When metal worker Ken Kash was laid off in July from his job at a theatre set company, he decided not to look for another full-time position. Instead, he’s pursing a longtime dream: launching his own company.
“I’m 48, and I feel that if I wait too much longer, I won’t have the energy or ambition,” says Kash, whose Hillsborough, N.J., company takes commissions for metal furniture and ornaments. “Now’s the time to make the move.”
Kash isn’t alone. Entrepreneurship experts say many people feeling squeezed by the tight job market are looking to become their own boss.
For aspiring entrepreneurs, getting started in the middle of an economic meltdown isn’t easy.
Bank lending is extremely tight, credit-card companies have hiked rates and cut credit lines, consumers aren’t spending, and stock portfolios and retirement accounts that might once have provided business founders with working capital have been decimated.
Want to borrow against your house to fund your company? Good luck finding a willing lender.
Photo by MSDesigns.