We have discussed the natural path the unemployed can consider in this tight job market: Converting hobbies to small home businesses, pursuing one's lifelong passion, or exploiting one's expertise and experience. These are very exciting, stimulating, a great alternative to the rat race, but not for everyone.
Now, however, we see a new breed of entrepreneurs, what is being called 'reluctant entrepreneurs', necessity driven, not opportunity driven.
With millions of employees out of work, and bills piling up, there is a steady flow of talented out of work men and women who simply need to create revenue for the family's survival. They are making little progress in getting a job and the future looks very grim.
What to do?
Jon the ranks of many, create a new business, become an entrepreneur, reluctantly and necessity driven but we all do what we must to survive and support our families. Income is a requirement, so you open up a business and pray for success.
I get it and salute the bravery required to support such a decision, especially when motivated by necessity not passion, a whole different story.
The context will control the situation, so you must get your context correct. Define your context, what are your basic parameters that will support and define success? Define this and stay on track.
First question is how much cash do you have to invest? Be careful about capitalizing your new business with borrowed cash, it requires debt service, monthly payments and this can be the beginning of the end if things do not work out as planned or as quickly as planned.
Do not withdraw your IRA money by borrowing it, accepting the tax and penalty and diminishing its value significantly. Seek assistance; you can invest your IRA without penalty or taxes if you do it properly. I caution you against using your retirement money for a start up, but it is a source of needed cash and will be done by many so do it carefully and correctly.
Please have a plan and a cash flow pro forma; it is the road map to success and review it weekly.
Create income as soon as possible, it is the objective. Do not embark on a business journey that does not promise a relatively immediate return, cash in to live off and invest with.
Revenue first, growth second. Do not create an organization in anticipation of the inflow of expected revenue. Create an organization after you demonstrate you need it. Income first, growth and development second.
Have a plan and have it reviewed by someone qualified and willing to tell you the truth.
Will it work is the question? You have no time for mistakes.
Call if you need an opinion or direction.
Remember this is not about a passion; it is about creating revenue and income. Plan accordingly. It is an important decision and a necessity for many, as many jobs will never return and many unemployed will never find other employment in the near or long term future. Thus, entrepreneurship is about survival, not passion.
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