Financial markets are crashing around us.
Auto companies are filing bankruptcy.
Unemployment figures are skyrocketing.
The terms "foreclosure" and "short sale" are part of the everyday vernacular (remember when a home was just a place to live and not an investment?!) And retirement accounts have dwindled to the point many aging workers are being forced to keep on working.
So wouldn't now be the time to curl up and stay in your secure job and weather the storm? It would be crazy to venture into entrepreneurship during times like these, wouldn't it? Quite the contrary! For those who are brave enough now is a great time to start a business and here are five reasons why.
1) There's no such thing as job security The days of lifetime employment and company loyalty are long gone.
When times get tough, jobs get cut.
And just because yours seems secure today, doesn't mean it will be tomorrow.
The problem is when you work for someone else your employment and your income are completely out of your control.
However, when you own the company, your future is in your hands.
2) History shows successful businesses are started during a recession A recent study by the Ewing Marion Kauffman Foundation found that more than half of the companies on the 2009 Fortune 500 list and nearly half of the firms on the 2008 Inc.
list of America's fastest growing companies were launched during a recession or bear market.
There's another fact swirling around the Internet that more millionaires were made during the Great Depression than at any other time in history.
And, Forbes Magazine is quoted as saying 10 million millionaires will be created by the year 2016.
Leaders are usually those who turn left when everyone else is turning right.
So when everyone else is recoiling and playing it safe, why not take a strong leadership position and go out on your own? With a little hard work and determination, there's a pretty good chance you'll be rewarded.
3) Small businesses are more nimble To thrive during a down economy (and in any economy for that matter), a company must constantly be re-inventing itself and staying one step ahead of what consumers want.
It's much easier for small businesses to do this than large, lumbering corporations with layers of decision-makers, boards of directors and stock holders.
In my case, in 11 years of business, I have never experienced a downturn connected to the economy.
In fact, in 2008 I recorded my second best year ever, despite the declining economy.
And I know many other business owners who did the same.
4) It's tough to find a job right now The national unemployment rate in May was 9.
1 percent, which is an increase from 5.
2 percent in 2008.
Based on the law of supply and demand, you're going to have a harder time finding a job right now because so many people are looking for work.
Case in point, my company ran an ad a few weeks ago for a part-time administrative assistant at just two to five hours per week, and we were overwhelmed with nearly 200 applications in just two days.
At a ratio of 200:1, who is in the driver's seat in this scenario? You got it, the business OWNER, not the employee.
Rather than looking for a job where your future will be in someone else's hands, you can start your own home-based business quickly and with little cash investment.
And instead of spending your days marketing yourself to get a job you can spend your days marketing your business and making money.
5) It's a great time to create a second source of income With the uncertain economy, now is a great time to start a side business and create a second source of income for you and your family.
As the saying goes, don't put all your eggs in one basket.
Investing the time to start a business now can create a nice second income stream and could eventually turn into a full-time gig if you want it to.
Auto companies are filing bankruptcy.
Unemployment figures are skyrocketing.
The terms "foreclosure" and "short sale" are part of the everyday vernacular (remember when a home was just a place to live and not an investment?!) And retirement accounts have dwindled to the point many aging workers are being forced to keep on working.
So wouldn't now be the time to curl up and stay in your secure job and weather the storm? It would be crazy to venture into entrepreneurship during times like these, wouldn't it? Quite the contrary! For those who are brave enough now is a great time to start a business and here are five reasons why.
1) There's no such thing as job security The days of lifetime employment and company loyalty are long gone.
When times get tough, jobs get cut.
And just because yours seems secure today, doesn't mean it will be tomorrow.
The problem is when you work for someone else your employment and your income are completely out of your control.
However, when you own the company, your future is in your hands.
2) History shows successful businesses are started during a recession A recent study by the Ewing Marion Kauffman Foundation found that more than half of the companies on the 2009 Fortune 500 list and nearly half of the firms on the 2008 Inc.
list of America's fastest growing companies were launched during a recession or bear market.
There's another fact swirling around the Internet that more millionaires were made during the Great Depression than at any other time in history.
And, Forbes Magazine is quoted as saying 10 million millionaires will be created by the year 2016.
Leaders are usually those who turn left when everyone else is turning right.
So when everyone else is recoiling and playing it safe, why not take a strong leadership position and go out on your own? With a little hard work and determination, there's a pretty good chance you'll be rewarded.
3) Small businesses are more nimble To thrive during a down economy (and in any economy for that matter), a company must constantly be re-inventing itself and staying one step ahead of what consumers want.
It's much easier for small businesses to do this than large, lumbering corporations with layers of decision-makers, boards of directors and stock holders.
In my case, in 11 years of business, I have never experienced a downturn connected to the economy.
In fact, in 2008 I recorded my second best year ever, despite the declining economy.
And I know many other business owners who did the same.
4) It's tough to find a job right now The national unemployment rate in May was 9.
1 percent, which is an increase from 5.
2 percent in 2008.
Based on the law of supply and demand, you're going to have a harder time finding a job right now because so many people are looking for work.
Case in point, my company ran an ad a few weeks ago for a part-time administrative assistant at just two to five hours per week, and we were overwhelmed with nearly 200 applications in just two days.
At a ratio of 200:1, who is in the driver's seat in this scenario? You got it, the business OWNER, not the employee.
Rather than looking for a job where your future will be in someone else's hands, you can start your own home-based business quickly and with little cash investment.
And instead of spending your days marketing yourself to get a job you can spend your days marketing your business and making money.
5) It's a great time to create a second source of income With the uncertain economy, now is a great time to start a side business and create a second source of income for you and your family.
As the saying goes, don't put all your eggs in one basket.
Investing the time to start a business now can create a nice second income stream and could eventually turn into a full-time gig if you want it to.