Several recent studies have shown that entrepreneurship in the U.S. has declined as a result of the economic recession. And with new companies contributing two-thirds of U.S. job creation, the downturn has adversely affected employment. as well.
Even among those successful enough to maintain their startups through the collapse, the meter of success has waned. Several honorees of the Arizona Republic's list of "35 Entrepreneurs 35 and Younger" have had to rehabilitate their ventures.
In 2005, Victor Vidales launched an LLC in Arizona called South Downturn Properties, a land development company. But one $10 million townhome project never got off the ground, as the project was supposed to be completed right around the time of the housing market collapse.
Now Vidales hopes to break ground within 10 years.
"Nobody wants to be in this business," he told the Arizona Republic. "It's not just the distressed homes we're dealing with. We're dealing with the distressed homeowners. We had to learn that side of the business and that's really what has kept us going is just relearning where the niches were in the market. We're doing the hard stuff, the hard work that most people don't want to do and didn't want to do."
Tags : az, financial management, form an llc, small business management
Posted: Oct 25th, 2010