Are You a Forced Entrepreneur?

The current recession is still raging despite claims of recovery. President Obama recently spoke at the White House and quoted the Department of Labor which estimated that US citizens have lost 3.6 million jobs since recession began.

For most losing a job is a calamity and yet there are some who handle this setback more effectively. The great American spirit of survival seems to exist in them. They look for alternatives to make a livelihood and to live well. They may not have opted out of their jobs, but they certainly can deal with it.

How do they manage it? Are their prepared for it? What’s their gameplan?

Forty eight year old Bob Carlos was expecting a promotion as the Vice President of his company. He was unprepared for the recession and it hit him below the belt. Carlos reeled but rallied back to life. It was then that he decided to do what he enjoyed most in life: sail.  Soon he started using his knowledge to train others and eventually, lead small excursions. Bob Carlos now leads a full life enjoying his job. He is making money in a way he never dreamt of. He now has plans to expand online and increase the scope of his customers.

Bob relied on his talent and expertise to pull his new found business through. Through a well planned strategy he started organizing camps and workshops and hired more people.
 
Bob Carlos was not an entrepreneur by choice. He was a forced entrepreneur.

Entrepreneurship is the ONLY way you can beat the current situation. No one’s hiring, no one’s extending much credit, no one cares; and you need the money and occupation to keep you going.

More and more Americans are resorting to forced entrepreneurship. The number of non-employer firms has risen steadily in this decade, from 16.5 million in 2000 to an estimated 21.1 million in 2007. Now is the time to go back to your core competency, by improving hidden skills that have been neglected for years. You may steer away from the specific job or branch that you were previously interested in, but with this newly honed skill set, you can help yourself and others in a way you never thought possible.

Many people are making the recession a blessing in disguise to hone their talent and skills, to spend time with family and community, and to get connected with themselves all over again!

All you need is

1. An exemplary skill set
2. An eye for detail
3. An ability to plan
4. Lot’s of enthusiasm.

BUT before you throw your job out the window and set out to challenge your skills, be aware of the following:

According to the SBA – an estimated 637,100 new employer firms began operations in 2007 and 560,300 firms closed that year.

“Two-thirds of new employer establishments survive at least two years, 44 percent survive at least four years, and 31 percent survive at least seven years, according to a recent study."
These results were constant for different industries. Firms that began in the second quarter of 1998 were tracked for the next 28 quarters to determine their survival rate. Of special interest, the research found that businesses that survive four years have a better chance of surviving long term. After the fourth year, the rate of firm closings declines considerably.

Earlier research has found that the major factors in a firm’s survivability include an ample supply of capital, being large enough to have employees  the owner’s education level, and the owner’s reason for starting the firm.

So where do you begin. Start with your heart and move on to brains.

I. Take a mental printout of these five attitude steps

• Start small if you want to but start today.
• Do not be afraid to fail.
• Everything in life is a learning experience to make a better you
• Enjoy what you do
• Find opportunities on the way.

II. Next start with your entrepreneurship plans. Ask yourself the following questions and write them down

• Your best skills
• Your strengths
• What you enjoy most
• Five years on what you would like to be
• The objective of your business

III. Next jot down opportunities associated with each skill

• Start with broad, then go specific
• Use the internet to search for opportunities. You’ll be amazed at what you’ll find
• Try to identify at least three opportunities

Now you should have a better understanding of what your goals of your business are.

IV. Time to put your ideas to work: brain work

• Begin to plan how you will start your business
• Take into account the cost, time, demographic structure and ROI period
• Think of the area of your business
• Try to find a niche

If you follow this step you’ll identify the most suitable business to start with.

V. Time for research

The strategy for research will depend on your skill set and the opportunity for Get an expert’s advice if you feel a little uncomfortable with where you’re headed. You can either hire an expert to do it or do it yourself. Be thorough and explore all possibilities and start building a complete strategy.

VI. Strategy Time

If you are starting for the first time ask an expert; there are lots of experts online who are willing to give a few minutes of free consultation. Make the most of it.

Opportunities

The opportunities for online entrepreneurship are galore; everyone seems to be moving online and finding their niche.

You can become an infopreneur by packaging your knowledge and selling it. The methodology may vary, but the objective will be to sell.

You have to simply decide a topic. It can be anything: knowledge from your previous work/business experience, a hobby, a passion or anything that interests you; even your grandma’s recipe!

Success stories need

1. Diligent Planning
2. Strategic Information
3. Goal Setting
4. Innovation
5. Contemporary Methods
6. Visibility
7. Good Customer Relationship
8. Identification of Opportunities
9. Sheer Hard Work

If you are one of those who think you don’t have a special set of skills to utilize, all you need to is a website. From that website you can find affiliate opportunities, make ad money, manage content or sell products by partnering with drop shippers.

If in doubt ask the expert.