No, it is not wise to start up a business in the prevailing economic situation thus it is better to wait for the right time. The factors that have been considered prove that the overall condition is truly bad and opening up a new business will prove futile and bad. In fact as the unemployment statistics show it is obvious that giving up on a job in hand to start up a new business is not going to be a wise decision since layoffs and downsizing show how difficult it is to attain employment in the prevailing economic conditions.
The factors show an increase in unemployment and also a bad credit situation due to which attaining a loan to start up a venture will be nearly impossible. Opening up a new venture according to the economic reasoning done in this case give a pessimistic view of the entire situation. The credit crunch has proved to be much worse for small companies and new ventures than any other part of the economy. The analysis proves the fact that opening up a business will be futile and will also prove to be bad since there is a huge risk with the pertaining economic conditions where unemployment is increasing continuously and lending standards are being tightened tremendously. The assignment
included six factors that were used to support the decision which include increasing job and a slow economy, credit crunch, small businesses are hurting, the economy has weakened, the financial crisis is bad and the economy will take time to improve. The factors prove that the situation is too bad and it will not be wise to give up on a job in hand and start a new business since the situation is such that lending standards have been tightened even more and new businesses plus small businesses are facing the economics crunch more than ever before due to the record breaking rates of the economic melt down.
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