Make it your resolution this year to become more informed about what it takes to run a business.
Why? To say the world is changing rapidly is something of an understatement. But – hey, the world is changing rapidly, and those changes are especially manifest in the world of work and careers. My parents anticipated one job in their lifetime, I was told to expect 5 or 6. Pundits now estimate that today’s college bound youngster could have as many as 20 jobs in their working lives.
Under these circumstances it may be reasonable to assume that many of the ‘jobs’ in the new economy may not even look and feel like jobs as we currently understand them; 9 -5 in a building, your own cubicle, desk and computer; a salary – benefits!
It’s just as likely that many of these types of jobs will be replaced with ‘opportunities’ for those flexible enough to be able to offer their services on an as needed basis. Possibly to several ‘employers’ at one time. Working from their own location, with their own cubicle, desk and computer, creating their own salaries and buying their own benefits.
In other words people who can manage a business called “Me, Enterprises Inc.”. This new economy will mean more people being ‘self employed’, or ‘free lancing’. Managing their career as if it were a business.
Already, the current recession has persuaded many to try entrepreneurship as a viable alternative to employment or a means of enhancing their financial and economic situation. It looks more and more likely that a significant number of people will be considering the possibility of entrepreneurship at some time in their working lives.
For those who like to see it in numbers. The current status of small business and entrepreneurship:
The US Small Business Administration, Office of Advocacy, estimates 29.6 million small business owners in the United States. (These businesses currently employ more than half the country’s private sector employees; they hire 40% of the country’s high tech work force and include 52% of home based businesses).
· African American owned businesses are the fastest growing segment of the small business sector, (US Census Bureau).
· Women represent on third of those involved in entrepreneurship according to the Global Entrepreneurial Monitor.
· According to MSNBC Hispanic owned businesses grew at a rate of three times the national average from 1997 – 2002.
· In 2004, 22% of military veterans were purchasing or starting a new business. (US Census Bureau)
To succeed in this environment will require making the transition from a good idea to a feasible plan of action. Success will come from understanding the market, market research and market strategy; financial plans break even and cash flow analysis to name but a few.
Whatever your career plan, the advantages of knowing how a business works could make a significant difference to your future. It may help to add a course in entrepreneurship to your education and training program such as the new one at GSU, Innovation and Entrepreneurship See MGMT 420
If you are planning your business now, there is plenty of evidence to indicate that success is enhanced through knowledge, attending training programs, getting mentor support, counseling and coaching. And the good news is that all of that is available from a variety of resources locally. CenterPoint at Governors State University can help to connect you with all of the services you need for success drawing from local public and private resource providers.
If you are not in the Chicago southland region you can find out about local services from the US Small Business Administration.
