Thursday, June 18, 2009

Entrepreneurship is a Growing Trend

Entrepreneurship is growing as a career path. According to the Kaufman Index, the downturn in the economy seems to be driving more people to start their own businesses when they find themselves unemployed. As a result there is an increase in the number of businesses that tend to generate smaller incomes. Owners of these businesses may face greater financial challenges due to lack of capital to invest and less business experience. But it doesn't take a high level of education, years of business experience or a lot of money to be successful in a business. Some factors that may help overcome lack of capital are:
  • Strong network
  • Filling a need
  • Products that are affordable
  • Passion
  • Drive
  • Time to work on the business
  • Strong family support system
Those entrepreneurs who are struggling in this economy may be able to tap into their resourcefulness, and need to succeed to make their businesses work. Struggling entrepreneurs may bring much needed creativity and new perspective to their problem industries. With the current level of unemployment and with corporations failing, there must be something wrong with the way we are doing business. We need a new way of thinking and working. The upcoming young and older entrepreneurs will provide impetus for change regardless of how much money they make. Tapping into the strengths of diverse cultures may bring different ways of doing business, such as:
  • Families working together
  • Communities supporting local entrepreneurs
  • Small businesses cooperating and collaborating
  • Trading services
  • Community small business centers
I believe one of the biggest obstacles many of these businesses face is a lack of business knowledge. With the current level of job loss a growing number of people want to start their own businesses. Often they have a skill that they are very good at, but don't know where to begin to get information for starting a business. Many artisans and people with expert skills lack the understanding, interest, organization, and communication skills to plan and implement necessary business tools. Each of us uses a different measure of success. Having a simple plan, support systems, and accountability will help new entrepreneurs find success.

This website is intended for informational purposes only. Comments are open to the public and not endorsed by the author.

Nancy Miller, M.S., Career Management Consultant
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