Have you thought about going into business for yourself … as an Entrepreneur?

This topic came up at a recent Meet Up with fellow job seekers.  Going into business for yourself during these chaotic economic times.  An entrepreneur is a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome.

The definition of Entrepreneur: an ambitious leader who combines land, labour, and capital to create and market new goods or services. The word is French and was first defined by the Irish economist Richard Cantillon. Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome.

Entrepreneurship is often difficult and tricky, resulting in many new ventures failing. The word entrepreneur applies to someone who creates value by offering a product or service, by carving out a niche in the market that may not exist currently. Entrepreneurs tend to identify a market opportunity and exploit it by organizing their resources effectively to accomplish an outcome that changes existing interactions within a given sector.

Here are 10 Reasons to Start a Business in a Recession from Brad Sugars (he is columnist and the writer of 14 business books including The Business Coach, Instant Cashflow, Successful Franchising and Billionaire in Training)

Brad says there is no better time to start than the present, especially if people around you are more comfortable with their own list of reasons why they shouldn’t start pursuing their own business dreams right now. It only means you’ll be facing a lot less competition.

1. Everything is cheaper.
Let’s face it: There is great value right now in this and in world markets. This is the right time for fantastic deals in virtually every category, from land and equipment to commercial office space, personnel and labor. As asset prices have been knocked down, there is no better time to get into the real estate or financial markets, or even heavy equipment and construction. Some people have waited years to find value in these markets–and now that time has come.

2. You can hire more and better-qualified people.
In an era when even Microsoft is laying off, you can find great resources at affordable rates. Thinking about getting your high-tech startup off the ground? There are plenty of engineers waiting to be hired. Thinking about forming a professional services firm? There are many accountants and attorneys looking for their next opportunity.

3. People are looking to change suppliers.
From a cost perspective, everything is on the table for most companies. Even if your prices are higher, if you can come in with greater value, you have a good chance at winning new business. You also have the advantage of being the new kid on the block when it comes to pitching your products and services. Many companies are desperate to find new partnerships with new companies that have a different, better or more innovative way of delivering those products and services.

4. Ownership equals tax incentives.
Business ownership offers a variety of tax benefits that aren’t available to employees. While taxes should never be the sole reason to go into business for yourself, it should be one reason to add to you “benefits of business ownership” list.

5. Family and friends don’t want to (or can’t) invest more money into the stock or real estate markets.
That means they may be willing to finance a portion of your new venture, or the expansion of an enterprise that has proven itself over time. The main benefit is that they know you and have a relationship with you–and if you have a solid business plan that delivers real numbers, your chances of raising the capital you need increase exponentially.

6. Suppliers are giving better credit.
Because the credit markets have virtually shut down, the B2B credit flows are keeping money circulating out of sheer necessity. That means a bullish outlook for companies looking for good terms on stock and/or inventories. The main advantage is that all parties have more incentive than ever for finding true win-win situations that allow for cash and stock flow. When everyone is looking to survive, great deals can be had.

7. You can get good PR by showing you are going against the trend.
The media loves aberrations, and if you are optimistic by expanding or getting into business now, you would be in that category. That means you can generate some great PR by demonstrating your “alternative” view of the market.

8. You can buy everything you need at auction.
In addition to everything being less expensive, you can find great deals at auctions, especially in terms of any large equipment and office furnishings. Auctions are also a great place to find hardly used or “gently” used restaurant and bar supplies at great prices. These days, you may even be able to get deals on fleets of vehicles and trucks for a delivery service or hauling or construction company.

9. You can find great “low money” or “no money” down deals.
This is simply being aware of good opportunities others have buggered up, and finding deals where you could get an entire business simply by taking over a lease (along with all the equipment). Many business owners want out at any cost, meaning you can negotiate great win-win deals that allow the current owners an escape while giving you an opportunity to turn around what could be, if run right, a very viable business.

10. You’ve lost your job, and you have to do something.
Sometimes, the best business decision is the one you are forced into, and the incentive (as well as need) for income is often enough to push those previously “on the fence” to strike out on their own. There’s nothing wrong with being in this position; it simply means there is greater urgency to do something that will start to generate income as quickly as possible.
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Bonus Tip #1: Listen to this 52 minute audio  http://www.kqed.org/epArchive/R904020900 from PBS reporter Scott Shafer on a program entitled “forced entrepreneurship”

Scott’s guests are experts on the topic:

• Gary Jones, founder of Superstar Tech Support.com
• Laura Forst, currently developing a business plan for her specialty packaged nuts company, Laura’s Nuts
• Mali Dyck, business manager for Garden Fare, planning and installing ‘edible landscapes,’ gardens made completely of edible plants
• Mark Cannice, associate professor of entrepreneurship, founder and executive director of the Entrepreneurship Program in the University of San Francisco’s School of Business and Management
• Marty Nemko, contributing editor, careers for U.S. News and World Report and author of “Cool Careers for Dummies”

Click the link, open up a new browser window, and then listen while you go about your online job searching!

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Bonus Tip #2: Check Ideas4Rent Marketing …. for marketing and advertising news, tips and ideas to help you grow your business.  Go to this Twitter name:    ideas4rent or go to their website:   http://www.ideas4rent.com/