Starting a business even in today’s economic climate

Published 11:04 am Wednesday, January 14, 2009

Have you considered starting a business of your own?

If the answer is yes, take some additional steps and reconsider the possibilities. Earlier this month someone mentioned to me their desire to start a business and continued by sharing a passionate description of the value they believed the business could add.

Of course I asked, “When are you planning to launch this new company.” The prompt response, shroud in disbelief, was “I would have to be near crazy to attempt it now with the current economic conditions.”

The fact is there will always be some type of disheartening reason for delaying a new business venture, but, when framed in the proper perspective, taking calculated risks is the only way to turn ideas into income.

Great ideas abound. The key to success under any circumstance resides in the ability to execute in a profitable manner. This may seem obvious but consider the underlying message. Many businesses have launched on the foundation of genius, yet failed to become viable even in the best conditions.

Although risks and rewards are carefully calculated and the smallest of details considered, irrecoverable problems can begin to manifest. So, why would I encourage people to pursue a new business?

Allow me to answer that question with another question. Is overhead controllable?

I will purport that many of us, like my friend who swore off launching a company in today’s economic uncertainty, have a natural tendency to draw back due to a predisposed consideration of the total cost of market entry.

Let’s take a different mindset.

Anyone can begin the path toward business ownership in three easy steps. Begin by cutting your expenses. Then, resolve to place the money you save in an account with a pre-arranged funding schedule. As you begin developing your business model, find reputable advisors to help you determine where to leverage your limited resources. Your dream can begin to take life.