Bad Economy and Startups / Entrepreneurship
November 12, 2008 §
Excerpts from Paul Graham
If we’ve learned one thing from funding so many startups, it’s that they succeed or fail based on the qualities of the founders.
Which means that what matters is who you are, not when you do it.If you’re the right sort of person, you’ll win even in a bad economy. And if you’re not, a good economy won’t save you.
Fortunately the way to make a startup recession-proof is to do exactly what you should do anyway: run it as cheaply as possible.
So maybe a recession is a good time to start a startup. It’s hard to say whether advantages like lack of competition outweigh disadvantages like reluctant investors. But it doesn’t matter much either way.
It’s the people that matter. And for a given set of people working on a given technology, the time to act is always now.
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