During hard times of economic distress, as the U.S. has endured for several years, there is always a spark of optimism and old fashion work ethic exhibited.
If "necessity is the mother of invention", then "recession is the father of entrepreneurism".
So many people have either lost their jobs, or in the case of college and high school kids, failed to find a job. The disappointment of anticipating gaining employment overshadows day to day optimism for many. However there is also a good side of recession and that is how it engenders the best of the entrepreneurial spirit. Many people accept the fact that their personal economic condition is best controlled by their ability to control their personal economic future. The harsh reality sets in that if one is dependent upon companies to keep their job, advance, gain raises etc. then the best for the company is also the best for the employee. When companies hit hard times so do employees.
What has been inspiring about this recession is the number of people deciding to try the "business idea" that has been incubated for so long. Fortunately in our area of the U.S., Wake Forest, N.C., amidst the Research Triangle Park, we have not felt the total impact of this recession as other areas have. Unemployment is high, but jobs are here and new homes and new jobs are being created daily.
We see all age groups deciding they are ready to try to make life better by risking their investments in retail, art, craft businesses in a retail incubator setting. The Cotton Company basically provides retail space for testing the waters before embarking on leasing a large store, incurring additional labor costs for employees, marketing expenses, new software and of course as all businesses have to have: lawyer fees, accounting fees and insurance fees. The costs of creating a new business can be staggering, especially when regulatory costs are factored in to come into compliance. It's daunting that anyone chooses to start a new venture.
A retail business incubator is a way to reduce the risk of business failure and to enhance the prospects of business success. The entrepreneur basically rents a high trafficed space in a historical building and decorates, displays, creates a mini environment for shopping in their area. Decor, gifts, art, crafts, local made businesses are emerging in these type retail incubators. Various gift items are tried on a mini basis and if the concept works then many entrepreneurs get that "vote of confidence" from the consuming public and they move to a permanent retail space knowing the basic business idea is marketable. It's really a testing ground for new products, services and ideas.
The retail business incubator provides staff, utilities, marketing, software systems and much more so the entrepreneur can concentrate on the basic business plan and not have the daily details to worry about. It is this type setting that is seeing the American spirit of entrepreneurs take a chance on creating more jobs, improve existing business models, bring out new products, art, crafts and help entrepreneurs control their own economic destiny. This recession does have a silver lining for the U.S. It's the arrival of many more entrepreneurs willing to make it happen.