A recent story from NPR looks at economic recessions in a new way: as moments of great opportunity for enterprising individuals.

The story uses the metaphor of a racetrack to describe the course of the economy: good times are like the straight-aways, and bigger corporations are likely to keep the lead. But downturns are like the curves, which means that smaller, savvier corporations can gain serious ground.

Past Success in Hard Times

Research supports this analogy to a certain extent: some studies show that market share tends to shift significantly during recessions, and other research suggests that as many as one-third of companies that enter hard times as leaders emerge behind the pack.

• The iPod: The last U.S. recession was in 2001, after the dot-com bubble burst. That was the year that Apple released its iPod. The product improved upon existing options and (as you probably know) remains wildly popular today.
• The Zipcar: Last time money was tight, the Zipcar company offered an option for city dwellers who wanted to use cars now and then. The vehicle-sharing business model combined frugality and convenience and remains a popular staple in many American cities.

Make the Recession Work for You

Not every part of your life has to feel like bankruptcy. So how can you turn economic crisis into a time of personal growth? If you’ve lost your job or had your hours cut, you may find yourself with more time on your hands than you once had (even after factoring in the hours spent job hunting). You can make that time work to your advantage:

• Bargain hunt: The Internet offers amazing bargains on things you (or your friends and relatives) might need. Sites like Freecycle.org and Craigslist.org are great places to find deals, but require time to sift through. Offer your services as a personal shopper for people you know – if you like to shop, everyone wins.
• Start a blog: If you have a passion and like to write, you can start a free blog online (sites like Wordpress.com offer easy setup). At best, your blog could become popular among like-minded individuals and turn into a source of income; at worst, it’ll provide you with a place to vent your thoughts and ideas, which is still pretty useful.
• Fix things: If you’re handy, doing repairs on your home/car/appliances could save money down the road. And, if you’re really handy, offer to help neighbors and friends.
• Learn something: Any skill you need time to learn could be useful in the future. This might be the chance you’ve been waiting for to go back to school or pick up a new skill.
• Cook from scratch: Old-fashioned kitchen work takes more time than buying pre-made products, but is often much less expensive. Learn some recipes for bread, soup, pasta and sauces and save on grocery bills.

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