July 24, 2003 1:09 PM

Time to hang out the shingle?
Posted by Douglas Eisenhartat 1:09 PM

In this prolonged economic downturn, a huge number of qualified, experienced workers have been laid off. Needing income in a very tight market, they are forced to be creative about finding work, a classic "necessity is the mother of invention" scenario. Career Journal's piece, "Frustrated Layoff Victims Turn to Entrepreneurship", reports on this new breed of small business start-ups:

With nearly three million jobs cut in the current recession and job searches averaging longer than they have in decades, some frustrated layoff victims have risked starting their own business, often by investing their severance or savings. Many likely will fail. Small businesses face long odds even in good times, and last year the estimated number of small-business closures, 584,500, exceeded the 550,100 start-ups, according to the Small Business Administration, a public advocate for small-business interests in Washington.

Yet many entrepreneurs insist the bet is well worth making. Some see entrepreneurship as a declaration of independence after years of working for others. Others say they have simply lost faith in the job market after months of fruitless searching.

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