If you’re an entrepreneur, recent polling data of small business owners will probably come as no surprise: business is getting worse for many and more than half are experiencing cash flow problems. The gloomy findings are the latest monthly survey of the Discover® Small Business Watch, from Rasmussen Research, as reported by Mark Dolliver in Adweek magazine.
Rasmussen Research reports 44 percent of entrepreneurs said economic conditions for their own business are getting worse, vs. 30 percent saying conditions are getting better. (Most of the rest said things are staying about the same.) Fifty-one percent reported having experienced “cash-flow issues” during the previous 90 days. The 27 percent who expect to boost their spending on business development (”such as advertising, inventory and capital expenditures”) were outnumbered by the 43 percent expecting to reduce such outlays.
But the takeaways lie in what Dolliver’s sources explain can be the long-term effect of the recession. Just as it is predicted that consumers will make lasting changes in their behaviors, small business owners may make different choices long after the recession is over.
Dolliver quotes Bill Collier, author of “How to Succeed as a Small Business Owner . . . and Still Have a Life” and principal of Collier Business Advisors in High Ridge, Missouri: “Regarding the entrepreneurs who have had a tough time in the last year or so, most blame the economy — and rightfully so. But at the same time, many of these folks lacked one or more of the following: a solid business model, a well-thought-out plan, good execution, or a Plan B in case things start to go south. Another common element is living week to week, both in business and at home. That’s where I think and hope a permanent change will take hold: Be prepared and have a cash cushion.”
Wise lessons, indeed, and the article continues with more insights. To read it, visit here.
You’ve no doubt heard the phenomenal success story of Zappos.com, the uber-innovative online shoe store that was started in 1999 and last year booked $1 billion in gross sales. Inc. magazine recently featured a terrific behind-the-scenes glimpse into the company, which is available
Did you realize that Apple Computer, Hershey Chocolate, Mary Kay Cosmetics, and the Ford Motor Company all started out as home based businesses? A website from the U.S. Government claims they did, and that over half of all U.S. businesses are based out of an owner’s home. The website, 
The adage “I think; therefore I am” couldn’t be more true for entrepreneurs. Achieving success as an independent business owner is routed in the traits you possess and, quite simply, the way you think. A recent article in
Some think it’s education, upbringing, background or even their financial situation. According to a recent study by Ace Hardware, 79% of the business owners interviewed attributed their success to good ol’ initiative. The qualities that ranked high in the assessment were industriousness, motivation, perseverance, intelligence, good instincts and passion, in decreasing order.
Does making a fresh start really mean starting over? If that was the case, it would be rather daunting.
Awesome video on the impact of entrepreneurship. Love your computer?
When times are comfortable, people rarely seek change. They’ll stay at the same job, live in the same home, dine at the same restaurants.
With today’s economic roller-coaster, many people have been experiencing increased stress. That’s no surprise. Stress is caused when a person develops anxiety or fear about future events that may occur…potential adversities that are relatively unknown and unpredictable over which a person feels no control.
