What’s the best time to start a business or a hustle? It’s contestable.
Some think it is during the economic boom when customers or consumers have money.
Others think it’s during an economic recession when things are bad. The argument is that if you make it during hard times, success is guaranteed in future.
Economists will complicate matters and say it depends on the product or service you are selling (let’s add manufacturing).
Is it elastic - how sensitive is it to our income? We still eat, whether the economy is good or bad. And we want to look good, or beautiful, come rain or sun.
Who would not want to make money all the time? A better option is to start several businesses, so that irrespective of the status of the economy, you are making some money.
If you sell cars, you do very well when the economy is booming. If you sell food, anytime. Shylocks are doing well as we suffer now.
You can also have a product mix that defies economic cycles. Hotel chains are good in that, they own high-end, mid-end and low-end hotels, often under different brands.
Check brands under Hilton or JW Marriot. Think of Toyota and Lexus. Brewers do the same; whatever is in your pocket, they have a drink for you!
Hustlers are good at offering everything to everyone, they know what does well in what season. They know what are necessities or luxuries. Noted the popularity of “KDF” (a hard-to-chew kind of cake) now.
It makes you full easily! Notice the popularity of mitumba (second-hand clothes) now? Clearly understanding the customers‘ pockets“ and behaviour matters.
A better question is not when is the best time to start an enterprise; it’s why not just start! No market information is perfect, start and learn. You can only improve what you have!
The simple advice is to start something: you will learn as it grows or fails. Too much analysis creates fear. That’s why academics rarely make great entrepreneurs, they overanalyse as go-getters make money.
Have you thought of starting something? After wasting time analysing, you find someone has run off with your idea?
The best lesson in starting a business is from marriage. Did you miss out on marrying a beautiful girl while analysing? Did you let him go while analysing?
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