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 they 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 realize 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 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
and now that everything’s going so
difficult i’m thinking is this really
still a great time to have a show on the
air that’s about how to start a business
who’s a hex doing yet but you’re telling
me that’s ok 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 entrepreneurs 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 small
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 borrow as easily a big
thing for entrepreneurs now is
restarting 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 all right 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
bring money in before investing into
products the number one reason why
entrepreneurs fail is that they don’t
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
to you
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 they 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 realize 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 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
and now that everything’s going so
difficult i’m thinking is this really
still a great time to have a show on the
air that’s about how to start a business
who’s a hex doing yet but you’re telling
me that’s ok 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 entrepreneurs 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 small
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 borrow as easily a big
thing for entrepreneurs now is
restarting 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 all right 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
bring money in before investing into
products the number one reason why
entrepreneurs fail is that they don’t
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
to you
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