December 4, 2008
Why do we have this disease called self employment?
Well we all made it through another year. Some of us by the skin of our teeth. I have talked to a lot of business owners who are ready to hang it up. Lets face it a lot of things went wrong this year, AIG, Citibank, Wachovia, the real estate market dried up, gas was $4.00 a gallon, Fanny Mae, Freddi Mac, GM, Chrysler, Ford, Foreclosures, Credit Cutoffs, 401-k lost most of their value, The promise of higher taxes, Russia, lead paint from china. All this and we still want to be in our own business, why? Because if it was easy everyone would be doing it. We do it because we want to excel in our fields, We do it because we hope we can get it right and be able to make our lives a little easier, We do it so we can be productive. If you have any other reasons please add to this post.
Despite all the things that did not go our way this year we will be at it again next year. We could call this a cleansing period as all the fly-by-nights will move on as they will not be able to take it when the going gets tough. We can learn something new from this down turn. I myself have been self employed since I graduated HS (1975) I have seen at least 3 - 4 economy down turns in that period and have weathered them all and came back the next time a little stronger and wiser.
So my friends do what you have to do to stay afloat, get a part time job if you have to, put your spouce to work, put your kids to work… but if you have the true entrepreneur spirit then you will be back again ”it is like a disease”.
Have a Merry Christmas, Happy Hanukkah and Very Happy and Prosperous New Year
Gary
Bob Henne
said,
December 5, 2008 @ 11:07 am
I’m with ya, Gary! You have to be very stubborn and a bit crazy to be a business owner, but you are right….for some of us there is no other way. Either you are a person who wants to steer his own ship, or you trust your fate to someone else to do it for you.
For many years I worked in the corporate world, and I was badly hurt in each recession (4!!) that I’ve lived through. This time, it’s up to me to chart a course and try to get through it in one piece….we’ll see what happens!!
I’m glad that I’m part of Network Connections — its great that we help each other, share ideas, and promote each other. It can make a big difference for all of us as we try to move forward in this challenging time!
Gary
said,
December 5, 2008 @ 8:48 pm
I think the next 18 - 24 months are going to be all down hill. We’ll just have to eat hot dogs and beans (I’ve done it before I was in a Rock Band) a few times a week.
I was never part of a networking group before Network Connections and I was reluctant at first but Lois, the groups founder and my friend, persisted in keeping me here. Now I am glad that I stayed. I have made a lot of new friends. I think that Alan was right at the meeting when he said that we all need to get to know each others business’s a bit more.
I would like to move forward and not backwards
Carl E. Reid
said,
December 7, 2008 @ 9:15 pm
Good article Gary. Self Employment is still alive and well. What people don’t hear regularly is that small businesses provides a huge foundation to support the U. S. economy, especially during times like this. Like yourself, I have witnessed 4 recessions.
Every business owner can stay the course, if i might be so bold as to make a couple of suggestions you can share with your group.
In Bob Burg’s book “Endless Referrals” he provides a key question each person can ask another to develop a solid business relationship; “What type of person would be a good fit for your products or services, that I can refer?”. Then refer people who fit that description. Giving first before receiving is the core foundation of Networking.
Business owners should consider spinning off or developing a new profit center from the core income profit center. This diversification maintains ongoing solvency no matter what the economics. My business partner and I have 5 distinct, but cross marketable profit centers. When 1-3 aren’t doing well, at least 2 are maintaining profitability or exceeding it.
Consider using LinkedIn.com to develop at least 200 five (5) star contact relationships, as part of the daily Networking process. Everyone is a gateway to at least 2 other people. This business social network definitely works. After each business networking meeting attendees should follow up by sending an invitation to connect on LinkedIn.com - This allows for keeping track of everyone in your network.
Carl E. Reid, CSI
Chief Savvy Intrapreneur & COO
Empowering Today’s Professionals Network
Dawn Sontag
said,
December 8, 2008 @ 4:28 pm
Excellant advice. I too came from the corporate world. And after many years and a surprise layoff, I didn’t know how to start on a new career. Meeting up with Lois and joining Network Connection NJ has made it possible for me to better understand what I need to do.
Of course doing it isn’t always easy! But I vow to keep working at it.
I agree with Gary, we will continue to see volatility in the financial sector this coming year. But, I don’t think it will all be doom and gloom. And I encourage everyone to talk with a advisor. Ask about the challenges and possibilities.
But most of all, if you haven’t taken any action, talk with someone about protecting what you’ve already built!
I’m willing to help if you want to learn.
Dawn Sontag
AXA Equitable
dawm.sontag@axa-advisors.com