For many people, the idea of starting their own business has been a bit of a pipe dream – a risky idea that could only happen if all the stars aligned just right. The current economic disaster has changed all that, and entrepreneurship is now not only a good option, it’s the only option for a lot of us. Here are a few things you need to know about entrepreneurship in the new economy.
The jobs are gone … and they aren’t coming back.
This economic disaster is going to recover solely on the backs of small business. The government programs and oversized corporations aren’t going to create jobs, in fact some of the most profitable behemoths are continuing to lay off workers, using the economy as an excuse. New businesses have been shouldering the load of job creation for decades … over 80% of new jobs come from companies that are five years old or younger. Starting your own business not only secures your own worklife and financial future, you will be making a positive impact on your local economy as well.
Entrepreneurship is your best bet to a better life.
Building a business means securing your own future. You can’t be laid off, you set your own hours, you even control your own salary. If you want to earn more, you work harder and smarter and grow your business. If you want more free time, you delegate responsibility and take the time you need. Entrepreneurship is the best, if not only way to take control of your worklife and financial future. Remember, the boss never gets laid off.
Not risky if you do the work.
Most non-entrepreneurs assume that starting a business means taking a major risk. Experienced entrepreneurs know that’s just not true. Launching a successful startup is all about hedging risk by doing your homework and developing a solid plan before you start. Know your product, your competition, and your market inside and out and you will be ready to make the right decisions for your business at just the right time.
Recessions are great for startups.
Many people believe that starting a business right now is a bad idea. After all, money is tight and there are businesses closing their doors all over the country. The truth is that this is a great time to start up. All those closures have flung open doors of opportunity in just about every industry. Resources are cheap and readily available – commercial space leases are more flexible than ever, vendors are desperate to land new customers, and quality employees are hungry and ready to work. And by starting now, you company will be positioned to explode as the economy begins to recover.
You’ll never go back.
The vast majority of people who jump into entrepreneurship out of necessity are surprised to discover just how fulfilling the experience really is. We know a former ad executive who is now making documentaries, a former construction VP who runs an education company, and an ex-corporate attorney who is succeeding with a couple of online retail stores. The one thing they have in common? None can even imagine returning to work for somebody else. If you’ve ever considered going out on your own, now is the time to make it happen!