What do we need to turn this economy around? Small Business Trends recently took a look at a solution that would help everyone.
With Americans becoming increasingly concerned about the economy and the government stepping in with short-term solutions designed to stimulate the economy, the answer is clear: We must support and encourage entrepreneurship and new entrepreneurial initiatives.
3 Things for Entrepreneurs to Keep in Mind
Don’t indulge in delusional thinking.
In this changing economy where unemployment is stuck at 9.6 percent, it’s a mistake to think that we’re going to return to the way things were anytime soon. And who would want to? Things weren’t all that economically great before the recession began.
Be realistic.
[Stick] close to what you know. Capitalize on your existing skills and experience when starting up. This will not only help you get your business up and going very quickly, it will also save your time and money.
Expect more and less from your bank.
The days when a small business owner could walk into their hometown bank and borrow money to tide over their struggling business are long gone. Nowadays, banks are asking you to front them money by asking you put up your personal residence as collateral to secure your loan. Expect this and be prepared with a solid business plan.
Photo by Anthony Easton