Taking The Entrepreneurial Plunge [stocksmarketarticles]

Taking The Entrepreneurial Plunge [stocksmarketarticles]

FILE- In a Tuesday, July 10, 2012, file photo, traders work at the start of early trading at the New York Stock Exchange. U.S. stocks slid for a sixth day Thursday, July 12, 2012, as concern spread that weaker global economic growth and the European ... JPMorgan Chase launches a stock market rally

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Many of us are going into business for ourselves, either as a result of being downsized or because we are aware of the fact that business owners are likely to make a lot more money in their lifetimes than employees regardless of education or social status.

Being an entrepreneur is hard and risky but times have changed for corporate employees and NOT for the better. As it becomes more risky to be just an employee, it becomes less risky to be a business owner.

Did you know that stock price almost always go up when employee costs go down, from layoffs, etc.? It means workers are always at risk no matter how good their work is. It's just the way the big business model works today.

Now, there is a really good reason to start your own business! It comes right down to pure survival. Workers have learned that lesson the hard way. It may not be the lesson big companies wanted us to learn, but it's the natural result of their actions.

So, now that we've caught on, what can we do about making a more secure living?

There are lots of alternatives. Analyze your life and interests to find a good niche for you and your dreams.

1. Do you have a hobby or interest that you like that you can turn into a business?
2. Do you have a skill or trade or certification or diploma that could be an independent career?
3. Could you start some type of service or information business?

These are only a few ideas. There are lots of opportunities out there.

What if you don't have a hobby or personal interest that you feel you can turn into a business.

Remember the old saying "Buy low, sell high". It's a great business model.

ALL kinds of things can be salvaged, from metals to architectural pieces of buildings to old mechanical equipment.

Or maybe you're an engineer and are interested in manufacturing processes.

Just these two categories, salvage and manufacturing, encompass endless possibilities and opportunities. Manufacturing equipment from hundreds of closed American manufacturing plants is now running strong in other parts of the world.

So, what's YOUR next career? Vet, attorney, senior care, collectibles, car parts, salvage, day spa, accountant, professional gamester, wedding planner, chef/ baker, tailor, designer, builder, contractor, painter, plumber, electrician, jeweler, watch maker, car repairs, net guru, manufacturer, weaver, upholsterer, clothing designer, retail store owner, franchisee, franchiser, MD, it's up to you!

Once you decide what you want to do, how do you minimize the risks?

Test, test, test to find profitable markets, strategies and customers you need to succeed. Just opening a business and hoping "they will come", isn't enough. All businesses have to really HUNT those customers. Be prepared for how much work it will take.

Shopkeepers have worked from home or lived over the store for eons. It's a good business model for all kinds of lifestyles. Your kids may end up learning a good trade from mom or dad and learning about business and finance in the real world. This is an excellent strategy for retail or service businesses. You can limit your expenses by living and working in the same place if it's practical for the kind of business you want to have. The biggest disadvantage with this is that you tend to work more hours because you never leave your working space.

Saving money and living as cheaply as possible will help you succeed. It gives you more room for shortfalls in income so you extend the time you have to succeed. But remember you have to actually MAKE MONEY. It's both the hardest thing to do and the most important thing a business MUST do to succeed. It's also a big reason why large companies try so hard to control employee costs. But...guess what? They have to actually make money, too! Enron forgot they actually needed to make money and look what happened to them! Don't get enamored with your product or even the top line (sales). Watch the bottom line and cash flow to insure you are around for a long time. Best of luck.

More Taking The Entrepreneurial Plunge Issues

Question by constance m: What do you think about the stock market plunge today? Best answer for What do you think about the stock market plunge today?:

Answer by fredrick z
Over time it will correct itself. The plunge today had to do with worries about the huge number of mortgage defaults and the associated economic dislocation, coming up this fall.

Answer by J
When the market plunges it is scary. Fear takes over and eveyone starts selling and it just feeds on itself. Usually, there is too much fear and people over react. When you invest you have to understand there will be days like this and sometimes it takes months or years to get back to "normal". Understanding this doesn't make it much less scary. You should split your investments between a variety of stocks, bonds and money market funds and not have money you will need within 4 or 5 years in the market. If you do this it will still be scary but it won't affect your day to day living or short term plans. Finally, if you are investing for the long term you want to buy when the market is low and sell high. So a plunge like today is really a buying opportunity. It would probably make sense to think about investing a little bit more than usual at this time. That is the hardest thing to do - we all feel confident when the market has been going up and then freeze or panic when it goes down- actually we should be taking some profits when the market goes up and buy when it goes down because the shares are on sale. This is all logic - I know what to do and how to look at it but it is still very unsettling. I try not to look at my investments at times like these since it might make me do something stupid.

Answer by Annie
I think it's a really good time for people who got freaked out to reevaluate their risk tolerance.

Answer by ballmonkeyhockey
as long as you are in the Stock Market to make money in the long run, you will have it back in a bit. Trying to make money in the stocks over a short time, lets say 3 months is a crap shoot, its hard to do.

Answer by moon goddess
STOCK MARKET PLUNGE IS LIKE THE RED HOT SEX SAFARI BUT GIVE IT TIME IT WILL GET BACK IN SHAPE AFTER WE CLOSED THE BORDER

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