The Best of Times, The Worst of Times

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What would happen if your revenues decreased by 44% in one year and looked like they would continue to fall in the next 12 months?

Or increased by 30% rapidly and because of an unpredictable series of events?

The recent downturn in the mortgage market reminds us how quickly things can go sour. Countrywide, a mortgage lender, reported this week that the number of mortgage applications have decreased 44%. While the real estate slump and sub-prime mortgage mess might have been predictable, businesses were too busy raking in the money to create a contingency plan.

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A New Way to Get Funding

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In today’s National Dialogue on Entrepreneurship, they discussed online resources for funding for small business owners. A new source that I hadn’t heard of before is Prosper.com. It’s a great idea! When you’re looking for funding to start up a business, or launch a big marketing campaign, or buy new equipment, you log onto their website and post your request. People who want to lend you money, many of them individuals or small groups of investors, will “bid” on your request. Prosper.com helps manage the transaction.

Pretty cool, eh?

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