A short video (YouTube #shorts) by Ryan Daniel Moran arguing that recessions are the best time to start businesses because costs—labor, materials, and advertising—drop and top talent becomes available due to layoffs. The piece encourages entrepreneurs to view economic downturns as opportunities rather than reasons to stay on the sidelines.
It's a strange mind warp. People feel good starting businesses when the economy is good, but the most successful businesses are started when the economy is not good. There are several reasons why this is the case. The first and most obvious is because things are cheaper, labor is cheaper, product materials are often cheaper, and advertising is cheaper when the economy isn't booming. So while most people see the economy going down and they get scared and they stay on the sidelines, actually all the things that make a business grow go on sale. Just like stocks in bitcoin, advertising goes on sale, and really good people go on sale because great companies are laying people off in order to stay profitable. That's the first reason why starting a business during a recession is the best opportunity.
