Should You Start a New Business In A Recession? Definitely!
October 21, 2008
Okay, I gave away the answer in the title, but I just couldn’t wait to tell you. There is a lot of talk about the recession lately. The world economy is on magic mushrooms, and stock markets go up and down by 10% in a given day. All you hear on the news are stories about people loosing their homes, businesses going bankrupt putting thousands out of work, Armageddon. Are we in a recession or aren’t we? The media is selling fear, worry and panic, and the general public can’t buy enough. The candidates for President of the US keep saying that the country is facing the biggest economic crisis since the Great Depression. They wouldn’t be setting themselves up to be a huge hero when things turn around, or have a good excuse if they don’t, would they?
Let’s assume we ARE in a recession, and we are facing this huge economic downturn. So What?! That may seem cold, or uncaring to people facing hard times right now. It’s not. I’m just saying that worrying about it isn’t the answer. You may have already been affected by the economy in some way, or maybe you haven’t. If you have, make a plan. If you haven’t, MAKE A PLAN. Don’t get sucked into the vacuum of panic and paralysis that is sure to grip so many small business owners. Change your tactics. Adapt to the market- like you always should. If you don’t think a business can survive hard times, and the great Depression wiped out everything, think again.
SD 01| Starting Your New Business: The Checklist Every First Time Business Owner Needs
October 7, 2008
This is the premier podcast episode of Startup Daddy. In this episode I talk about my entrepreneurial path, and how I made the leap from unhappy employee to financially independent home based business owner. In this episode you’ll also find:
- The basics of starting a business
- A checklist to get you started
- The 2 books that influenced me the most in the beginning.
Starting A Business: Define Your Definite Major Purpose & Envision Your Desired Outcome
June 15, 2008
Before you start doing the things, the tasks, required to start a business, I suggest you spend some time doing some serious thinking and planning. Not just setting specific goals, which is important, but higher plain stuff. The things David Allen calls 50,000 feet thoughts- career, purpose, lifestyle.
There is a very famous book by Napoleon Hill, called Think and Grow Rich. It’s one of those books that most successful people I know have read. In his book, Hill presents his concept of the Definite Major Purpose. It was a challenge to his readers, to ask themselves “in what do I truly believe?” You need to define this, and make sure whatever business you decide to start, is aligned with this purpose. If your business is in some way aligned with your core values, or doing something you truly love, you will have passion in your work. Passion always comes through, and greatly increases your chances for success.
Knowing When To Cut Your Losses and Stop Building A New Business
May 2, 2008
I know it has been a couple months since I posted anything, but I am back. In the two long months since my last posting, I have learned many new lessons and re-learned a few old ones. In the coming posts, I plan to share a lot of what I have learned. You will also see me launch a new business, from the very beginning. But first, let me tell you why you haven’t heard from me for a while.
Simply put, I got myself into a business deal that ended up going against almost all of the criteria I have for my business ventures. I got into a partnership, where my responsibilities far outweighed my ownership stake in the company. Our roles and responsibilities were too vaguely defined from the beginning, and this led to a quick meltdown of the working relationship between me and the main stakeholder. Most importantly though, I allowed myself to sacrifice the flexibility and lifestyle, I have worked so hard to achieve.
The good news is that I have developed the ability to recognize when things are not working. I have a very good idea about when I can turn things around, and when they will only get worse. I needed to get out of this, but I had to be very careful to do it right. Oh, I didn’t mention that one of the partners was a very close friend, and all of the partners (except for me) were lawyers? [Read more]
5 Ways To Guarantee Your New Business Will Fail
February 11, 2008
Here are five things you can do get off to a bad start, waste your time and money, and frustrate yourself in your quest for financial and career independence.
1. Forget About Niching Down
