I launched okta during the 2008 recession, and it's now a $25 billion company. Here are my 4 recommended steps for starting a business during an economic downturn
. The bar is higher for startups to raise money now, but the best companies tend to find the resources they need, regardless of what the economy is doing.A business that finds itself selling more of a nice-to-have vitamin than mission-critical medicine will quickly find itself sidelined. When business leaders are concerned about the economy, they scrutinize the bottom line even more.
Entrepreneurs should comprehensively evaluate and understand the reach, scale, and demand for a business offering before jumping in to build it and, once they do, not get carried away with the highs and lows of the stock market. Your business needs to fulfill a specific and long-lasting need, but you also have to ensure you'll have a path forward when needs change.
In the PowerPoint deck I presented to my wife, I outlined every practical concern, including how we would manage health insurance, how my salary would work, and how we'd handle major expenses. I listed feedback from all investors , where financing would come from, and four scenarios of outcomes so we could prepare for the best and the worst.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lean and mean business strategy blew up during coronavirus pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
How to build trust at work, according to a Salesforce SVP - Business InsiderEmployees who trust their bosses have more energy, less stress, and fewer sick days. Here are 4 ways to establish trust with your workers, according to a senior vice president at Salesforce
Read more »
Jeff Bezos plays it safe during first Congressional hearing - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
A founder started a sex toy business after microdosing on psychedelics - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Dunkin' plans to cash in on local coffee shops going out of business - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Predominantly black congressional districts got fewer PPP loans: studyCongressional districts with the highest black populations received up to $13B less in PPP funding than districts with the lowest percent of black residents, a new study shows.
Read more »