USA Today's Paul Davidson, wrote this rather true but scary article on the reality that entrepreneurs are struggling.
This recession isn't being kind to fledgling entrepreneurs
While yes this is absolutely true and it has affected some of our projects as well, several projects crashed and burned from the lack of cash flow. There are also huge opportunities for market share. Starting a business is always odd just because the RISK takers are often people without good credit. While the people with credit are often those who are people that pay their bills on time and own property and are not RISK takers.
What we are seeing right now is FORCED ENTREPRENEURSHIP.
People that would not normally aggressively decide to start a business are realizing that this is their best option on several levels.
Best Use of Skill Set: The Highest use of their skill set. Most likely getting a job that uses all of your skill sets when the market is poor is a difficult task. Truth be told a lot of jobs that individuals take are often sometimes not what they really should be doing but they are paid to do.
I am a high creative that has a talent for starting businesses, the job that I created for myself at a company that went from 3 to 200 people in less than 3 years was one that eventually was a job that eventually was taken over by a paralegal. Not what I should be doing.
Entrepreneurship gives you the opportunity to do exactly what you are best at doing.
No Ceiling Income: The mind has a floor and ceiling when it comes to income. Most people don't lose a job and then get rehired at triple their salary. Most jobbers end up taking a job that pays them less than the last job especially in this economy.
While yes it is going to be a struggle to start and learn any business. There is a reason that a lot of self-made millionaires are entrepreneurs.
As middle class goes they are often connected to that specific lifestyle. Often a jarring moment like the recession is the impetus for taking control over ones financial increase.
THE REALITY CHECK:You might have to do something that you don't know how to do or don't want to do.
Pay attention because this important. When credit was aplenty I saw a lot of Baby Boomers go into dream mode. In other words they tapped into the credit to explore entrepreneurship. I saw a lot of people feel their way through there saving when they should have been on the phones. They took the classes, got a logo, etc, but a lot of them ignored the basics of CASHFLOW.
- Is someone paying you right now for a service or a product?
- How can you multiply those results?
- If you are developing a product.
- Who will buy this product?
- Have you done the market research to learn if anyone will buy the product?
While I naturally have the ability to peform and create I had to learn the ability to create tasks for myself. I had to learn to complete things. I had to learn to ask for help and get people around me that can help me finish projects.
Entrepreneurs:Part of your job is to create business.
The other huge dangerous trait that I saw other job based new to entrepreneurs do was this. They spent the bulk of their day doing tasks that did not create business. The danger of being a job based person is that we were paid money to do a task for a number of hours and then we got a check. TIME FOR MONEY.
If you have 8 hours in a normal business day and you spend those 8 hours filing and cleaning when your business is not filing or cleaning for another business or party you are doing the wrong task.
You have to dedicate the right percentage of time during your most productive hours to creating business, creating money.
EXCERCISE: Identify your most financially productive task. Can you double the amount of time you do that task? In doing so can you move those filing and cleaning tasks to after hours or on the weekend.
Your an entrepreneur now so be prepared to master your time.
We created several projects that are being completed and I have to split and balance my time between completing those projects mostly in the evenings and then creating business during the day. I outsource and manage my team as well so as I create a task I will outsource it to free up my time to create another project or client.
If you like these ramblings please comment. I am currently working on my first book based on my dozen years as an entrepreneur and my 2 dozen as an entertainer and the lessons that I learn from both. So if you have a story or a testimonial to contribute please do.
David
Kamatoy is a Juggler on several levels. Currently Professional Juggler
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