Entrepreneurship and Financial FreedomGoing It AloneAccording to the US Federal Reserve, equity in unincorporated businesses is the second largest share of total household wealth after home equity. The personal freedom of owning one’s own business has its pros and cons. Becoming a successful entrepreneur takes spirit and determination but can certainly provide financial freedom. Small businesses are essential to the economy. In the US, the Small Business Administration (SBA) maintains that small businesses represent 99.7% of all employer firms. They employ half of all private-sector employees and are responsible for more than 45% of the total private payroll. An even more telling statistic is that they generate between 60% and 80% of new jobs annually. So to turn this recession around we need more successful entrepreneurs. In the last year and a half there have been sweeping changes across the business sector, with knock-on effects into every facet of life. The choices for the average man in the street appear to be: rely on someone else to keep your job secure, or strike out on your own. And the ‘rely on someone else’ part has pretty much fallen by the wayside. Layoffs are at an all time high, which can be life changing for those now out of work, or who suddenly find they’ve become a one-income family. Instead of treating the situation as insurmountable, entrepreneurs are carving their way into the new marketplace. In terms of innovation, they lead the pack: small firms produce 13 times more patents per employee than large businesses! Keeping it small and “core” is what seems to be the watchword for small biz. They know and understand their business while remaining passionate about it. For many it’s not merely a business – it’s a dream. When that energy is invested in a corporate venture, and it is small enough for one person to have a resounding effect, the business has uniformly grown through the recession. Of course all ventures have teething problems, some more than others. One apparel company found that they were struggling to fill a big order because they grew so fast that they were unable to manufacture the volume demanded and could not deliver. Fast thinking and outsourcing solved the problem, but the owner says it was one of the most stressful periods in his life.At times it’s been a combination of a dream coming true and a horror story, but he wouldn’t have it any other way. His take on the recession? To achieve success in the modern marketplace you have to be an entrepreneur. Shane Krider We are always looking for input from entrepreneurs and small business owners. If you have a related article please submit it for consideration. Subscribe to the RSS feed to keep up-to-date on what is happening in the world of entrepreneurs and Web Development |