Cringely is fast becoming one of my favorite writers:
One question I am frequently asked because of my background is if this is a good time to be an entrepreneur — a good time to start a company? Understand people have been asking me this question for 30 years — a period of time that encompasses some major booms as well as two of our deepest recessions. And the funny thing is that my answer to this question never changes: it is always a great time to be an entrepreneur and start a business. And with the passage of time I tend to think it has only gotten better, even today.
More here.
Better companies outperform worse ones in recessions and booms. If you can satisfy your customer, you should start a company and do so.
Not Unreasonable 