For many Americans, the idea of starting their own business has been a bit of a weird dream – a dangerous idea that could only happen if all the stars lined up straight. The current economic disaster has changed them all, and entrepreneurship is now not only a good opportunity, but it is also only opportunities for many of us. Here are some things to know about entrepreneurship in the new economy.
Jobs are gone … and they will not return.
This economic catastrophe will only heal in supporting small business. Large-scale government programs and corporations will not create jobs, in fact some of the most lucrative behemoths are still laying off workers, using the economy as an excuse. New businesses have been burdened with 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 working life and financial future, you will also have a positive impact on your local economy.
Entrepreneurship is your best bet for a better life.
Building a business means securing your future. You can not be fired, you set your own hours, even check your 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 get the time you need. Entrepreneurship is the best way, if not the only one, to take control of your working life and financial future. Remember, the boss never fires.
It is not dangerous if you do the work.
Most non-entrepreneurs assume that starting a business means taking a big risk. Experienced entrepreneurs know this is simply not true. Making a successful start is about protecting yourself 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 in a timely manner.
Recessions are great for beginners.
Many people believe that starting a business now is a bad idea. After all, money is scarce and there are businesses closing their doors across the country. The truth is that this is a great time to start. All those closures have opened the doors of opportunity to almost every industry. Resources are cheap and available – Commercial space rental is more flexible than ever, vendors are desperate to place new customers and quality employees are hungry and willing to work. And starting now, your company will be positioned to explode as the economy begins to recover.
You will never go back.
The vast majority of people who venture out of need are surprised to discover how true the fulfillment of experience is. We know a former advertising executive who is now making documentaries, a former vice president of construction who runs an education company, and a former corporate lawyer who is coming out with two online retail stores. The only thing they have in common? No one can even imagine going back to work for someone else. If you have ever considered going out on your own, now is the time to do it!