Most college seniors are sweating now due to the economic downturn: How am I going to find a job? But maybe there’s also a bright side to all of this. As bad as it might seem to do a startup, right now might be the time to do so. You might be thinking, “What? Crazy!” Well, let’s look at some of the positive things for young people.

1. Less Competition. As VC cut back their funding, many companies are going to die. Layoffs are in now. Moreover, fewer people are going to enter the industry. If you’re a younger person or a college student working on a project on his spare time, chances are you are not funded anyways. In a sense, it levels the playing field. You are more competitive now.

2. Real Products. I think a lot of young people try to make products that are neat, but probably aren’t that valuable. It doesn’t solve any problems. For example, do we really need another superpoke 2.0? Often times, this is driven overvalued acquisitions spurring unrealistic motivations. Hard times forces you to think, are we solving a problem?

3. Buy. Like Warren Buffet’s philosophy, sell when everyone is greedy, and buy when everyone is in fear. Similarly, Paul Graham explains that you are investor in your own company.

4. Taking some time off. For many, it’s tough to find a job right now. Chances are you will some weeks, or even months submitting applications and interviewing. Why not take some of this time to code something you are passionate about. If things don’t work out, saying you build something and putting on your resume will not hurt you.