One of my students sent along an telling tale from Spain. It seems that when times get tough enough, 26% unemployment in the case of Spain, people become incredibly resourceful.
From the Taipei Times:
The crisis sparked by the collapse of Spain’s building boom had wiped out a lot of self-employed entrepreneurs: 625,000 between 2008 and 2011, said Lorenzo Amor, president of the small entrepreneurs’ association ATA.
Last year, however, as the unemployment rate climbed to record highs, their number grew for the first time in the five-year crisis, with 53,000 new registered self-employed, he said, citing government figures.
These entrepreneurs created 72,000 jobs, he added — just about the only sector to do generate any.
I have not been one to advocate taking economic lessons from the Europeans, but maybe this time we should be paying attention. While those in Washington are busy added layers and layers of new regulations, Spain is slashing regulations to try and encourage new start-ups that will begin to rebuild the Spanish economy.
The Spaniards remind us that it is entrepreneurs who lead us out of economic hard times, not government programs.
Great information and reference! Interesting, clear and precise. Congratulations again on a good job Jeff.
I never realized just how heavily world economies can rely on entrepreneurs! I hope this encourages people to really act on their ideas and take a risk in starting a venture that they might not have before. This reminds me of another post I read on your website that talked about how entrepreneurs helped the economy navigate back to normalcy after being hit by multiple recessions. New ideas and hopeful entrepreneurs are so vital to the advancement of society!
This is something we’ve all had to deal with due to us going through an unknown pandemic and ever knowing if it will go away for t he good of our world. I believe when things get tough the more you focus on your goals, yourself, networking with the right type of people the right path will be led sooner than later, and you will soon be given a chance to fulfill your life you want to live.