Entrepreneurs Find Opportunity in Hard Times

With only 80,000 jobs added to the economy in June 2012, marking the third consecutive month of weak hiring, the idea of going into business for yourself might seem like utter lunacy. Remember, however, that anyone who has ever gone into business has been cautioned not to do so by someone “wiser.” The real truth is that when you become an entrepreneur, you seize control of your own destiny.

According to the National Venture Capital Association, investment money for seeding a business is down 48 percent over 2011. However, early stage investment is up by 47 percent. What does that mean? Investors might not be willing to sink their money into an unproven idea, but give them something to go on, and they will back new entrepreneurs.

Core “Life” Tips for New Businesses

In the current business climate, concentrate on delivering a top-quality service or product. Desperation won’t serve the long-term goals of your endeavor. If you think about nothing but how much money you are, or are not, making, you’ll neglect the real source of stability for any enterprise: the customer. Find out what your customers want, what problems they face, what needs they have, and what goals they envision. Concentrate on those things first.

Other key points to consider include:

– Building a strong web presence. This will allow you to leverage the power of the Internet for cost-effective marketing, as well as for product-based services and online stores. Once online, tend your website. Keep it updated, current, and relevant to the needs of your customers.

– Realize that when you’ve done as much as you can alone, getting help is a positive. With various online venues for outsourcing, and the rising popularity of temp services in the ongoing rough job market, outsourcing and part-time hires may make sense. Don’t fall into the “I can’t afford help” trap.

– Remember to live your life, not work it away. In the best of all possible worlds, you’re doing something to make a living that you’re passionate about, but don’t neglect the things that make life good — your relationship, your children, your hobbies, and your health!

Don’t Work More, Work “Smart”

Entrepreneurship by its very definition is about thinking outside the box. While the job market is still rough, and the recovery from the recession unsteady, opportunity is still out there for creative, dedicated business people who know that working smart is more important than working more.

Technology puts powerful tools in the hands of entrepreneurs to literally run their businesses out of their hip pocket or purse. Did you know you can even accept credit card payments on your smartphone? Or scan documents? Or offer a client a contract to sign?

Traditional cautions against starting a business don’t hold water in the 21st century where creative ideas are merging with innovative tools to foster a new, service-based, customer-centric model. Entrepreneurs who seize the chances afforded them daily can not only become financially stable, but engineer fulfilling enterprises that give back as much as they receive.

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Bio

Melissa Riley is a former college professor now working as a freelance writer and researcher. She covers a wide range of topics for www.merchantseek.com with a particular interest in finance, technology, the Internet, and the emerging business systems of the 21st century.