Opportunity is out there for the taking.  That's an indisputable fact, even in this economy.  Would it surprise you to learn that innovation actually goes up in recessionary times?  Well, it's true.  For example, during the 1982 recession, the PC was born, and the 1990 recession produced a record 174,711 patent applications for new inventions.  What's going on here?  A lot.   When the economy is slow, you have precious time to follow your dreams and create that invention you've been thinking about but never had the time to build.  When the economy is growing, everyone's so busy making money as fast as possible that the plans to change the world with a great discovery go by the wayside.  There are other reasons why innovation goes up when the economy goes down.  That invention or business you're planning will probably cost you less to build now because prices on supplies and components are coming down so you'll be able to strike some fantastic deals that will definitely go away the minute the economy starts to look better.  If that isn't enough to convince you, today you will likely face far less competition than you will in a bubble because so many people pull in the reins at times like these.  That's an opportunity for you that you can't afford to pass up. 

If you have a product or business idea that you've been toying with, now may be the time to conduct some small experiments to see if your idea has legs.When things start to turn around (and no one knows when that will be) you won't be able to fail cheaply or test your idea with little competition.  But if you've done your homework now, you'll position yourself to take advantage of the upswing when it does happen.  Here are a couple tips that may put you on the right path.

• During recessionary times there are lots of problems that need to be solved.  Any one of those problems could be the inspiration for a new business. Focus on solving real problems and you will have real customers.
• Prepare for the rebound by lining up your suppliers, locking in some potential customers, and planning your marketing campaign. These are all time-consuming tasks that you can afford to do now.
• Learn as much as you can about new media strategies like social networking, blogs, Twitter, and so forth.  It takes time to get the hang of all these things, so there's no better time than now to get started up the learning curve. Two good places to start are www.marketingprofs.com (a one-stop source for marketing tools and tips) and a terrific book Groundswell, which will help you understand how to take advantage of new media to grow your business inexpensively.