when the going gets tough start your own
business it’s one strategy for economic
survival in economic downturns but when
the times are this tough all over will
there be anyone out there to buy what
you have to sell Evan Carmichael is an
entrepreneurial expert who writes
extensively on how to start up a
business and he joins us now to talk
about taking the plunge so now Evan this
recent economic downturn of course has
got everybody pretty worried about
things what have you observed in the
entrepreneurial world any changes that
you’ve seen I’ve seen a huge spike in
entrepreneurship and it’s coming from
two main sources the first of people who
have been laid off can’t find any other
work and they started with their own
business as a means of survival is the
only thing they can do the second group
are people who have put their life stake
into these corporations and thought they
had a nice cushy job for the rest of
their lives and realized that it’s not
as stable as I thought it would be and
now they want to take their own destiny
to collect into their own hands and they
started their own business to be the
masters of their own fate right so
you’re actually seeing that more people
are starting businesses at this
difficult time than they were say
previously when the economy was a little
more stable huge rides huge rising
entrepreneurship well that’s good
because as you know news world is
launching the show this other show I
host fortune hunters this weekend and
it’s all about you know people starting
out businesses what are the hot trends
how do you do that and I have to say you
know we pitch the show at a time when
the economy was better is this really
still a great time to have a show on the
or that’s about how to start a business
who’s a hex doing yet but you’re telling
me that’s okay I think you see a nice
spike in ratings for the show well are
there any advantages for small business
people in a downturn say as compared to
people involved in larger corporations
yeah I think our chairs will do better
than most in this coming economy a
couple reasons convert the big
corporations the first is the more agile
so as a small business owner you can
make a decision right away to reflect
whatever changes you seen in the market
or as corporations have board meetings
and multiple levels of decision-making
they have a lot more infrastructure so
it’s harder to get those quick decisions
out so it’s a time to be nimble and a
time crunch
worship but it’s very difficult right
now to borrow any money and of course
one of the biggest reasons companies go
under is their undercapitalized they
don’t have enough money to sort of stick
with it until they can make a profit so
isn’t it a little more difficult to
start a company when you can’t burrow is
easily a big thing for entrepreneurs now
is they’re starting service-based
businesses so they don’t need as much
money to start up this low overhead so
they’re getting the services or it’s
just their time as opposed to being able
to take out a big loan which is not
available from the bank’s right now
alright so now I understand you have
some tips for people who do want to
start their own companies what are those
tips the first one they start a business
with as little money as possible so
don’t go spending your life savings
you’re draining your bank account to get
your company off the ground started with
as little money as you can the second is
start that service-based business so
again it’s a lot easier to start a
service-based business go out find
customers start bringing money in before
us and into products the number one
reason why entrepreneurs fail is that
they though they run out of money so
it’s not that they don’t have a good
idea is that they run out of money too
quickly so start that service-based
business the third is be passionate love
what you do you gotta love what you do
if you’re an entrepreneur is going to be
so many stumbling blocks that you’ll
face along the way you have to really
love what you do and the last is really
know your market so don’t get into an
industry just because you see it it’s
it’s a hot industry and the trends are
going up in that industry make sure you
really know what that business is all
about before you get into it alright
well thank you very much Evan no problem
thank you nice
business it’s one strategy for economic
survival in economic downturns but when
the times are this tough all over will
there be anyone out there to buy what
you have to sell Evan Carmichael is an
entrepreneurial expert who writes
extensively on how to start up a
business and he joins us now to talk
about taking the plunge so now Evan this
recent economic downturn of course has
got everybody pretty worried about
things what have you observed in the
entrepreneurial world any changes that
you’ve seen I’ve seen a huge spike in
entrepreneurship and it’s coming from
two main sources the first of people who
have been laid off can’t find any other
work and they started with their own
business as a means of survival is the
only thing they can do the second group
are people who have put their life stake
into these corporations and thought they
had a nice cushy job for the rest of
their lives and realized that it’s not
as stable as I thought it would be and
now they want to take their own destiny
to collect into their own hands and they
started their own business to be the
masters of their own fate right so
you’re actually seeing that more people
are starting businesses at this
difficult time than they were say
previously when the economy was a little
more stable huge rides huge rising
entrepreneurship well that’s good
because as you know news world is
launching the show this other show I
host fortune hunters this weekend and
it’s all about you know people starting
out businesses what are the hot trends
how do you do that and I have to say you
know we pitch the show at a time when
the economy was better is this really
still a great time to have a show on the
or that’s about how to start a business
who’s a hex doing yet but you’re telling
me that’s okay I think you see a nice
spike in ratings for the show well are
there any advantages for small business
people in a downturn say as compared to
people involved in larger corporations
yeah I think our chairs will do better
than most in this coming economy a
couple reasons convert the big
corporations the first is the more agile
so as a small business owner you can
make a decision right away to reflect
whatever changes you seen in the market
or as corporations have board meetings
and multiple levels of decision-making
they have a lot more infrastructure so
it’s harder to get those quick decisions
out so it’s a time to be nimble and a
time crunch
worship but it’s very difficult right
now to borrow any money and of course
one of the biggest reasons companies go
under is their undercapitalized they
don’t have enough money to sort of stick
with it until they can make a profit so
isn’t it a little more difficult to
start a company when you can’t burrow is
easily a big thing for entrepreneurs now
is they’re starting service-based
businesses so they don’t need as much
money to start up this low overhead so
they’re getting the services or it’s
just their time as opposed to being able
to take out a big loan which is not
available from the bank’s right now
alright so now I understand you have
some tips for people who do want to
start their own companies what are those
tips the first one they start a business
with as little money as possible so
don’t go spending your life savings
you’re draining your bank account to get
your company off the ground started with
as little money as you can the second is
start that service-based business so
again it’s a lot easier to start a
service-based business go out find
customers start bringing money in before
us and into products the number one
reason why entrepreneurs fail is that
they though they run out of money so
it’s not that they don’t have a good
idea is that they run out of money too
quickly so start that service-based
business the third is be passionate love
what you do you gotta love what you do
if you’re an entrepreneur is going to be
so many stumbling blocks that you’ll
face along the way you have to really
love what you do and the last is really
know your market so don’t get into an
industry just because you see it it’s
it’s a hot industry and the trends are
going up in that industry make sure you
really know what that business is all
about before you get into it alright
well thank you very much Evan no problem
thank you nice
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