American entrepreneurs seek new opportunities amid recession

Special Report:Global Financial Crisis

CHICAGO, May 5 (Xinhua) -- U.S. entrepreneurs are adjusting to the current economic environment and are trying to seek new opportunities.

"By and large, no company is doing as well as it was, regardless of size," Lloyd Shefsky, a clinical professor of entrepreneurship at Kellogg School of Management, said.

Bob Billow, managing director of Billow Butler Company, L.L.C., a middle market investment bank, said: "All across the spectrum of industries, small and medium sized businesses have been especially impacted by this very negative environment in which they are operating presently. We can see the pervasive effects of this challenging credit environment impacting so many firms up and down their supply and distribution channels."

R. J. Seidel, owner of an Asian antique store in Chicago, said:"No question we've felt the slow down. I can't say the economic impact on small businesses is greater than that on larger businesses; but it's the small businesses in many local economies that are most affected and are most likely to feel the pain."

However, Shefsky said some smaller companies are prepared because they have not accumulated mass, and the result is they have staying power. "The small and medium companies may even benefit by picking up customers of competitors who are less prepared," he said.

Indeed, many believe that the economic downturn also presents them with unique opportunities. They feel that it is time for entrepreneurs to have a long-term vision and expand their possibilities. When the economy starts showing glimmers of light at the end of the tunnel, existing small and medium sized companies will be in a position to take advantage of the economy.