Otherwise, you might end up losing 
money instead of making it!

Any further questions, just shoot.

While the market becomes very choosy at the time of recession, you can easily position your brand when others are ailing or withdrawing. 

Also Entrepreneurship is favoured most when the big brands are not there competing in the same field at similar offerings. During recession, taking a cue from market about future market turn, we can design during downturn and launch it appropriately when market is on upturn and take first mover advantage. 

Some of the thoughts that were shared by the Bangalore panel of Power of Ideas of ET:-

Prof S. Sadagopan, Founder Director
of Indian Institute of Information Technology
“My view is that this is God’s gruelling test for all of us and much as we don’t like any tests, we will enjoy the results later. The government and education sector has a key role to play in building the larger eco-system for fostering entrepreneurship.”

Rajiv Mody, CEO of Sasken
“These are also best times to reinvent current concepts, though there is the fear of challenging the status quo and a fear of denial. Enterprises need to have a vision and a dream, though decisions need to be swift and bold. The only advice to enterprises would be to remain focused and deliver.”

Capt. G.R. Gopinath, Chairman
& Managing Director of Deccan Express Logistics
“Three important factors make for an entrepreneur - conviction, single-minded focus and the ability to dream big. At the end of the day, you need to have the energy, passion and commitment to see your project take off. You have to fight for your rights.”

Sharad Sharma, CEO of Yahoo India R&D
 “Not many plan to become an entrepreneur during such times; a slowdown or recession forces existing or established players to stick to their knitting. If the product or concept is good, you would be able to attract the attention of large players who would then look at associating themselves with you.”

Sourabh Jain, Founder & CEO of ngpay
While in an upturn most companies create noise by spending a lot of money; the downturn gives a startup the luxury to focus on the core value proposition offered to the consumer. Such times also discipline entrepreneurs to focus on details and prepares them for future downturns. There is also the need to step out of the rat race and start on your own.”

Subrata Mitra, Partner at Accel
Recession can be a good time to evaluate what the future holds, and make a move for change. During such times competition is lower, and there is good value for money as far as talent is concerned. If you are starting something new, then you have a longer timeframe for experimentation. During this time, companies can focus more on building value, which will make customers buy more of their stuff.”