| 00:00:00 |
00:00:05 |
Let's talk a little bit about
this economy that we find ourselves in. |
| 00:00:06 |
00:00:09 |
In the U.S. and in various parts
of the world, |
| 00:00:09 |
00:00:14 |
certainly there is a whole new
perspective on discretionary spending, |
| 00:00:15 |
00:00:17 |
a whole new perspective on
the availability of funding, |
| 00:00:18 |
00:00:20 |
and one of the things
that you've talked about, |
| 00:00:20 |
00:00:24 |
is it's the responsibility
of entrepreneurs and, |
| 00:00:25 |
00:00:29 |
business owners who really are
at least half of most economies, |
| 00:00:29 |
00:00:32 |
to pull us out of this difficult situation
that we're in. |
| 00:00:33 |
00:00:37 |
So tell us a little bit about
how does one actually do that. |
| 00:00:38 |
00:00:41 |
Well I think bit companies
are going to retrench, |
| 00:00:41 |
00:00:43 |
and there's going to be
a lot of people laid off, |
| 00:00:44 |
00:00:48 |
from big companies, and therefore,
a lot of those people who are laid off, |
| 00:00:49 |
00:00:51 |
can become the entrepreneurs
of the future. |
| 00:00:51 |
00:00:54 |
And I think will become
the entrepreneurs of the future. |
| 00:00:55 |
00:00:57 |
There are also going to be
a lot of small companies out there, |
| 00:00:57 |
00:01:01 |
who have still got
reasonably good cash flow, |
| 00:01:02 |
00:01:05 |
and they even have got
some lines of credit. |
| 00:01:06 |
00:01:09 |
And I think those kinds of companies
and Virgin included, |
| 00:01:10 |
00:01:14 |
must try to help expand,
expand out of this problem. |
| 00:01:15 |
00:01:18 |
You know they must look for opportunities,
and there will be hundreds of opportunities around |
| 00:01:20 |
00:01:22 |
and they must try to get out
and employ people, |
| 00:01:23 |
00:01:27 |
and they're going to find that
their cost basis is going to be less right now, |
| 00:01:28 |
00:01:30 |
They are going to be able
to employ people, most likely, |
| 00:01:31 |
00:01:33 |
slightly more cost effective ways
than they have in the past. |
| 00:01:34 |
00:01:41 |
And I think that if thousands of
small companies can try to fill in the gaps, |
| 00:01:41 |
00:01:45 |
that some of the bigger companies
are going to create. |
| 00:01:46 |
00:01:47 |
OPEN:
Inside the Entrepreneurial Mind |
| 00:01:47 |
00:01:51 |
Richard Branson
an OPENforum.com event |