If you took a poll of Americans today to ask if it’s wise to start a business in this economic meltdown, what would their response be? I’d venture a guess that over 90% would emphatically say it’s foolish. But they’re wrong – very wrong.
Did you know that more millionaires were created per capita during the Great Depression than at anytime in history? Are you kidding, is that a fluke of nature? Not hardly. Think about it. When do people most excel? It’s clearly when their challenges are the greatest. Challenges create opportunity. It is that way for sports, business or almost any aspect of life.
There is probably another factor to the phenomenon, and it deals with human nature. Necessity truly is the mother of invention. A higher degree of necessity is certainly desperation. Sometimes we just have to be thrown into the swimming pool to force us to learn how to swim. That’s desperation. So where am I going with this? Well, all of us can quickly find an excuse to procrastinate until tomorrow what we should really do today. For some of you without a job and a bleak outlook for getting one, you are certainly in the swimming pool. But I don’t think that’s bad. In fact, out of desperation you are probably going to do what you always wanted to do but procrastinated – to start your own business.
Whatever your reason for starting a business, inspiration or desperation, this is undoubtedly an ideal time to do it. For one reason, many people who might have been your competitors earlier are no longer in the game. If you can carefully research the market and select a recession-resistant niche, you can make hay – a lot of it.
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
So how do you make that first step to get off of the dime? Take a baby step first, instead of a flying leap. The best way to dramatically reduce your financial risks and improve your probability for success is to test, test and test. Once you have selected an idea for your business you should start it on a small scale, possibly in your spare time. Then, test all of your assumptions about your product and the market in bite-size chunks. If you fail on some of them, and you will, you’ll still have enough money to continue testing until you find what works very well – and you will.
While the rest of the world wallows in doom, gloom and ‘whoa is me’, you can grab the brass ring with minimal competition. History always repeats itself, and this recession is no different. Will you be one of the newest millionaires created from it? You most certainly can be. Take that baby step today – you’ll be glad that you did.
About The Author
Professor Jim Solomon
Entrepreneur, MBA Professor, Certified Public Accountant
Jim Solomon is an accomplished entrepreneur, MBA Professor and Certified Public Accountant who has helped dozens of large corporations and small businesses achieve phenomenal growth and value. His unparalleled ability to secure funding, boost revenues and create exit opportunities comes from hands-on experience and an enormous rolodex.
To learn more about Professor Jim Solomon please visit www.professorjimsolomon.com and be sure to secure your free copy of his powerful new eBook, “Six Secrets To Starting Your Own Business”.