The initial reaction in times of economic hardship is to buckle down and hoard money.  So, many would not even consider the idea of making an investment of your time and money to start a business may  not even enter into the minds of people. . . unless they have been laid off and are forced to find ways to make money in a time when few companies are hiring.

I have two friends- one who is a lawyer and one who is a banker  who were recently laid off from their jobs.  I helped both of them to start a “side” business while they engage in their job seeking effort.  The interesting thing is in the 4 to 6 weeks of starting a business, the entrepreneurial bug has hit them both. When you feel you have no choice but to find your own way to make money, you would be surprised at how effective you can be as an entrepreneur. One friend is now focusing entirely on his new consulting business.

Corporate America is a tough place to depend on for feeding your family and as you can see corporations can turn on a dime. Entrepreneurship is difficult in its own way but the essence of owning your business is you take total responsibility for your financial security.  You may not get all the perks of executive life, but what you do get is the ability to work on something you really want to do and make money at the same time.

I encourage EVERYONE, to consider starting their own businesses. . . even if you are gainfully employed.  Business ownership can give you an extra stream of income, significant tax benefits (which can reduce the overall tax you pay on your W-2 income), and some financial flexibility.

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Filed under: Entrepreneurial Mindset

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