Posts

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: 

  1. Generally, the best time to start a business is when economic conditions are the worst.
  2. When there is so much turmoil and people are “consuming and doing things differently”, it creates new needs, desires, which creates entirely new industries.
  3. There are over 30 million small businesses
  4. Over 99% of all businesses are small (less than 500 employees)
  5. Small businesses create over half the jobs (approximately 60 million)
  6. Over half the businesses are created and owned by people over 55
  7. 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.

 

 

Coleman Swierc is the Community Partnerships Coordinator for the Better Business Bureau of Central East Texas, located in Tyler, Texas.   This chapter of the Better Business Bureau serves 19 counties around East Texas and has more than 2,500 accredited businesses.

The Better Business Bureau is here to help consumers educate themselves in order to make informed decisions when deciding on a company to do business with.

Coleman is in charge of communications, media requests, oversees the sales department as well as community engagement and events.

He talks to us today about the history of the BBB, what they do and who they serve.  Whether you are already an accredited member of the BBB or looking to learn more, you will find today’s show is value packed.

You can contact Coleman Swierc and the Better Business Bureau in the following ways:

Web Address: www.bbb.org/tyler

Twitter: @BBBCET

Facebook: Better Business Bureau Serving Central East Texas @BBBCET

Email: cswierc@easttexas.bbb.org or info@easttexas.bbb.org

Phone: (903) 581-5704

Link to our podcast:

http://makenewrules.libsyn.com/007-coleman-swierc-the-better-business-bureau-factor

 

We have been programmed for decades to go to college, get a 4-year degree and land a job with a long term career path.  It was frowned upon if you change jobs too often because you may look like a “job hopper”.  Also, changing careers looked like you were unstable and doomed to fail.  

Things are a lot different now.  It is socially acceptable and a sign of “personal growth” to change jobs every 3 to 5 years.  Doing so demonstrates how you increased your value because you have experienced many environments and pursued your “passions”.

There is another large group who are leaving their “secure” jobs, changing career paths and becoming an entrepreneur.  

These “solo-preneurs” fly under the radar of many statistics that would say start-ups are down and failure rates remain at 50% by the 4th year of business.   The source of these numbers is focused on companies that are creating new jobs.

When you peel back the cover, you find that “solo-preneur” is the new business structure of choice.  In this environment, the entrepreneur has no employees.  They choose to run a smaller and more targeted business, capitalizing on a technical skill or new product idea.  They tend to outsource for needs or share the opportunity with others who have complimenting skills.

Entrepreneurs seek to be their own boss, make more money or have more “free” time.  The risk is not a concern to most.  Those who have these aspirations soon find out it is a lot different once they open the door to their new business.  Conducting proper planning rarely occurs. They soon find out that they work more hours than before.  The income is inconsistent and it takes more money to operate than predicted.

If you are an entrepreneur, you will have challenges you have never faced.  The primary reason for the failure of a small business is incompetence and lacking the basic skills to run a business.  You will need to learn new skills in order to succeed.

Do not let the lack of skills or inexperience kill your dream.  Reach out and seek proper resources.  Find someone who has been in your situation, is a mentor and has been trained to help you reach your full potential.

Consider these questions:

Do you have some new business or an “idea”?

Have you been in business for some time and find that it is a struggle to master all the skills required to make your business work?  

Are you building a business or is it failing like it is an expensive hobby?

If your path to success as an entrepreneur is revealing potholes, seek the support of an entrepreneur coach.  Learn how combining coaching, education and creating the game plan will provide you with a greater chance of success.  You might even find that having a coach cost you nothing!

Talk to the coach – schedule a time here.