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Recession 'could produce Lindsey Lohan-style entrepreneurs'

The recession could inspire more people into embarking on entrepreneurial pursuits such as starting their own businesses, in the way that Lindsey Lohan did, one expert has said.

According to national enterprise network NFEA, despite the global economic downturn operating a business from home is still a legitimate pursuit and many people are seeing entrepreneurial opportunities.

Lindsey Lohan launched her own range of leggings in 2008, after becoming famous for wearing the item of clothing.

She told Life and Style: "They'll have designs. Some of them will have prints and some will have patterns.

"I'm going to do it. I love leggings."

Her 6126 brand launched at LA boutique Intuition sold out in their first week of being on the market, proving the possibilities of success for entrepreneurs with a good product and business plan.

George Derbyshire, chief executive of the NFEA, said ahead of the forthcoming Home Enterprise Week, which will take place between July 6th and 10th, that people should dismiss the myth that a home-operated business is not a proper firm.

He explained: "We want to put those enterprises on a respectable footing as it were, and just make the point that it is a legitimate and respectable way to operate business.

"It does have its advantages, and there are lots of other people doing it as well. This is a time when many people are seeing that there are opportunities to start their own business."

It is the first year the NFEA has hosted the Home Enterprise Week there are now more than 60 per cent of small businesses now started from home and over eight million people who earn a living from their own premises, indicating a need to address this topic.

The event will give existing home businesses the profile and support they need, as well as introducing the home enterprise concept to current and future start up businesses.

Entrepreneurs looking to start or grow a business from home will be able to access information, seek inspiration and meet other home business owners from their local area.

Research from the Chartered Institute of Personnel and Development found that the jobs market will continue to shrink in the next three months as the number of employers planning to make redundancies continues to exceed the number of employers planning to hire.

Mr Derbyshire said starting up a business can be a positive way around these negative statistics.

"[There is] a more positive enterprise culture that we have these days, in which many more people are thinking not 'I'll go out and find myself a new job' if they've been made redundant, but 'here's an opportunity to start up a business', which perhaps they have always wanted to do," he concluded.