Think about it, in January of this year 2020 we had the best economy ever. Unemployment was low in every sector and demographic, we had record corporate earnings, the stock market was closing in on 30k, and consumer confidence was the highest ever. Then, in just 60 days, we found ourselves in a near depression state.
It all started with a virus that caused panic and fear leading to a change with every family and institution. Millions lost their jobs causing record unemployment. While businesses are failing and people scramble to understand how all of this is becoming some kind of new normal.
Today, we find ourselves accepting that people will consume differently, and business operate in ways they never anticipated. Employees work from home. People no longer meet in crowded retail. We buy our food online and pick it up at the front of the store. I could go on and on.
If you lost your job, what are your options if you cannot go back to where you were? Do you take a lower-paying job? Do you ride things out until unemployment is gone? Do you change careers? What are you thinking about doing? What are the options available that keep you from losing everything worked for?
There is one option that thousands are discovering. You may have not considered this – what about starting a business?
Start a business you say, I do not know how to do that. What do I sell? Doesn’t that take a lot of money?
Perhaps you are thinking about starting a business because you do not want to fall victim and lose control. Most of us are naturally independent. Some will want to milk the system until nothing is left or they find there is no choice but to take whatever they can get. But you may want to consider your options more proactively. Let us talk about stats and facts.
About small business and entrepreneurship:
- Generally, the best time to start a business is when economic conditions are the worst.
- When there is so much turmoil and people are “consuming and doing things differently”, it creates new needs, desires, which creates entirely new industries.
- There are over 30 million small businesses
- Over 99% of all businesses are small (less than 500 employees)
- Small businesses create over half the jobs (approximately 60 million)
- Over half the businesses are created and owned by people over 55
- Most small businesses are professional, scientific, and technical services (at 4,207,592 firms); construction (3,098,210 firms); and real estate, rental, and leasing (2,925,953 firms)
Ok, you got the message. Being in business is worth considering. Obviously, it is not for everyone. And I certainly don’t recommend going at it alone or without doing your due diligence.
If this message intrigues you and you want to explore entrepreneurship, I want to give you a very smart option.
I have created a self-serve assessment tool that helps you understand what entrepreneurship is about and most importantly, should you pursue it.
Do you have what it takes! Check out the Entrepreneur Readiness Assessment.