It has been a year since Wall Street collapsed, sending the world into arguably the worst economic recession ever. Yet despite the doom and gloom headlines we see and hear every day, there has never been a better time for people with entrepreneurial spirits to get out there and make their mark. Why is that? The truth is, no matter how bad or good an economy is, people are always earning money. Good opportunities persist in any economy because good people persist with businesses that cater to what consumers want to buy. And intelligent people will see that the new Economy presents a wealth of opportunities for all ranges of people who have a dream and a solid work ethic.
One of the largest factors making over here the new Economy so ripe for small business success is the Baby Boomer generation. Millions of articles have been written about this group of people who were born between 1948 and 1964, and for good reason. There are a lot of them, which translates into a lot of money being spent each year by this group. As they have gotten older, their needs and desires have changed, opening up new markets for small businesses to give them what they want. Smart entrepreneurs starting a small business will position themselves in front of this enormous consumer group and capitalize handsomely on providing their clients exactly what they want.
Another key ingredient that makes the new Economy a hotbed of fresh small business opportunities is the shift in the workforce from an employee-mindset to an entrepreneurial-mindset. Unwilling to follow in their parents footsteps, members of Generations X and Y are saying no to the cubicle and saying yes to their own small businesses where they run the show and call the shots. Because the New Economy is a welcoming place in which to do this, more and more people are choosing to start their own small business rather than go to work for some big corporation.
Marketing futurist Faith Popcorn predicted over a decade ago that one of the biggest future trends would entail questioning and rejecting the pillars of society in an attempt to regain control of individual choice and direction. Never has that trend been more apparent as it is in the new Economy, with more and more people breaking free from the shackles of corporate America pursue their dreams. Small businesses evolve out of these dreams, creating abundance and opportunity for more people than ever before.
Starting a small business in the New Economy is not only wise, it is essential for long-term financial stability, personal fulfillment, and self-control. The world is changing and it is changing fast, and many experts now agree that the next widespread business phase will be massive numbers of people starting small businesses of their own. The direction a person chooses to go in will be dependent on a number of factors, including but not limited to the individual’s personal tastes, passions, and vision. But making sure their new small business meets the needs of current consumers as well as gets positioned in front of massive consumer trends will serve New Economy entrepreneurs very well indeed.
The time to start a small business is now. If you want to take full control of your financial destiny and you don’t want anyone else to tell you how much money you can make or when you can make it, it’s time to get on the bus and start your own business. Read on to find out why you should make the scariest decision of your life.
It’s time to quit your job, or at least work towards quitting. If you are fed up with making your boss rich and have nothing to show for it at the end of the day except for a bunch of unpaid bills and a full email box, then small business is for you. It will be the most stressful and most rewarding thing you will ever do in your life. The risks are high, but the rewards are great.
Small business is the backbone of this country and much of the world. The big companies all grew out of small businesses and it’s the dreams of entrepreneurs that still put a spark in the eyes of consumers. If you start a small business, you will have to really be committed to your dream at the expense of many other things, mostly free time. Be prepared to eat, sleep, and breathe your dream for the next few years as you try to move a battleship with a goldfish. As your business picks up steam, you will have to be less and less involved, with the possibility of selling it later for a huge payoff.
Your small business will become a part of your family life as well. Everyone in your family will have to understand the commitment necessary before you start out on this journey, because it will be hard. Try not to borrow money as much as you can. Avoid putting a business loan against your house as well. If you business does not work, you don’t want to lose your house too. Bootstrap your business for as long as possible in order to stay in the game. As soon as the bank starts telling you how to operate things, the farther away your dream can get pushed.