Start A Business

I have seen a lot of articles lately about starting a business in response to  being  laid off. Many businesses start off in life because the founder had to for whatever reason. Laid off, fired, whole  companies  collapsing.

Entrepreneurship carries many risks. When you are self-employed, you wake up unemployed every morning. But according to Experian, one of the three biggest credit reporting agencies, self-employed entrepreneurs make about 25% more than the general population. Most of the wealthiest men in America made their fortunes as entrepreneurs. Bill Gates, Warren Buffet, Donald Trump and Sam Walton are all self-made billionaire entrepreneurs.

There are significant risks.   Somewhere between 85% and 94% of all new business fail within the first 5 years according to Entrepreneur Magazine.

Regardless of the risk, according to a study of entrepreneurs conducted by Master Card International, 65% of small business owners would tell a friend to start a business right now. As a no job survivor what have you to lose. All the statistics show that a laid off person will not find a new job very soon. Only 27% of laid of  people  in the US will find any fulltime replacement job within 90 days of lay off.  

Micro businesses  often start very small and grow rapidly. The US Census Bureau reports that 49% of the nation's businesses are run from home, and industry analyst the Dieringer Group places the number of Americans running businesses from home at 45.1 million. It is easy to start a home-based business. Beware of  the  internet  scams though.   Do  your  research. I always google  around  looking for linkages between scams and frauds especially for those too good to be true use google to make lots of money opportunities. There are even low cost  franchise  available. Not all are 6 figure  investments. Think  vending  machines,  cleaning  services and so forth. Of course maybe its  time  to run with that idea you have had for years. Go forth and make millions. Or at least pay the rent.

P.S. A good read is  Outliers by Malcom Gladwell.

Also the US Department of Labor has an assistance program available through some states to assist qualifying unemployed people to start a business. Click here for further information on the DOL program.

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