Business Development and Entrepreneurship in a Stressful Economy

Many of us have experienced the worst economic conditions of our lifetimes. The good news is that I am confident that this, too, will pass.The bad news is that things could get worse before they get better. It is difficult to determine if this problem will disappear quickly; however, rest assured that bad economic cycles do end. The economy moves in cycles, and sooner or later tough times will become good times, which will eventually become bad times once again. How long each cycle will last is difficult to determine; it depends on the economic actions taken by political administrations. Months before a turnaround starts to manifest itself, there will be signs that those with sharp eyes will be able to detect. It is worth paying attention to these signs and being aware that the recession is starting to turn around. Keep an eye on statistics addressing unemployment rate, housing development, financial market trends, spending, retail sales, construction, and manufacturing. These are all barometers that take the pulse of the economy and indicate how far along the road to recovery the economy is. Planning, information, and knowledge are the tickets to recovery and survival. A lack of planning, information, and knowledge is a recipe for disaster. This book will examine how principles of economics, entrepreneurship, and business contribute to operating a growing, successful business. It is not the intent of this project to address how to start or operate a successful business; rather, this project seeks to identify and determine the elements that produce survival, growth, and success. viii Additionally, it is necessary to determine what constitutes success and if success for one businessperson means the same for another businessperson. This research journal attempts to identity and establish what success really means. The objective is also to address the characteristics and attributes of a successful entrepreneur and what role they play in the successful operation of a business. In addition, this study will address the various elements of developing a successful business, as well as how to help both new and existing businesses survive. Establishing a competency in entrepreneurship and business development will enhance a prospective entrepreneur’s chances of survival. It is the intent of this project to conduct an intense literature review to ascertain the type of information available concerning all aspects of entrepreneurship and business that are necessary in developing a successful business. In an effort to enhance the learning process, each chapter will begin by outlining the learning objectives and conclude with an explanation of the key terms mentioned in the chapter.