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We live in undeniably strange and contrasting socio-economic times, as although technological advancement continues to empower aspiring entrepreneurs their dreams are often restricted by the threat of global recession. While many may give up on their goals, however, there are a select few that have sought out opportunity amid a barren economic wasteland.

Take the automotive industry, for example, which has experienced significant decline since a prolonged period of expansion during the 1960’s and 1970’s. Detroit, which was once the car manufacturing capital of the world, stands as an embodiment of this decline and offers testament to the evolutionary and relentless nature of the traditional automotive industry.

How Times have Changed in the Automotive Industry

That said, however, some of the most renowned entrepreneurs have made their fortune after capitalizing on such radical technological and social change. Just as sites like Amazon and eBay introduced the concept of e-commerce and revolutionized the way in which consumers shop, so too contemporary automotive entrepreneurs have had a similar impact in terms of producing and selling cars. Consider the following: –

Hybrid Vehicles: The concept of hybrid vehicles arrived at an ideal time for the automotive industry, as declining sales of traditional cars was partially influenced by the growing sense of environmental responsibility among consumers. Hybrid technology goes along way towards appeasing these ecological concerns, as it uses dual methods of propulsion to power a vehicle and reduce its level of carbon emission. Through the application of both petrol and electric energy sources, hybrid manufacturers can satisfy the needs of modern consumers without impacting on the performance of individual vehicles.

Electric Vehicles: To those who are committed to affecting long term environmental change, however, hybrid technology is little more than a stepping stone towards fuel free vehicles. Some entrepreneurs have therefore resolved to invest their capital into the design and development of electric cars, which are entirely non-polluting and zero-emission vehicles. There is a greater degree of risk associated with these cars, however, as despite their ecological advantages their performance is not as reliable as their hybrid counterparts. This is part of the wider challenge for entrepreneurs, who are keen to secure first advantage within the market.

Synthesized Petrol Driven Vehicles: The automotive industry is also a source of innovative and ground-breaking ideas, which propose the introduction of technologically evolved and brand new energy sources. For example, a British based firm has recently experimented with the development of synthesized petrol, which manufactures gasoline from carbon dioxide and water vapor. As it looks to build a larger scale commercial plant and develop fuel that is also suitable for aviation, there is an immediate opportunity for entrepreneurs to invest in a forward thinking and revolutionary venture.

The Bottom Line

The lesson provided by the modern automotive industry is that opportunity can emerge from even the most difficult of circumstances, and this is where entrepreneurs differ from their fellow citizens. As individuals, entrepreneurs have the ability to visualize an issue and a potential solution, and it is this mindset that has enable the automotive industry to grow amid rapidly changing economic and social circumstances.