This economy is scary for more reasons that I ever imagined. Forget the press and the three days of positive news followed by the fourth day of negative that erases the merits of the previous three days. It’s simple: NOBODY KNOWS what is going to happen and how long it will take. There is a lot of wishful thinking being expressed. The best measure is your smart mind and gut feeling doing this exercise: Look at how you feel about stability and prosperity and look at your extended family and friends and assess the same. Like most of America, we are off-balance with too much debt and too high a standard-of-living. BUT, we are now AWARE OF IT. Because we are making the necessary adjustments as individuals, real estate is depressed and retail sales will be sluggish for some time. Our fear is making us conserve. It’s a slow process. Once we have less fear, things will improve. It’s a matter of time if we stay disciplined.
I tell you about the economy because why or why not to start a business today has nothing to do with that!
It really doesn’t! The only major factor the above scenario has in starting a business is what KIND of business. In a recession, some ideas are better than others would be in boom times. Also, good business models get funding, regardless of economy. Get it? Regardless of an economic depression, your time may be NOW! Think about:
• You have great ideas that others think are great too
• You have a passion for doing something for yourself – something you can control
• You could use extra income
• You would appreciate no longer having someone else tell you what to do
• You would like to backup your current job security with a side business – for safety’s sake
• You have a friend who has their own business and you cannot stop thinking about the adventure for yourself
Every year in the U.S., 4 million babies are born and 2.4 million people die. Every year, over 600,000 business are born and 400,000 die. It’s a natural cycle as the markets and consumers need a business for a while and then they no longer need it. There are always needs and wants. There really isn’t any timing to it! Remember watching a child trying to jump into a double-jump-rope held by two people? They watch it for several seconds, trying to time their first jump into the ropes so they can stay in. I see new entrepreneur-wanna-bees acting the same way! There really isn’t any timing that I would suggest is healthy. If you are ready now, by the time the economy changes, you may not be! Historically, the best businesses are started during recessions. Go with what you know on the above list of entrepreneurial symptoms and let’s talk more about the why/why not.
Why I would start a business today:
• I will be happier pursuing a new business (even part time) because it will keep me interested and I will be learning
• Who knows? I might be successful!
• I’ve listened to others tell me for too long: “You should quit work and do this full time!”
• No job is safe and I am smart enough to recognize that, in the end, I am responsible for my own welfare
• I have friends and family that support me
• I can turn off the TV and quit wasting time on the computer or wherever – and take charge of my flexible time – putting it to work for me in new ways
• I can find a way for a new business to involve my spouse if they are interested so we have something to work on together
• I have enough money to get the product/service designed correctly and prove that customers will buy it (I don’t have to have the money to grow it).
Why I would NOT start a business today:
• I don’t have an idea that is ready to be tested with real customers
• I have no money and don’t know anyone who does
• I have health issues that stress will possibly aggrivate
• I am not interested in learning and will not give up my mind-numbing TV time
• I am content with my current security and options in life and don’t wish to change anything
You’ll notice that none of the above points has anything to do with current economic conditions. They only involve YOU and your situation. So….. think about YOU and your interests! Ask yourself about the points above and perhaps, if you find the stars aligned, you’ll conclude that there has never been a better time for YOU to start a business.