Small businesses are in transition again. Many of the employees who now work from home are no longer dependent on a geographical office and travel hassle. This is a relatively new phenomenon that shows signs of explosive growth in this sector in the coming days. Many new entrepreneurs have been born as this turbulent economy has led to downsizing, offshore restructuring, and the closure of large businesses. These are people who, instead of tirelessly trying to find a new job, may suffer the same fate as before, because small businesses are set up and enjoy the benefits and risks of self-employment. There’s an old tale that tells of an admiral’s decision to fight a battle against overwhelming odds. It appears that he was approaching the shore of an enemy country, with a larger naval force approaching from behind and a large army approaching from the land in front of him. He prayed and then turned to his men. He announced that their weary forces would land on the beach ahead of them, dig, and prepare for battle. There was no return and no other alternative. He ordered their ship to be burned after landing. Their only choice was to fight to win or perish. They defeated the enemy as he eliminated all other escape routes. They were fixed to their survival goals and nothing else.
This is the same attitude that we entrepreneurs have to adopt. We cannot afford to be rejected. We need to grow and prosper. Otherwise, our business will surely fail. We constantly have to find ways to profitably market our business and increase sales. We need to keep our costs under control and have enough cash for our day-to-day operations. Each of us must be patient, persevering, and vigilant. As CEOs, we are manufacturers, sales teams, marketing departments, legal departments, accounting departments, human resources managers, IT managers, webmasters and more. I can’t afford to buy all these positions. Our job is to sell! You need to find financial resources to grow and protect your business investment.
The growth of the internet has also changed our market. A few years ago, small business owners decided on the geographical part of the market and opened a store. Today, this store is usually located in the office of the entrepreneur’s home. The market is now the world. The costs of marketing products and communicating around the world are so low that almost anyone can participate in this revolution. Sophisticated voicemails, cell phones, emails, and efficient e-commerce websites now give the smallest home business the illusion of grandeur. The end customer usually does not know if his supplier is local or international. He could wear a shirt and tie or pajamas! All that usually matters is that the exchange of products and services is successful and profitable.
It’s extremely important for the small home business owner to be aware of the resources available to them when taking that big leap. Many people enter the business prematurely and fail due to poor planning and insufficient financial resources. Don’t fall into this trap. Don’t quit your job until you have enough money to pay the bills for your new business for at least a year. Be aware of the resources at your disposal and keep evolving. You want everything to happen to you because you are taking the plunge into the world of entrepreneurship.
There are incredible resources, funded in part from public and private sources, available to entrepreneurs at little or no cost to help small businesses grow successfully. Some additional national resources include:
There are also plenty of magazines for small business, private business, marketing, sales, accounting, and more. Read your industry magazines to learn about the competition and other aspects of your business interests. A single legal issue, a FACTA issue, an accounting error, or a misdirected marketing calculation can put you out of business. Today, in the case of FACTA, inadequate security or poor administration can make you legally liable for a single employee identity fraud case, which can be very costly.
A single lawsuit or seller’s dispute can trigger you. Many entrepreneurs are ignorant, ill-prepared and ill-educated in these and other issues. Don’t fall into the trap of fatal ignorance. Smart entrepreneurs today have more opportunities than ever before. Sort all the ducks before making a fatal leap in the new world market. Be wise, learn as quickly as possible and act on your ideas. Like an admiral, he is determined to triumph over overwhelming adversity.