It is not ignoring or under-rating the suffering experienced
by many as a result of this recession to point out that it is by no means
of the 1992-94 recession in the UK at the University of Bristol, no less, shows
that most households were still earning “appreciably more” at the end of the
recession than at the beginning – and one in six saw their incomes rise by more
It should be noted that the current recession is already far
more severe and far more widespread – and panic reactions by some governments
are likely to make it more long-lasting.
Nevertheless, it should not be forgotten that a lot of
people are still not suffering at all, and others are actually doing quite
well, thank you very much.
In particular, it should not be forgotten by entrepreneurs –
who have a vested interest in identifying these people and making them their
For example, people working in the public sector – who are
in large part responsible for the mess – are unlikely to suffer much from it:
unjust as this is, it provides a cushion for businesses in places with a strong
public sector presence.
In the same way, the very poor are unlikely to get any
poorer, at least not in Western countries where most of them live off state
benefits which are, for all practical purposes, fixed.
Businesses whose normal target market is low income groups
are doing quite well. So are businesses who do business with such businesses.
At the other end of the spectrum, the very, very rich are said to be
“suffering”, but, in most cases, this is relative. If millionaires are buying
Jaguars instead of Bentleys, it means there are more opportunities for Jag
There is money out there – but entrepreneurs need to look
harder for it.