Some bad news!
The unemployment rate continues to plague us. African Americans have been the hardest hit with unemployment. According to a survey that was done by Dr. Boyce Watkins, 38% of you have experienced a lay off in the past three years. If you haven’t personally experienced a lay off, you know a friend or a family member who has.
Across the board, we are in a dismal state: unemployment, wealth creation, and the value of our homes have diminished substantially. Recently, there has been much talk about how hiring has significantly slowed down again. We don’t need the economic reports to tell us what we already know.
Some good news!
Did you know that from 2008 to 2009, African Americans and older Americans had the greatest increases in starting their own businesses?
Although, that can be considered great news, we still must be cautious in our optimism. These challenging economic times can and has been a primary motivating factor for individuals to start their own businesses when they have been laid off for a significantly long time.
And now some ugly news!
One of the worst reasons to start a business is because you believe you have no other options. It’s like getting married just because the woman is pregnant. It requires too much sacrifice and hard work to do it for that sole reason. Here are Ten Questions You Should Answer if you are considering entrepreneurship.
For a lot of us who have started our own business, we have tapped into our personal savings, 401k plans, and/or home equity. Of course, we expect a return on investment. More often than not, that doesn’t happen. Ninety-five percent (95%) of small businesses go out of business in five years.
Am I advocating NOT starting a business? Of course not!
If you have always wanted to start a business and you see this as an opportunity to do so, great! Most successful entrepreneurs started out in a traditional work setting where they learned some great skills that enabled them to make a successful transition to entrepreneurship. So, you have one thing in your favor.
If you want to know what else it takes to be a successful entrepreneur, read The Decoding of the Successful Entrepreneur – Here’s the Secret Formula.
What I am advocating is that if and when you take that leap into entrepreneurship make sure you acquire the essential business skills necessary to be successful. A lot of small business owners fail because they are great at their craft but don’t have the “know how” to run a successful business.
Don’t Just Do It!
Like marriage when entrepreneurship is done for the “right” reasons and there is a solid foundation of skills and know-how, it can be wonderful. When not, it can suck all your financial and emotional resources right out of you. Be Prepared!
Bio:
Danielle Douglas is President of Inspire Enterprise. Get more great information to learn How to Be a Successful Entrepreneur.
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