Skip to comments.Entrepreneurs Can Lead Us Out of the Crisis
Posted on 02/24/2009 9:45:37 AM PST by giant sable
The passage of the $787 billion stimulus bill has so far failed to stimulate anything but greater market pessimism. This suggests to us that the strategy behind the American Reinvestment and Recovery Act is wrong -- and worse, that the weapons it is using to fight the recession are obsolete.
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I have been racking my brain at business opportunities as a result of the current economic situation and subsequent stimulus. I am an educated guy in his early 30’s with a great job and a decent amount of disposable income. My wife is also a young professional and we are DINKs but hope to change that later this year. I’m okay with hard work and would love nothing better than to own my own business.
Suggestions and recommendations are welcome.
...if Obama lets them.
What are your skills in?
Depending on what your skills are, you may find some enormous opportunities in foreclosed properties . . . either to buy them and own them as rental properties, or buy them and redevelop them for another type of use (I think this is going to become very common in retail stores).
13+ Years in IT, Infrastructure, Enterprise Architecture, Project Management, Large Capital/Global Projects etc. but I would be happy to leave the field to manage real-estate. I’m very much so a do-it yourselfer and remodeled my entire home. In other words, I can work at either end of the spectrum from executive proposals and deal making to fixing a busted toilet. I just want something I can call my own.
So, let me get this straight — you’re a young guy with a good job in a bad economy who expects a kid next year, and want to roll the dice with a start-up business?
My advice: Keep working for someone else.
Republicans should stress that it is our industrial capacity and associated jobs that must be bailed out before recovery can commence. Obama is no different that Bush-Clinton-Bush in thinking trade and money stimulus is the answer when private job stimulus is the answer.
Making instead of buying is the solution for families as it is for Government.
Economics / Global Economy
Feb 23, 2009 - 06:04 PM
Dr. Abbas Bakhtiar writes: It is said that today is pregnant with tomorrow. What and how we have done things in the past has shaped out today and what and how we do things today determine the shape of our future. To see into the future of our economies, with some small degree of certainty, we have to pay attention to what is happening around us and what we do.
But to get an idea of how the future will be, one has to have a real picture of the present. This is important since a false picture will present us with false alternatives, on which we act which in turn will result in unexpected outcomes (i.e., future that we are not prepared for).
It is not always easy to see through all the false pictures and data that we are constantly presented with. For example, in Norway on February 18 th , the real-estate association came out with the statement that the housing crisis was almost over and the bottom was reached. This was plastered all over the place. Next day on February 19 th , the Norwegian Centre for Statistics came out with its own forecast; stating that house prices will continue to fall for the next year and that situation will deteriorate further.
It was clear to some of us that the real-estate association was putting out false information to drum-up business for its members. But if banks, industrialists, and even politicians also send out false and misleading information, then the average person will make decisions that may be contrary to his or her best interests.
Most of us do not have the time, energy, or even the necessary knowledge to gather and sift through large amount of data. We rely on news media, and the experts to make most of our decisions. Until last year, very few people were talking about the tremendous crisis that was well under way; even though as early as 2006, there were clear signs that the economy was under tremendous pressure.
In this article I will try to provide you with a picture of the present situation and then try to extrapolate based on the current policies adopted by various governments, what the near future will look like.
The current economic situation
Let me tell you in no uncertain terms that we are facing a synchronised global economic depression and I am not the only one that is saying this. In early February, the International Monetary Fund's chief Dominique Strauss-Kahn said the world's advanced economies -- the U.S., Western Europe and Japan -- are "already in depression. Gordon Brown, the UK's Prime Minister also used the word "depression" to describe the global economy, although his aides quickly said it was a slip of the tongue.
“Entrepreneurs Can Lead Us Out of the Crisis”
Those “Dagny’s” are what keeps gov’t running at all. Stop the engine.
My wife and I are both professionals and have been conservative in our finances, i.e. we aren’t in a bunch of debt. A child isn’t going to dent our finances. Besides, risk takers build this country and they had offspring along the way. I don’t see how this is relevant to the current discussion.
I would encourage a cash business that does not require a license.
I have a buddy that runs 5 crews of “mobile wash” guys. Basically picups with power washers and a crew of Mexicans.
All cash to employees.
All cash payments.
Oddly enough, he’s never made a profit (on paper).
Nonsense! Just the opposite.
NOTHING significantly good can ever happen in your life until you're self-employed. Don't forget it.
Great opportunities out there right now.
For example, a fourteen day survival pack for 2 people can be sold on Ebay...containing, tent, plastic sheeting, waterproof matches, batteries, dried snacks/food/ flashlight, flares, etc..
Also, training center for weapons and survival during a national emergency, etc..
There are virtually thousands of scenarios that I could give you.....
Your whole broad brush statement is just nuts....: )
DCPatriot is correct.
You must have never read Rich Dad Poor Dad.
I don’t want to be a slave to a company for the rest of my life. I want to use my brain to make myself wealthy not someone else.
It’s relevant in this way:
A)Most small start-ups fail. In fact, the percentage is huge. During difficult economic times, that percentage increases significantly.
B)Among the people I know currently involved in start-ups, the vast majority have a pre-existing passion for the industry they’re about to enter as well as pre-existing skill set that makes them well-suited for it. A reputation and contacts within those industries also helps.
What you seem to bring to the table is a willingness to work hard, an education and a sense of optimism. Congratulations, you’ve just defined yourself as competing against 10 million young men in Mumbai and another 20 million in China.
What I tell my kids is to start working for yourself when you reach 40. But that means start preparing for that the day you graduate from college. Your whole career working for someone else should be about networking, learning, making clients that will be there from Day One that you do go independent. It won’t happen overnight, it will take years of preparation while you are working for someone else.
