Successful Entrepreneurship Is The Road To Financial Freedom
According to the US Federal Reserve, equity in unincorporated businesses is the second largest share of total household wealth after home equity. The personal freedom of owning one's own business has its pros and cons. Becoming a successful entrepreneur takes spirit and determination.
Small businesses are essential to the economy. In the US, the Small Business Administration (SBA) maintains that small businesses represent 99.7% of all employer firms. They employ half of all private-sector employees and are responsible for more than 45% of the total private payroll. An even more telling statistic is that they generate between 60% and 80% of new jobs annually. So to turn this recession around we need more successful entrepreneurs.
In the last year and a half there have been sweeping changes across the business sector, with knock-on effects into every facet of life. The choices for the average man in the street appear to be: rely on someone else to keep your job secure, or strike out on your own. And the ¡Ærely on someone else' part has pretty much fallen by the wayside. Layoffs are at an all time high, which can be life changing for those now out of work, or who suddenly find they've become a one-income family.
Instead of treating the situation as insurmountable, entrepreneurs are carving their way into the new marketplace. In terms of innovation, they lead the pack: small firms produce 13 times more patents per employee than large businesses! Keeping it small and "core" is what seems to be the watchword for small biz. They know and understand their business while remaining passionate about it. For many it is not merely a business - it's a dream.
When that energy is invested in a corporate venture, and it is small enough for one person to have a resounding effect, the business has uniformly grown through the recession. Of course all ventures have teething problems, some more than others. One apparel company found that they were struggling to fill a big order because they grew so fast that they were unable to manufacture the volume demanded and could not deliver. Fast thinking and outsourcing solved the problem, but the owner says it was one of the most stressful periods in his life.
At times it has been a combination of a dream coming true and a horror story, but he wouldn't have it any other way.
His take on the recession? To achieve success in the modern marketplace you have to be an entrepreneur.
About Polaris Media Group
The Polaris Media Group mission is to help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. The programs are based on the real possibility that individuals can create an improved lifestyle through an understanding of entrepreneurial skills and application of wealth creation strategies. We believe that the individual has the ability to realize their inherent potential and live a life of personal fulfillment.
Author, Shane Krider, is the CEO of Polaris Media Group. Polaris Media Group help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. For more information, please visit www.polarismediagroup.com.
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