Recent news headlines have been dominated by tales of the recession and continuing economic woe. This week, the Federal Reserve (June 22, 2011) announced slower growth in the U.S. economy anticipated focusing on high unemployment and rising inflation. Notably, however, the Fed Committee will monitor the economic outlook and financial developments and will act as needed to best foster maximum employment and price stability.
The bleak
economic outlook adds up to increasingly troubling statistics at a time when
individuals have fewer financial options at their disposal.
Unquestionably,
great emotional and psychological upheaval result from the loss of one’s home
and job. The fact that the loss is
through no fault of one’s own does little to assuage feelings of abandonment,
rejection, and disbelief.
Rationally,
people understand that the economic downturn and its consequences are beyond
their control.
The
bright lining to this unfortunate situation is that it affords you the luxury
of taking control of your financial destiny and creating a different outlook
for yourself. Focus on a change of
job or career, with the possibility of reversing your current fortunes and
ultimately making yourself recession-proof.
Men and
women of an entrepreneurial bent have been able to make money from their own
homes, garages, or yard sales. Although self-employment has many appealing qualities, it does require
an enormous level of self-discipline, confidence, and time-management skills.
Before
taking the leap into self-employment, first inquire about any required business
permits. Next, buy or lease the
equipment your particular venture requires. One of the most important things a home business needs is a
good networking system. This
allows you to contact individuals who can offer you work or refer you to
others.
Aside
from the challenges involved, it is possible for anyone to start a small
business. However, it is critical
that you know what you are getting into. For those who are undecided, a logical first step is to list potential
areas of expertise, special training, educational and job experience, and
special interests that could be developed into a business.
You must
possess the necessary drive to succeed, especially when long hours and
difficult decisions are needed. There is no one type of person guaranteed to either fail or succeed in
small business. Starting a small
business is not a decision to be entered into lightly, and should only be made
after serious study, self-examination, and counseling. The key to your success is detailed
preparation and long-term planning.
Before
starting a business, you need to identify what type of entrepreneur you wish to
be. Many types of entrepreneurs are needed to help the country, and its
economy, to grow. Listed below are
but a few of the possibilities:
1.
Self-Employed: Individuals perform all the work and keep all the profit. This
can often be a full-time job because no one else is involved and you are
responsible for all aspects of the business yourself.
2.
Opportunistic Entrepreneurs: Those individuals who start a business and expand
it in order to hire other employees that have the necessary expertise that the
owner lacks.
3.
Inventors: Those with particular inventive abilities who design a better or
unique product and then create companies to develop, produce, and sell the
item.
4.
Economy of Scale Exploiters: Those who benefit from buying in volume and
offering discount prices while operating with very low overhead.
5.
Buy-Sell Artists: Those who buy a company for the purpose of improving it so
that they can sell it again for a profit.
6.
Speculators: Those who purchase a commodity and resell it for a profit. Art and antiques are typical speculator
items.
7.
Franchisee: A franchisee is an
individual who starts a business for which a widely known product image has
already been established.
Try to
list up to 10 businesses in your community that you consider efficient, smart,
lucrative or suitable. Since there
may be more than 10 small businesses in your particular community, concentrate
instead on the types that most interest you as possibilities for self-employment
due to high profits. Don’t leave
out any possibilities just because you feel you don’t have the capabilities or
expertise necessary for success. If you don’t possess all the necessary skills
or abilities, you can likely develop them or hire others who have them to help
you out. Include every possibility
that seems appealing.
Once you
decide, you need only to work out the details and plan for an outcome you have
control over.
Dr.
Farrah Gray is the author of The Truth Shall Make You Rich: The New Road Map to
Radical Prosperity, Get Real, Get Rich: Conquer the 7 Lies Blocking You from
Success and the international best-seller Reallionaire: Nine Steps to Becoming
Rich from the Inside Out. He is chairman of the Farrah Gray Foundation. Dr. Gray can be reached via email at
fg@drfarrahgray.com or his web site at http://www.drfarrahgray.com.
