Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
Times of economic turbulence may bring renewal. In the technology sector, for instance, many small entrepreneurial firms disappeared, either through bankruptcy or acquisition, after the fortunes floundered in the irrational exuberance of the dot-com boom. (No bail out for them!)
But many of their ideas survived and transformed the market. The Internet itself became a new ecosystem, with emergent technology models such as social networking, rough-hewn consumer feedback, Web-based classified advertising, and blogging replacing dot-com era concepts.
Similar transformations have many times before: During the Oil embargo of the 1970s, for example, and at the end of the Cold War, when many Central European countries and companies joined what are now called Emerging Markets.