America is in a tight spot economically. This year, we’ve had to raise the debt ceiling, our credit score has been downgraded, and the unemployment rate is approximately 10 percent. Because of this tough economy, people are losing their jobs every day. There is always the fear that a person will lose their job, not because they aren’t doing well, but because their employer can’t afford to pay them their salary. That is why if I had $150,000 to use for a distressed real estate purchase, I would purchase a building to start a new business, and not a home. There is an old Chinese saying that goes “if you give a man a fish, he eats for a day. If you teach him how to fish, he eats for a lifetime”. It is my belief that it would be smarter to buy the necessities for a startup business and earn a profit, rather than buy a house, considering apartments are always a viable option for living. Businesses also have the ability to bring in income if they are successful, while homes can appreciate in value, but don’t bring their owners useable revenue. More importantly, I would feel secure if I started up a business and became my own boss. This would give me the freedom to work as I want to, and not have to worry about being laid off.
Most people would argue that trying to start a new business in a tough economy would be like trying to learn to swim in white-water rapids. What they don’t realize is that many prominent businesses today were founded during recessions, including CNN, FedEx, and Microsoft (Caron). One of the main advantages to starting a business in a recession is the large number of potential employees with marketable skills available because of lay-offs. There will also be a lack of compet...
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...onnect with 1000s of Leading Business Experts. Get Quality Answers to Your Business Questions. Focus Inc. Web. 22 July 2011.
RealtyTrac. "Foreclosure Homes Account for 28 Percent of Q1 2011 Sales." Foreclosure Real Estate Listings | RealtyTrac. Realty Trac Inc., 25 May 2011. Web. 22 July 2011.
"Why Start a Business during a Recession | Small Business Consulting San Diego." Small Business Consulting San Diego | Business Plan Writers in San Diego | The Startup Garage. 22 July 2011.
Win, Aiden. "Foreclosure Property." Squidoo : Welcome to Squidoo. LLC. Web. 22 July 2011.
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