Even more problematic, is the fact that those you have hoped on for initial funds may disappoint you at the last minute. However, personal finance experts Say that die-hard entrepreneurs­ will launch their business at the tail end of the-sluggish period, irrespective of the challenges.

The chances of your start-up timing being perfect may be slim at best. However, that doesn't mean you shouldn't test the entrepreneurial waters. Some experts argue there is no good time - or bad time - to start a business. Here are five keys to launching a small business, and keeping it afloat, in an uncertain economy.

1. Keep an eye open to opportunities:
If you have been bitten by the entrepreneurial bug, pay attention to the impact the sluggish economy is having on different sectors. To spot opportunities, keep an eye on the business press for reports of downsizing by local companies.

2. Be extra diligent about your due diligence:
You think you've got a good idea, but does the marketplace? Uncertain economic times demand that any new enterprise has legs enough to keep going in the face of tight money and sluggish demand.

Diane Denslow, Associate Director of the Jim Moran Institute for Global Entrepreneurship at Florida State University , urges potential small­ business operators to do a feasibility study even before they set pen to paper and craft a business plan.

First, do some homework. By all means, talk to people already in the field – to determine if there really is demand for what you want to do. Then, figure out if you can do it profitably.

Take a hard look at costs of the enterprise and weigh those against the price you think you'll be able to charge b. for your product or service.

It is also essential that you be honest about your own shortcomings. You may have the primary skill needed to succeed at the business you've chosen. For example, you're an excellent cook, who intends to open a restaurant, but what about the more generic aspects of running a business? The marketing? The accounting? If you need help, get it.

3. Cast a wide financing net:
If you somehow can persuade a bank to finance your business idea, borrow as much as you can for as long as you can. With interest rates that will not leave you working perennially for the banks.

Problem is, slumping economy has made it much tougher to qualify for financing, and chances are you would not be able to get a conventional bank loan for the business. So, time to think outside the bank. Stan Madek, Director of Wale Forest University's Angell Centre for Entrepreneurship, suggests these four alternatives:

a. Friends and family. If you cannot convince the people who know and love you that you have got a great idea, whom can you convince?

b. Potential customers. Identify customers who have a real need for the product or service you plan to sell and see if they are willing to buy in as investors. They may well be interested, depending on how badly they need what you're selling.

4. Be tight with your money.
Wherever you find your money, uncertain economic times demand that you be careful with it. Don't spend your money too quickly and make sure you have got a pot of cash in case the slowdown lasts. And if you are operating, thanks to investors, be sure you have a clear understanding of the milestones they expect the business to reach in the short term, and make certain you have the money on hand to make that happen.

5. Operate Creatively.
This is almost a corollary to the preceding point. The name of the game is to stretch your operating cash to the maximum extent possible. That requires creativity.