The economic news these days can seem grim. Government efforts to rein in soaring inflation are predicted to lead to a recession, which usually means job cuts, fewer raises, and general belt-tightening for companies and employees.
But recessions also tend to mark new beginnings. Uber, Airbnb, Square and Venmo all were born during the Great Recession of the late 2000s. Microsoft was founded during the energy crisis of the mid–1970s. "And the time when firm formation rates were at their highest in our country was during the Great Depression," said Patrick J. Murphy, Ph.D., professor and Goodrich Entrepreneurship Chair in the Collat School of Business. "When larger structures break down, it creates a lot of problems — which call for entrepreneurial responses."
Murphy leads UAB’s entrepreneurship program, which includes a major and a minor, an MBA entrepreneurship concentration, and a Technology Commercialization and Entrepreneurship Graduate Certificate.
"At a time like this, when uncertainty is high, that’s when entrepreneurs see opportunities," Murphy said. Launching a business in a tanking economy may seem foolhardy, but successful entrepreneurs do not look at the world in the same way that others do.
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