Amen, FRiend! AMEN!
I understand where he's coming from, but.....
And I have a private business myself...and do some financial / investing stuff to boot on my own.
That being said...I am also employed 36 hrs a week by a corporation.
My point was...and remains..that one CAN work for someone else...and have VERY good things happen to them.
His comment that "NOTHING GOOD" can happen....is the bone that stuck in my craw....
The poor teach their children to be good employees. The rich teach their children to be good employers. :)
I am actually self-employed, thank you very much. And have been for many years. So, I know the pitfalls probably better than anyone on this thread.
If you had come on the thread and aid, “I have an idea for a new hand truck that doesn’t tip over and has a new type of brake...” or “I want to license/market a line of t-shirts of cities/towns with strange names and reputations” or a line of electronic sports clothing, then you might have been on to something.
However, just to say, “I’m smart and willing to work hard at something” isn’t even the ante to get in the game.
The key is “passion”. Find something you enjoy doing and develop a plan to make money doing it. It does not matter whether it is being done by 10 people or 10 million people — if you are determined you will find a way to make it.
It is better to leverage resources than be leveraged as a resource.
The reality is even more simple: From the moment we enter the workforce, we’re working for ourselves, even if there’s a corporate name on the paycheck.
As Adam Smith said, “nation of shopkeepers.” If you can get a better job across the street, then take the job and take along the contacts as well as the expertise gained in the current job.
And I generally shy far away from that "never" word. LOL
I know, many people that have done very well for themselves working for others....
Maybe it all depends on the word "significantly"...Ha!
Hey it's alright....Like I said, I understand your stance, I just disagree with your "rules".....
Passion is a key ingredient. It’s what sustains the self-employed during those 100 hour work weeks when they are $300k in debt and the creditors are calling.
Black market profiteering via cigarettes, ammo, guns, salt, sugar, alcohol all come to mind...(chuckle)
The best way to do it is to become an independent contractor, expanding on whatever you do now.
When I started my business after being laid off from the dotcom bust, I was one of two companies in the nation doing what I was doing.
When my business folded five years later, I had about 20 competitors and growing. People took my concept and replicated it. All of them will pretty much fold this year because of the economy.
Something to keep in mind. Good luck! :)
'- Eliminate payroll taxes, which unnecessarily burden young companies. Many small companies don't hire full-time employees because of the payroll tax burden, and this inhibits the creation of new jobs.'
Any and all cutting of taxes greatly impedes the goals of Marxism and Government domination. And you can surely bet this Administration will turn a blind eye and deaf ear to this great OP-ED.
Oh no! Better read this carefully before you go any further.
(Lest you question the author of this website, he is a much more impressive individual than Kiyosaki.)
Don't want to be discouraging but I agree. Having your own business sounds wonderful but even in good times it's a stressful situation on everyone.
My husband and I owned a small business and the more successful it grew the more headaches we had to deal with.
The day we sold was a total relief.
We invested in the market with our hard earned profits of 40 years only to see 30% disappear in less than 3 months.
Luckily we have no debt, all our children are out of college with families of their own and we have cash to hold us over in our “lifestyle” for two years.
Stay where you are for now and see where the economy will be in another year. Small businesses run America, but right now Government is running small businesses.
I don’t believe that people understand the enormous risks inherent in running a small business. The vast majority of them fail, leaving the owners in financial ruin. I’ve seen business owners mortgage their homes, trade down in cars, spend the kids’ college money and borrow from relatives to get a business off the ground.
It is true that risk takers built this country, but you never hear about all the guys who failed. It’s like acting, everybody wants to be a movie star, but they don’t realize that at any given time there are fewer than 200 movie stars in the public eye...out of 2 million actors.
Weapons aren’t obsolete.. They never worked any time they were tried.
My advice would be to see if there is anything you can do on the side while you continue to pay your bills with your current income. This is how I started a small company that deals in real estate development and property management. It took a while to get it off the ground, but I'm at the point now where I could probably launch a full-time career in it if I weren't getting paid so well at my "regular" job.
He then talked about entrepreneurship and the personality type that is suitable for it. Most people will try for the big score, risks everything, and fail more times that they succeed. The successful entrepreneur takes measured risks and builds upon each small success. It made a big impression on me, I was one of those trying for the long range glory.
I think durasell's advice is good, keep your job, but keep your eyes open and develop a sideline. Don't risk too much of your family's well being in one shot. Start thinking like an entrepreneur and look for opportunities. Most successful small business people that I've met are always noticing opportunities that come their way, however small. It's a mindset. Start small, learn, take measured risks.
I think durasell’s advice is good, keep your job, but keep your eyes open and develop a sideline. Don’t risk too much of your family’s well being in one shot. Start thinking like an entrepreneur and look for opportunities. Most successful small business people that I’ve met are always noticing opportunities that come their way, however small. It’s a mindset. Start small, learn, take measured risks
Naw, quit the job in midweek in a spectacular fashion, then make the announcement to the family during some holiday gathering. For added entertainment value, do it in front of your in-laws.
Then use part of the seed money — borrowed from in-laws — to dress the part. $3,000 suits, a $60,000 car and business cards with your name and the title: Entrepreneur X-Treme
LOL, that’s funny because I’ve seen it done. People burning through OPM like they where launching a Saturn V.
I’ve seen it done, too.
However, the truth of the matter is that I’ve seen complete screw-ups succeed without a plan, but a real passion for the work. And, I’ve seen highly-disciplined, smart people go done in flames with a small business.
Only in retrospect do these successes and failures make sense.