I launched okta during the 2008 recession, and it's now a $25 billion company. Here are my 4 recommended steps for starting a business during an economic downturn
. The bar is higher for startups to raise money now, but the best companies tend to find the resources they need, regardless of what the economy is doing.A business that finds itself selling more of a nice-to-have vitamin than mission-critical medicine will quickly find itself sidelined. When business leaders are concerned about the economy, they scrutinize the bottom line even more.
Entrepreneurs should comprehensively evaluate and understand the reach, scale, and demand for a business offering before jumping in to build it and, once they do, not get carried away with the highs and lows of the stock market. Your business needs to fulfill a specific and long-lasting need, but you also have to ensure you'll have a path forward when needs change.
In the PowerPoint deck I presented to my wife, I outlined every practical concern, including how we would manage health insurance, how my salary would work, and how we'd handle major expenses. I listed feedback from all investors , where financing would come from, and four scenarios of outcomes so we could prepare for the best and the worst.
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