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The U.S Department of Labor recently announced an unemployment rate of 10.2%. Starting a business may seem frighteningly difficult, but so is finding a job in the current economic climate. Instead of trying to definitively decide which route to go, put some feelers out.
Continue your job search but make some business cards announcing a new business.
It can be a professional consultancy using the skills from your previous job or it can be something you are good at, for example painting or even writing greeting cards. Keep your options open.
You may be an “entrepreneur by necessity” right now but who knows what the future holds.
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That may not be a good idea but it's an interesting one. Maybe me and some of my babysitting friends could ban together and start a babysitting agency. That would be a way to put my management degree to use.
ReplyDeleteI think this idea is good because if you are job searching and still can't find one you might as well start looking to employ yourself because everyone needs to eat and pay bills and a mortgage. So going to work for yourself while job searching seems alot better than just looking while not exploring all your options
ReplyDeleteProfessor Freeman makes some really good points. I have been meaning to make some business cards, thanks for the reminder, because I constantly witness how effective they are and how handy they can be. I am currently a full time student, but when I graduate I want to get hired full time. Job searching thus far has been difficult so this advice is very helpful for me.
ReplyDeleteProfessor Freeman has some good ideas. Maybe this tough economy is someones blessing in disguise. Like Prof. Freeman said one may be an entrentrepreneur by necessity at the moment. But one never knows if that "necessity" might become very lucrative in the future.
ReplyDelete(Roque S. Developing Management Skills)
Professor Freeman makes a great point in this blog. In these rough economic times you need to have a backup, so while starting a business may not be the best decision, doing something on the side until you do find a job is necessary. Your not starting an official business, but something that will keep you paying the bills.
ReplyDelete-Bettany
This one is fifty for me. If one has a good plan, they should go for it to start a new business. However, it is risky. The economy is still down, so not that many people will take a risk. If I have a very good plan, I will still think about starting a new business because of the economy right now. (Nitish Verma Developing Management Skills)
ReplyDeleteI think Prof.Bruce has a good idea, we all know the economy is rough but in order to survive you need to have a job on a side, you can't just stay home and wait until the economy gets better, because that will definitely take some time.
ReplyDeleteAgnes K.
That’s true Professor Freeman. I’ve always thought about opening up my own business, its just the thought of an idea was a problem for me. But now I feel a lot more confident about it and I already have an idea on the business I want to open. Its based on my experience from my current job now which is sales experience.
ReplyDeleteOne persons silly idea during a jobless peroid might be the next big innovation for the world. Plenty of ways to start the business if the person truely wants to.
ReplyDeleteJT is "on the money". If you go to my radio program www.smallbizamerica.com/mind, you will find the story of Fat Murray's Doggie Treats. Company owner, Ronnie Fliss, lost her corporate IT job after 9/11 and could not find a job for a year. She loves her basset hound Murray and she loves to bake. By the way, the dog food industry in the US is 11 billion dollars annually.
ReplyDeleteProfessor Bruce has a great point. If you can not find a job out there but you have a certain skill you can market, you may be better off doing that. It is a possible way to generate income while searching for a job. Who knows, but starting your own business could stimulate growth for the economy
ReplyDeleteDaniel N.
The economy is bad but people can still try to start a small business because they never know what will happen in the future. In the meantime, people can find an alternate job.
ReplyDeleteI do not agree with this plan because opening a business is not for everybody. The economy will bounce back and jobs will become available. It is important to stay focused and learn to rely on personal talent and hard work.Trying to do both finding a job and opening a business will be difficult and might discourage you from you career goals. Be careful because starting a business can fail too.......
ReplyDeleteWilliam makes an interesting point. Starting a business is not the only Plan B. For intance, if you planned on being a teacher and realize that school districts are cutting budgets, could you take your skills and sell books for a publishing company. Developing multiple skills and having diverse interests are critical in today's challenging economy.
ReplyDeleteMy opinion is that the only way starting a business during a down economy will be successful is if the entrepreneur has a business plan that will attract customers or clients, because everyone is affected by the economy. A thought to remember is that during a down economy, will people be willing or able to support your business? If the answer is yes, then I say starting a business in a down economy will be a good idea.
ReplyDeleteIn a down economy i think depending on what business you want to start it would be a good time to start a business. Although it would be harder to get investments from bankers and investors to support your business once you found someone you can run with it. If you can survive in a down economy then imagine once the economy went back to normal.
