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Business Plan and Start U Newsletter Issue #1062 – Can You Start A Business In This Economy?
February 19, 2009

Business Plan And Start Up Newsletter
February 2009
Written by Shaunta Pleasant
President, TL Manage Inc.

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********Table of Content********

Can You Start A Successful Business In This Economy?...

Is Entrepreneurship For You?...

A Few Cool Helpful Notes...



Can You Start A Successful Business In This Economy?

Can You Start A Successful Business In This Economy?  Many would be entrepreneurs have been asking themselves just this question.

The short answer to that often asked question is “of course”, but starting a business in a challenging economic climate requires fortitude, dedication and of course lots of hard work.

Fortitude Dedication And Hard Work

In fact some of the most spectacularly successful companies in the history of the United States, including Hewlett Packard, have been started during times of economic uncertainty and severe economic downturns. 

Those who have the dedication to succeed and the desire to see their ideas succeed will not be put off by challenges, and those challenges can provide some great opportunities down the road.

Common Mistakes Entrepreneurs Make

While starting a business in a down economy is not for the faint of heart, doing so can have some distinct advantages. 

If you have been asking yourself “Can You Start A Successful Business In This Economy?” it may be worthwhile to consider that recessions have always had a way of weeding out the weak businesses while allowing the stronger ones more room to breathe and grow. 

A well capitalized business can survive even the harshest economic climate, but it is important to avoid some of the common mistakes entrepreneurs can make.

Ability To Get Credit

One of the problems that many would be business people face in this economy is the ability to get credit. 

Even established businesses have been having problems getting the loans they need to grow their businesses and replenish their inventories, and new businesses may face even greater challenges. 

In order to make it in today’s tough economy smart entrepreneurs may need to look at alternative sources of financing, including family members, friends and outside investors. 

Good ideas will always have their backers, and those who are willing to take a change on a new idea may be handsomely rewarded for their foresight. 

There is no doubt it takes guts to start a business in today’s difficult economic climate, but the answer to the question “Can You Start A Successful Business In This Economy?” is undoubtedly a yes.



Is Entrepreneurship For You?

Every economic downturn has led not only to financial ruin but to great financial rewards as well. 

Large and wildly successful companies like Hewlett Packard were forged in the fires of the Great Depression, and other recessions have also seen their fair share of innovation and entrepreneurship. 

As the economy continues to struggle more and more people are asking themselves if starting a small business is a good way to deal with a bad economy and take charge of their financial future.

Talent Drive And Dedication

But simply asking the question “Is Entrepreneurship For You?” is only the first step, and it is important to follow through with a thorough assessment of who you are and what you bring to the table. 

No matter what the industry or profession, successful entrepreneurs have a few things in common, and it is important for anyone considering following in their footsteps to possess that same talent, drive and dedication.

Traits Successful Business Owners Have

When asking “Is Entrepreneurship For You?” it is helpful to look at the traits successful business owners have in common. 

One of the most important things that makes those individuals successful is a desire to work hard, and the ability to work long hours with little reward. 

It is not unusual for new business owners to work 80 hours a week, 100 hours a week or more to get their new ventures off the ground. 

If you are dedicated to working a 40 hour work week entrepreneurship may not be the right path for you.

Taking Measured Risk

Entrepreneurs also tend to be risk takers, and it is important to evaluate your own capacity for risk taking when asking “Is Entrepreneurship For You?” 

If you always like to play it safe it may be a good idea to reevaluate your small business dreams.  Big rewards often require even bigger risks, and it is important to understand the risk reward ratio. 

Taking risks does not mean making crazy decisions or being careless; rather it means taking measured risks and understanding the ways in which those prudent risks may be rewarded.

Hallmarks Of Entrepreneurial Success

Hard work and dedication are also hallmarks of entrepreneurial success, and it is important for anyone contemplating opening a small business to look for these traits in themselves. 

Most successful entrepreneurs are wholly dedicated to their enterprises, living and breathing what they do. 

In fact many successful business owners truly love what they do and would never dream of retiring even after their short term financial goals have been met. 

If you have this kind of dedication, discipline and desire you may be on your way to a great future as an entrepreneur.



A Few Cool Helpful Notes

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