Lisa Simpson
Apr 8,2010
In: Finance

For the Unemployed Having Ideas this is the Best Time to Become an Entrepreneur

For the unemployed having ideas this is the best time to become an rntrepreneur.

For the past one and a half year unemployment has been grabbing the headlines along with foreclosures – “National Unemployment Rate Increases to 10 percent,” “Real Estate Prices Continue Steep Decline” and “Foreclosure Rates at All-Time High.” The news is real and cannot be wished away; neither can one be optimistic about the future. But day invariably follows night – this situation cannot go on indefinitely.

For those with ambition who are either unemployed or under-employed but have great ideas about either services or products this is the best time to become an entrepreneur and start planning positively for tomorrow.

History says that economic recessions provide great opportunities to kick off a new business. The Dow Jones Industrial Average comprised of sixteen firms that started from the time of downturns. Walt Disney made its debut during the recession period of 1923. Microsoft set up shop from 1975 and Enterprize Bank started operating during the middle of the banking mayhem in 1989.

So this is the best time to plant seeds for those who have the inclination for business and have dreamt of running own business and becoming one’s own boss. But dreams are fine provided the feet are placed firmly on the ground. Research has to be done so as to take advantage of the many opportunities that are now available.

The first thing is to chalk out a business plan. It need not be either frightening or formal but a written sketch of the strategy to be followed with cursory details. It should give an account of the product or the services, identify the clients, list the competitors and determine the location of the business. Everything should be categorized to make things easier and smooth.

The plan should project finances, balance expected sales with expenses, calculate initial financial outlay to keep the enterprise running. The figures should be realistic and industry standards should not be ignored.

The best thing would be review the plan with the help of a professional group like Small Business Assistance Center etc. A visit to the website (www.sba.gov) will not be in vain. One can get information about government loans for beginners and grants available for certain industries. Accordingly plans should be modified. Often an outside party dealing with more or less the same kind of business will keep finances and expectations realistic.