ReplyDeleteI think in a down economy starting a business is very risky. I know for myself that I don't think that I would want to throw my money into a business hoping it will workout. I would rather find a part time job and get my degree and hope for the best.
ReplyDeleteTina makes a good point. If you can survive in a down economy, you should do well when the economy recovers. You develop survival skills when things are rough and a different perspective. This helps you in all situations.
ReplyDeleteStarting a business in a down economy is very risky unless you have your own personal finances invested in the business in addition to a bank loan. And even if you do have both of the aforementioned things, its still doesn't guarantee that your business will be profitable in these Economic conditions. Call me a wimp or whatever you want, but I'm just going to take the safe approach and keep the little a$$et$ I have close to the chest. Not willing to gamble it.
ReplyDeleteProfessor Bruce definitely nailed it with this blog because this is something everyone should be doing. They should make business cards listing their fields of expertise. It is definitely a good idea to network and hand out business cards because you never know who will come across your business card and really have your business take off. Having a job as well as having something on the side is a safe bet. There's nothing wrong with bringing in some extra cash off the books. :)
ReplyDelete- Esther Oh
I think it’s not a bad idea to start a business if you can’t find a job. Why not try something new, and take the experience from your past jobs and use it to make your start-up business successful. Not every one will be successful in maintaining a profitable business, but how can you ever know if you never try. Its worth taking a risk a lot of people that have lost jobs are rethinking their careers, some go back to school some go into business for themselves.
ReplyDeleteI agree with the statement "Entrepreneur by necessity" and how it could be a prosperous option. Starting your own business just to stay afloat given the economic climate can ultimately allow you to become successful. If your business unexpectedly does very well, then the backup plan of starting your own business may turn out to be a very good decision. It may be worth the risk.
ReplyDeleteProfessor Bruce,
ReplyDeleteIt is a tough economy and jobs are really hard to find. This can either work to your advantage, when starting a business or it can be what holds you back from success. The key to starting a business in a down economy would be your skills and dedication to the company you start. Having a set income/job and starting a business of your own, is a great combination but can be very difficult to maintain and grow. Developing multiple skills, learning different languages and having a background of management and marketing could help!
It's always good to keep your options open. Especially in this economy, it's safer to have income coming from a couple of different places. You have to make money somehow, and you can't always wait around for something to open up for you. Even when you start your business you can network with your clients. You never know from whom your next job can come from. I myself have looked into starting my own business. I will definately seek the advice of the small business professor when I start my business.
ReplyDeleteI do think having your own business can be a good thing for some people, but I also believe it is not for everyone. I have worked for a small business owned by a husband and wife for seven years now and have seen first hand what the stress of that business can do to someone while the economy is good let alone when while the economy has been bad. I personally would never be happy if I had to constantly deal with that kind of stress.
ReplyDeleteHaving your own business is tough and not everyone can do it. In these times having the right sort of business is key. Again, i started my buiness a couple years back and things were going great. But when the market drops, peopel do nto wont to waste money on fixing their houses. This has caused me to lower my labor costs to the bare minium. With the way the economy is starting a new business is not the best idea. Many new business fail with in the first year when the economy is hot, i can only imagine that with the down economy we have right now . that number has more the doubled. Peopel shoudl branch out when the time is right, and i beileve that right now is not the best time unless your new business is finding people jobs.
ReplyDeleteI think this is a good idea because when times are tough and its hard to find employment then why not find a different way to get yourself out there? Starting your own business could be better than looking for a job in some ways because you don't have to worry if someone is going to fire you and bring you back to where you were in the first place. With your own business you have the control and if you keep all your options open this could be a very beneficial situation.
ReplyDeleteProfessor Bruce, do you suggest someone who’s starting a business should continue job searching or should concentrate on the start up? I see pros and cons to both of the paths, depending on one’s personality. If you’re polychromic person, you can manage the time between doing all that. However if you don’t have good time management skills you could be making some extra money, but at the same time be neglecting your new business because you’re focused on doing other things, like searching for part-time jobs.
ReplyDeleteProfessor Bruce has some good points here but I would say that if you open up a business in a down economy that is needed for people they will go. Just because the economy is down right now, if its a type of business that people need to survive or something that sells items for there kids then they will always go there and buy. It might not be alot of items but it will be a good number.
