There’s an interesting article in the New York Times today discussing how difficult economic conditions and a tough job market are forcing people to think about how they can make their own work. “Forced Entrepreneurship,” as it is referred to by Mark V. Cannice, (ED of the entrepreneurship program at the University of San Francisco), is where people figure out a way to make money from their own work.
One of the easiest ways for a person to do this is setting up a website and complementing it by using online social media venues like Twitter and Facebook. I’ve seen an uptick in domain offers, although they are mostly for brandable domain names owned by friends and colleagues. I believe this is a sign that many forced entrepreneurs are looking to build their unique brand online, and when they find their idea domain name is already registered, they are trying to buy it in the aftermarket.
I personally don’t really care to invest in brandable domain names, as I liken them to lottery tickets, but I think there is growing interest. With the job situation poor for several months and getting worse, many people are going to give up on their job searches, and some will try to build a business on a dream they may have had for years. I think this is going to lead to more domain sales and registrations.
Some times it takes conditions like this, for Entrepreneurs to take a leap of faith and finally pursue their dreams.
Looks like it’s time … to join us all in getting rich quick … with domain flipping. 😉
@Steve – I think it’s far more likely to go broke quick 🙂
I love it. All those “brandable domains” don’t have traffic so then they need to come to you or I to buy traffic. I see $$$ coming our way eventually. 🙂
Regarding the article, my business class professor in college always loved to say, “When pockets are empty, minds are full”. He always let us know over and over that he invented the saying. It is so damn true though…….when you run out of cash your mind starts spinning out of desperation.
“When pockets are empty, minds are full”
I like that quote.
Are you seabass?
What industry do you think should receive all this forced entrepreneurs?
Do you think they will think on ebay first?
Or what industry?
I think some will think Ebay, but that’s easy – and much of it is selling junk from home to get cash. I don’t think Ebay is very entrepreneurial in most cases though.
Hmm, i agree with the quote you mention above for the most part.
However, since over 90% of all small businesses fail within their first 5 years it still remains to be seen whether the people that didnt really have the cojones to strike out on their own in times past will necessarily have a better chance of success just because striking out on their own is now potentially their only option.
Successful people succeed. Successful people make things happen regardless of circumstance. Of course, many successful people first fail before they succeed but they success because they are persistent in striking out on their own and making things happen. Im not so sure that the type of people that are “forced entrepreneurs” will be in the successful category.
Either way it will be interesting to see what happens – interesting post!
If you’re not in the type-in/generic league, then good brandables are the next best thing, but you can do better than a lottery ticket, if you have a good eye, even on the drops.
There are lots of good clear names that resonate with consumers still left to register. Just be careful that the niche isn’t too specific: GreenToothbrushStore dot com, or to ambiguous: GoodStuffDeals dot com 😛
The concept of forced entrepreneurs is very interesting. I agree with Domain Superstar. It takes a certain caliber of person with determination, resilience, and drive to succeed as an online (or offline) entrepreneur.
This climate provides a big opportunity for those who are in the business of team building in home based businesses.
I’m curious about the domain purchases. Thank you for the interesting read, Elliot.
I appreciate you.