A Hindu point of view
Some people want to wait for a perfect time to start a business. I will approach this dilemma from a Hindu point of view. Westerners see history as progressive going from simplicity to an evolved state. Hindus see history as being cyclical. Hindus think that in ancient times there was technology that exceeds the technology of today. Apparantly their literature has information that Western literature does not. My point here is that there are times in an industry where there are booms and easy money. There are also lean parts of the cycle where it is harder to survive.
Boom or bust?
If you are an idiot who starts their business during a boom, you might be able to get a foot in the door where you otherwise would not be able to. But, when the bust comes, will you know how to survive? Conversely, if you start your empire during a bust, and learn the ropes, when things start doing better you might make a fortune that exceeds what you could have made if you had started in good times. If you perfect your skills in business, then when good times come, you can really milk it for what it is worth.
A slowly rising tide
Another thing I should note is that starting a business in a field that is slowly declining is a very bad idea. There are cycles in the business world. Real Estate has an 18 year cycle. But, there are other cycles like the industrial cycle. Industry got started in the 1600’s, hit its peak in the 1800’s, and then died down in America in the 1900’s to be replaced by technology. If you trying to start a traditional manufacturing business in 2015, you might have trouble. But, what if you were an expert at robotics and incorporated that knowledge into manufacturing? You might have a winner. Or bettter yet, what if you did consulting to help other people with money use robots for their manufacturing? That might be even better as it would require less capital to get started.
Mastering what is new
I started online directories around 1999. I didn’t know much about technology, but was determined to master the art. Sixteen years later I am still struggling to figure it all out. But, I was forced to learn a lot of brand new skills. I had to learn the basics of SEO which was not easy as I didn’t have a clue. However, I had a great teacher, so I learned what I needed to learn. Next, I had to learn blogging and social media. This took me much longer even thought it was not very technical. It took me six years to get a handle on social media. But, the success of my business wouldn’t exist without having an edge using Facebook, Twitter, and Blogs. So, perhaps it is not about when you should start your business, but more about what you should decide to learn about in 2015.
Here is what is hot in 2015
Crowdsourcing, Mobile Applications, Facebook, mastering newer social networks, creating your own social network (risky, but could have a huge return,) medical technology, robotics, marketing networking such as Amazon, nd last but not least — mastering the art of managing millenials! (sorry for the joke that is really a non-joke.)
Putting aside what your love is, becoming an expert at what is hot and growing could help you become very successful in the future. Even if you don’t love social media, it could help to promote something that you do love. If you love the beaches of Thailand, your Facebook account could get you millions of clicks to your blog about Phuket. If you love widgets, understanding crowdsourcing might help you market your widgets more effectively. Although these new skills may not be applicable to a business like a grocery store, the skills you learn will cross-apply in many ways you are not even thinking of. So, gain some new skills today, and good luck with your business — whenever you decide to start it.