No, I am not advocating getting fired, but everyone during their lifetime should at least consider, if only on a part-time basis at first if possible, taking the plunge into the scary but possibly incredibly rewarding world of owning their own business.

Why do I think NOW is the time to take the plunge; or at least sit down and rethink your present career choice?

1) The cost to obtain start-up money is still relatively cheap – interest rates are historically low.

2) SBA loans for sound new business ventures are there for the asking. The government realizes that small business growth is a key factor in economic growth.

3) Working for others is becoming less & less secure, given the present day merger-mania business atmosphere with big firms just getting bigger and the alarming number of under-funded pension funds in big corporate America.

4) Pay raises and commission – based job structures just keep getting leaner.

5) Company paid benefits are becoming fewer in dollars & number, and are being less paid percentage-wise by the company.

6) Employee uneasiness and unhappiness rates are rising rapidly as large big corporate lay off announcements are sounding more frequently given the nature
of the world competitive marketplace.

7) Consumers, when given the choice, would rather buy or deal with an entrepreneur than with a super big American corporation.
People live longer today, but big corporate America tends to rid themselves of good, experienced, loyal employees when they believe that such employees can be replaced with younger, cheaper, and less expensive benefit cost employees.

Not all of us are cut out for self-employment. I have talked many people out of self-employment. Yes, there is much less security – no real steady paycheck each week Some people just don’t have the mental toughness and willingness to make the sacrifices that self-employment demands. But the rewards – independence and the true ability to determine your own destiny – seem to far outweigh the alternative work routine.

The key to self-employment success is quite simple:

You must have a well-thought out plan that demonstrates to you that the world really needs your product or service NOW; and the world must want to pay for your product or service at a price that allows you to live the lifestyle that you desire.

I started a business straight out of college because I have been self-employed all my life and felt that business ownership was the next step. It was during the market downturn of 2003 and I could not find a job anywhere. So ambition mixed with passion set me on the path of entrepreneurship. Over the period of one year, I wrote the vision for my business. When I finally looked around, I saw that many of the pieces were out of order. I had spent money in areas that were not paying off and had neglected the needs of my customer base. Panic threw off my internal clock. It threw off my timing and as a result, I tried to rush the development of my business.

When it comes to building business, timing is everything. I would encourage a fellow entrepreneur to take your time and consider the timing of your decisions. As the saying goes, “Rome wasn’t built in a day”. Building an organization and building business (they are two different processes) take time.

#3 should be #1 since this the blog entry starts with the question “why do people start their own business when they lose their job”…people that start their own business and give up their job to do it are the ones that fit those other categories better…

To elaborate on #3…most people are slaves to the so called 9-5 jobs because they bring that steady weekly paycheck…and they find that as the years roll by their creative juices seem to dry up…nothing like unemployment looming overhead to get those juices flowing again I tell ya!

I encourage everyone to setup a small home business, even before they are laid off, so that when the time comes you don’t have to start from scratch. You will be much better off if you have the foundation of your small business setup and a few customers.