The Wall Street Journal’s Boss Nation ran an excellent column recently pouring over Census data and how it relates to businesses and workers here in America. I had a feeling we were heading towards an Entrepreneurial Nation but boy, we are steamrolling in that direction. The current economic free fall (well, hopefully at least the free fall is over) has only exasperated this trend.
Here are a few snippets pulled from the column:
–The Census data says there were roughly eight million self-employed Americans in 1980 and today there are 10 million. non-employer firms topped 20 million whereas this number was 15 million in the 1990s.
–Self-employed women workers went from 27 percent in 1973 to 39 percent in 2003.
–It’s extremely difficult to obtain financing from a bank today but entrepreneurs can incorporate, establish a logo, start a Web site and churn out your own email at a very reasonable cost through the help of college student interns, DIY resources (ahem, UnderstandingMarketing) and other contractors such as yourself.
–More people are also starting their own business or consultancy on the side even if they still have a full-time job. For many this is the only way to take that leap but it can be very exhausting and possibly damaging to family life.
The important thing is to realize what it’s going to take to get up and running. Beyond that, think of everything you need to be successful. Rely on #smbiz Twitter chats to meet and learn from other accomplished entrepreneurs that can be a great support system. If your business will involve building a network of other professionals in different areas, build that network now so that it’s ready to rock and roll once you launch.
Figure out who will be your support system in areas like tech support, accounting, taxes, legal, marketing, sales, business development, PR, social media, blogging, operations and distribution. It’s impossible for any entrepreneur to be a true expert in every one of these areas, so get your support system in place.
Here is the full column in The Wall Street Journal. And here are several more resources to help you get started:
Search Engine Optimization Bible
Escape from Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur
Balance Sheet Basics: Financial Management for Nonfinancial Managers
QuickBooks accounting software
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