I talk to quite a few small business owners. And just a year ago, things looked pretty good.

But with the sudden credit crunch -- and slowing economy -- things have certainly turned for the worst. Unfortunately, I know a variety of people who have had to shut down their businesses. Hey, even mega companies, like Lehman Brothers (NYSE: LEH), are having a hard time staying afloat.

Well, this is the topic in a piece in the New York Times. Basically, it looks like many small business owners are looking for alternatives, such as full-time jobs (if they can find them) or going back to school.

Actually, this should be no surprise. Running a small business is extremely difficult and time-consuming. And, because of the lower margins, it doesn't take much for a profit to become a loss.

Moreover, some of the biggest problems are in ailing sectors, like housing, construction, finance, travel, and so on. Something else: rising energy and commodities prices are making things even worse.

No doubt, things look pretty glum. But keep in mind that some of the greatest businesses emerge from such times. After all, just look at Microsoft (NASDAQ: MSFT) and Oracle (NASDAQ: ORCL). These companies started during the mid 1970s, when the U.S. economy was mired in stagflation.

In other words, if you have a great idea for a business -- and want to take some risks -- then give it a shot.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He is also the founder of BizEquity, a valuation website.