ReplyDeleteThis is a very interesting but rather tough decision to have to make. The most important thing is this situation is getting some sort of income to be able to pays for life’s necessities. If you are unemployed starting a business might be the right path to take but you will have to consider whether it is a permanent thing or temporarily, how long before you start having some type of income, and how much income do you expect from this business. On the other hand creating a business might keep you from looking for an already existing job. Playing devil’s advocate; looking for a job might also be a dead end. There might be no job available at the time, and looking for one will just be a waste of time and money. So creating a business might be the best solution. This all come back down to making money. You need to look at your own personal situation and see what solution fits best. If you can balance between looking for a job and creating a business, that would be the most ideal solution. If you can’t you will then have to consider which solution will give you the most rapid but yet stable income so that you can take care of things.
ReplyDeleteCreating as many options as you can is the secret in dealing with a tough economy. Conventional wisdom suggests you head in one direction.I am not sure that conventional wisdom is doing well in the current economic climate.
ReplyDeleteIt is not a good idea because there is no money coming in. There are other options available such as networking and working at home. You can make money by talking to other people in business. You can benefit from working at home because there is different options available
ReplyDeleteon-line. Finding a job is difficult, but working in a different setting wouldn't hurt.
Creatingg different options is the best way to be sucesfully person on this days! you need to find alternatives that depend only in the effort that you put by yourself that way you create a dependecny and maybe when the economy give up all the effort that you make by yourself will give u a better reward! the secret is find the correct way to be sucesfull in life and work hard for that dream or that hope the you have in mind!!!
ReplyDeleteif there is no jobs in a down economy we have two options either starting a business or stay home , and i don't think that anyone would like to stay home.starting a business is the only option for success and is the first step in the real world. i don't mind to do land scaping or paint fences, i won't be shy to do any kind of work.
ReplyDeleteThis story i feel like you hit it right on the spot Professor Bruce. If you have nothing to lose and jobs are not hiring anyway not start your own business? It wont do anything but help you.
ReplyDeleteStarting your own business seems like a good way to satisfy you short term financial needs. But on the other hand, the more time you devote to the business the less time you will have left to look for the job that you really want to work at, and at the end you may end up doing something don’t like at all for the rest of your life. The reality is that finding a job in this type of economy is not easy and it often requires a lot time and effort, but how is one to do so if he will spend most time working on the business?
ReplyDeleteI don’t know if that would be the greatest of ideas. To be able to succeed as an entrepreneur you need time and money. Trying to start a business and looking for a job might be spreading a person to thin. Which I believe could lead to the person failing at both, not finding a job and failing in the business.
ReplyDeleteIt would definitely be a risky thing to do. However, it could be a good thing. If you put yourself out there while things are bad the worse that could happen is that you would fail but how will you know that if you dont try. I would take the chance of starting a business in a down economy and make sure that I do as much marketing and networking as possible so that when things get better more people will know about me and have the money to do business with me
ReplyDeleteStarting a business in this economy is certainly risky business, but if you do your homework and work hard it can be done.Also it depends on what kind of business you start and is there a need for that business.
ReplyDeleteim not sure if i completely agree with you on this one professor bruce. starting a business in a recession can be very hard. starting a business requirs money. witch is not easy to come by in a recession, especially if you are trying to come across some loans from the bank. maybe its a better idea to weigh your options and wait on starting the business.
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ReplyDeleteI think that it would be a wonderful idea for someone to think about other options for a temporary way to make some money and keep their time occupied while looking for a job. Shortly after 9/11, my Dad was laid off from his job. He works with computers as a computer analyst and some sort of software developer. It took about two years for him to find another job in his field. Therefore, during that time he wasn't working, he did some work at people's housing. He is great with fixing things and working around the house so he found some clients and helped them with painting, mowing the lawn, fixing things, etc. It was a great way for him to use some of the skills he already has outside of working with computers to make some money and keep himself busy until he found a job.
ReplyDeleteI think that this is a very valid. Many times, things happen out of necessity. When times are tough it pushes out creativity and some great things can really be created. However, even in a good economy, starting your own business always has it's risks, that will never change.
ReplyDeleteIf your already out of work and are having a difficult time finding a job, then opening up your own business is a good idea. You might even enjoy it more than your previous job and become very successful at it. You never know what you can really achieve until your willing to undergo some risk.
ReplyDeleteStarting your own business in a weak economy also has the advantage of a large pool of potential employees who can bring great talents and very reasonable salaries/wages. By creating your own business, you create opportunities for others looking for work.
ReplyDeletePeople often say that out of great adversity comes great success. The recession has certainly created adverse circumstances for most of us. By taking to entrepreneurial activity, perhaps we can set the seeds for a very successful and rewarding business venture. If you have the means to start your own business in this economic climate, I think it's a great idea.
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