Over the past couple of months I have devoted every article to the topic of small business, but more specifically how small business is the key to improving the economy!
Here are the reports and articles if anyone is interested!
- Week 1: Starting a Small Business
- At the Root of Economic Growth is Small Business
- Economic Recovery: It Starts With Passion
- Major Social and Behavioral Criticisms of Business
- Social and Economical Reasons for Business Community Involvement
- Business Society and Their Interrelationship
- Business Ethics and the Complexities of Making Ethical Judgements
- Challenges of Operating in a Multicultural Environment
- Leaving a Legacy It’s Not to Late Act Now
Here some FAQ’s that I wanted to address specifically:
Is this the end of entrepreneurship?
Absolutely not! I honest believe that in hard times like these past couple of years, more people are driven by uncontrollable forces to do things they would not have done without a push. For example, tens of thousands of those unemployed Americans that were laid off over the past 3 years started a business. Some out of desperation others for more control and security. I am sure that thousands of them failed, but entrepreneurship is more of a belief then a thing. People who are truly entrepreneurial have 4 things;
- Passion – They love what they do!
- Talent – They are good at what they do!
- Values – What they do is important to them! (more important than profits although profits are important to the business)
- Destiny – Having a belief that they are doing what they were born to do – providing their own unique contribution.
There are people who will always have these 4 things, therefore, entrepreneurship will never end!
As new entrepreneurs, if you can’t get a bank loan, does it mean you should forget your business idea?
Again Absolutely Not! I am a big believer that if you want something bad enough you can find a way to make it happen! When I started my first business I was determined to do it with as little money as possible. I preach to everyone who uses the excuse “I don’t have enough money” that you do not need money to start a business. Because I believe we would have more successful entrepreneurs if they were better informed, better prepared, and better educated (I do not mean forma Ed, just more business smarts) I am working really hard to develop as many programs as I can to help fill the gap in these three areas.
If your business idea is going to require start-up money and there is no way around it there are better options than bank loans. Try the SBA (Small Business Association) not only do they have loans with interest rates that are ridiculously low, but they have Grants! FREE money for qualified businesses. I know a guy who owns an embroidering company and he got a Government Grant for over $100,000 because he provided jobs for disabled and mentally challenged people!
There are billions of dollars out there in FREE money for individuals and business, it just takes some effort to find and get. But there is a new book that I have been reading by Kevin Trudeau it is crazy the things he has found!
“Free Money “They” Don’t Want You to Know About”
What if your job in corporate America was one of the ones that was eliminated?
Praise the day! No, seriously, like I mentioned above sometimes people just need to be pushed over the edge before they see their true potential. If you were forced out of work, use your unemployment insurance, and start developing your business ideas! If money is serious issue like it is for most Americans that are in debt beyond belief, get a business partner with some capital or set up a joint venture with someone who has money. Bring your unique genius http://uniquegenius.com/ to the table and they will be happy to invest their money in you and your ideas.
What if your portfolio lost 1/2 of its value, or your home is worth less than your mortgage? What options do you have?
If? I don’t think anyones house is worth what is was when they bought it! I am also sure that most portfolios are down! Do a loan modification, make some changes to your portfolio…There are tons of options here if you are willing to investigate. Every situation is unique, some people have no problem buying a new home taking advantage of the market and jumping ship on their current mortgage. None of this should discourage you from starting a business, it should motivate you. Your situation is bad, so fix it! Take the knowledge and skill you have developed from working in Corporate America and put it to work for you! Leverage your money (or what is left of it)! Be sure to live the 10/10/80 rule. Which is 10% tithing, 10% to yourself (savings – investment), and 80% for living. If what you want is outside of your 80%, put it on hold.
Does the prospect of owning your own business seem reasonable?
Yes and No! It might look a little scary, it might seem impossible, but really what are your other options? McDonalds or some other fast food place that will pay you less than minimum wage and work you more than full-time. Why devote so much of your time to someone elses business, when applying that same effort into your own ideas will result in a much brighter future. Business is usually a risk, however, experts have said that it is in the tough economic times that most people make their fortunes! I have research on that statement in one of the articles listed above.
