Entrepreneurship: not just for non-conformists anymore

For many Americans, the idea of ​​starting their own business has been a pipe dream, a risky idea that could only happen if all the stars aligned correctly. The current economic disaster has changed all that, and entrepreneurship is now not only a good option, it is the only option for many of us. Here are some things you need to know about entrepreneurship in the new economy.

The jobs are gone… and they’re not coming back.

This economic disaster is going to recover solely on the backs of small businesses. Government programs and oversized corporations are not going to create jobs, in fact, some of the most profitable giants continue to lay off workers, using the economy as an excuse. New businesses have been shouldering the burden of job creation for decades…over 80% of new jobs come from businesses that are five years old or younger. Starting your own business not only secures your own work life and financial future, it 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 own future. You can’t get fired, you set your own hours, you even control your own salary. If you want to earn more, work harder and smarter and grow your business. If you want more free time, delegate responsibilities and take the time you need. Entrepreneurship is the best, if not the only way to take control of your work life and your financial future. Remember, the boss is never fired.

It’s not risky if you do the work.

Most non-entrepreneurs assume that starting a business means taking a big risk. Seasoned entrepreneurs know that this is 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’ll be ready to make the right decisions for your business at 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 businesses are closing their doors across the country. The truth is that this is a great time to undertake. All of those closures have opened doors of opportunity in almost every industry. Resources are cheap and readily available: commercial space leases are more flexible than ever, vendors are desperate for new customers, and quality employees are hungry and ready to work. And by starting now, your business will be positioned to explode as the economy begins to recover.

You will never come back.

The vast majority of people who jump into entrepreneurship out of necessity are surprised to discover how satisfying the experience really is. We meet 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 having success with a couple of online retail stores. The only thing they have in common? No one can even imagine working for someone else again. If you’ve ever considered going out on your own, now is the time to make it happen!