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Can new businesses survive during a recession?

When 60% of new businesses fail in the first 3 years in normal times and in the UK more than a quarter temporarily closed due to Covid-19 it is possible to successfully launch a new business during a recession?

The answer is YES as history shows that businesses can survive with General Motors, IBM, Uber and Just Eat all being set up during times of economic downturns.

Coronavirus may actually serve as a catalyst to creation as more people need to start a business when jobs are scarce and it has created some new opportunities such as supplying PPE.

It’s interesting to observe how some businesses have adapted quickly like local pubs running take away and stores setting up click and collect however on a walk round my local high street recently I was surprised how some major chains are still yet to open which must beg the question whether they have the right adaptability to survive.

Interesting links

https://www.thisismoney.co.uk/money/smallbusiness/article-7869877/Setting-new-business-2020-five-things-need-know-started.html

https://www.bbc.co.uk/news/business-53075485

https://www.cnbc.com/2020/05/11/coronavirus-why-it-might-not-be-such-a-crazy-idea-to-start-a-company.html

https://www.prowess.org.uk/set-up-business-today/

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