According to the National Bureau of Economic Research on December 1st, 2008, the US economy has been in a recession for all of 2008 starting in December 2007. A recession is defined as two consecutive quarters of “negative growth” (stupid oxymorons) or the GDP.

According to the NBER, the expansion that ended in December 2007 began in November 2001. Considering most expansions last for 38 months… we were due.

In times of financial turmoil, wouldn’t it be easier to work for a big company? As an employee of a Fortune 20 company, I’d argue the exact opposite. For starters, while the recession has been around for only one year, my company has posted negative growth for a full two years and expects the trend to continue through 2009. So 2007 was worse than 2006, 2008 was worse than 2007 and it’s expected 2009 will be worse than 2008. Due to this negative growth, the company has been forced to perform a RIF (Reduction In Force). While I personally have not been affected, quite a few people from my group were. Granted the company I work for will not go under anytime soon, but there is no guarantee that my employment is safe even if I am a rock star. At least if you run your own business, you completely control your destiny.

In my view, a recession is the perfect time to start an online business or side business in order to build some cushion in case you are caught up in a RIF. What’s the worst that could happen? Perhaps you’ll find the right niche and fire your corporate job!

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