Bad Economy? Become An Entrepreneur
I normally write this column from the viewpoint of the established entrepreneur.
However, in this column I would like to explain to people who are considering or who must consider new livelihoods, that entrepreneurship may be the perfect vehicle for them.
In today’s tough times, working for someone else is no longer considered secure. With an unemployment rate heading northwards of 10 percent and an economy that is not yet stabilized, now is the time to consider starting your own business.
Being in charge of your own destiny is both scary and rewarding. It is scary as everything rests on you, yet it is rewarding for the very same reason.
So many people say that entrepreneurs are born, but I am here to tell you that entrepreneurship is a learned discipline. Some people just learn faster than others. The best entrepreneurs that I have seen are those who are committed to learning continuously and really care about people.
Starting a small business in a smart way will significantly reduce the risk of this undertaking. First, lack of adequate capital and lack of knowledge about the business are what kill small businesses. Both of these risks can be eliminated by approaching the task of starting a business with caution and knowledge.
The best way to ensure that a start-up business has adequate capital is to start slowly and let the funds build up through operations.
I frequently recommend that prospective entrepreneurs do not quit their jobs to start their businesses, but that they start in the evenings and on the weekends. By starting on a part-time basis, the cost of start-up is much lower, and as an added benefit, you get the opportunity to see if it is really what you want to do before you go into it full time.
Additionally, limiting how many dollars you want to put into the new venture reduces your risk and loss.
In order to be successful, a potential entrepreneur has much to learn, but there are so many places to get help. The U.S. Small Business Administration has set up Small Business Development Centers in almost all medium to large size cities, usually those attached to a university.
At these centers, counselors will guide you through the process of getting needed licenses, legal documentation and so much more. Small business centers are wonderful sources of help and assistance.
Continue Reading: “Bad Economy? Become An Entrepreneur”
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Jackie on May 28th, 2009 9:13 am
I think with the present economy, franchising is the best option, would like to share this franchise opportunity which I came across -
http://www.bizymoms.com/franchises/opportunities/gourmet-dessert-shops.html
offers support without all the usual franchise fees.
Curt on May 28th, 2009 7:46 pm
Better yet, find an entrepreneur that you can begin working for in a new business. That way you can avoid much of the learning curve and start recieving income right away. It’s risky, but less risky then starting your own business and perhaps less risky then trying to find another job.
Franchise Information on May 28th, 2009 8:17 pm
Every time an economic crisis occurs, new opportunities emerge. Rather than working on a square job outside, spend your time researching on work from home opportunities so you can have your own savings and enough time to spend on starting your own Business. The perfect business to start during these times is a Franchise.
Leigh Anne Wilkes on May 28th, 2009 9:53 pm
Being an entrepreneur definitely has its ups and downs but one of the benefits, during these uncertain times, is that you don’t need to worry about being fired or laid off because you are the boss. You are in control of your job! I love it!
lazikiwe on May 29th, 2009 9:21 am
Even though the current economic times calls for having a steady income and hanging on to one’s job, the ultimate goal is always to get to a point when one can work for themselves and never have to worry about being laid off
Cobb Business Guide on May 29th, 2009 3:28 pm
Thanks for the heads up! Starting up a small business from home could range from being a data entry clerk, completing surveys for companies where you are paid for your opinions on products and ideas, assembling artifacts at home and selling them, among a host of others. However, the most prominent among the considerations of starting a business from home is either affiliate marketing and selling your own consumable products online.
Cobb County
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