Do you have a unique skill based on years of experience in a certain field? If you do, you may be considering a move from working for somebody to owning your own consultancy business. Your experience may be invaluable to others and you believe that they will pay for that experience.
According to the United States Census bureau, small business formation has been on a steady decline. In fact, a recent study found that only 403,765 new small businesses were formed in the period ending March 2009. That is 17% less than one year prior and the lowest amount of new businesses on record since 1977.
Research has confirmed what experienced entrepreneurs already knew—that a weak economy is the best environment for starting a business. A study by the Kauffman Foundation reveals that more than half of the largest and fastest-growing companies in the US were founded during economic downturns.
There are plenty of issues for an entrepreneur to worry about when starting a new business. Every founder of a new corporation experiences fears. But somehow new companies get started every day.
For small businesses that start as local or home-based operations, the major objective is quickly building cash flow. This is critical to creating a thriving business. Only larger ventures with outside capital are engaged in long-term commercial innovation. Most new businesses are simply a way for the entrepreneur to attain financial independence.
If lack of substantial financial resources is keeping you from starting a business, consider what other entrepreneurs are doing. As it turns out, most new businesses appear to begin with limited capital.
If you’re in the midst of launching a business startup, you have certainly (hopefully) spent a lot of time reading about how the best entrepreneurs became the best. If you have, you have probably heard of Mark Cuban, the current outspoken owner of the Dallas Mavericks professional Basketball team.
As Shakespeare wrote, “Leisure is a fine garment for a day, but is horrible daily attire.” Retired individuals are discovering that business activity avoids excessive leisure. Some must keep working to supplement their incomes. Others simply enjoy working.