Become an Entrepreneur — And Prosper in the Coming Hard Times

Today is the first in a series of posts intended to help you become independent and secure from the effects of the coming economic turmoil  that will savage our standard of living.  In 1982 I started Calian with a $35 investment in the middle of a major period of negative economic growth.  This was in the middle of a major recession and it worked out well for me. I think this is exactly the right time to start the process that will make you rich and make you secure.  The timing is right for many reasons.

This afternoon when the U.S. Federal Reserve Bank announced it intended to make sure the interest rates are low through 2013 we can be NOW BE SURE our security and our families financial future is in doubt.   In the longer term the market will give you a clear response to this decision and it will not be pretty because this opens the door to inflation and more Government borrowing..   They have done exactly the wrong thing. Let me tell you why.

The U.S. economy is in trouble because the U.S. Government is spending way more then it takes in taxes and fees.  That has increased their debt by 86% in the last three years to over $14 Trillion dollars.  They are buried in debt and the U.S. appears to be heading into a prolonged period of very slow growth or even recession.  The U.S. Government now appears to be addicted to debt and what they are trying today is wrong.  Today they are making it easier to keep piling on the debt and they will have to deflate the value of their dollar to achieve the goal of low interest rates.

Let me put it another way.  Todays announcement is like helping out a heroin addict by giving him a life time supply of high grade heroin. The result will be the early death of the addict and that is what we are going to see in the U.S. economy with this policy.   In some ways they probably had little choice  but a solution must be found if our quality of life is to be maintained or improved .     Political grid lock in the U.S. has eroded the credibility of that U.S. Government and it is fair to say that we can’t expect them to find solutions to the mess they have created.

We are heading into a period of high unemployment and significant inflation and that means you must act to look after your family now. By doing so you may even prosper in the coming hard economic times.

What happened today is exactly the reason you need to start thinking about starting your own business and over the next week  I am going to help you think about what kind of business you could start.  First  let me share with you a little secret that has always helped me as I grew Calian.

I believe you can only make money by doing one of two things.  You can do something no one else (or very few people) can do OR you can provide a service that no one else wants to do.  I have always chosen the approach of doing something yucky.  It always works because because someone will happily pay you to do it for them.  This is great news for you potential entrepreneurs because if you are like many of us you are not a brain surgeon or rocket scientist and, quite frankly, even if you were there may not be a big market for that sort of thing when the poop hits the fan.

The MBA types call this approach to start-ups  asymmetric market motivation because you are motivated to do something that others are interested in getting away from or never doing again.  As the British say, where there is muck there is brass.  You can use this little insight to help decide what kind of service business you want to start. I am also going to show you how to start that business with very little capital and nurture it along until you are not dependant on others for your financial security.

What is your business going to be?

So now we get to think of a service business that meets that criteria. I say a service business because you do not want to put capital investment into manufacturing of a product because quite frankly you do not time. No, a service business is the one you want to think about right now and then question becomes; what kind of business?  Don’t worry there will be lot’s of choices.  Farming, Septic tank cleaning, garbage disposing, house cleaning, slip off the end of fingers with just a little thought.  Let your imagination go wild and see what you can come up with.

Send me the ideas you have and I will respond directly with you about it. All information will kept confidential and I will not share you ideas with others. And I will respond to every idea over the coming week. Spend a few minutes daydreaming ab out a business that might work and send me a message using this site.

In the Next post  I will talk about how to test your business idea against the four values and answer a very important question.  “Do I have what it takes to be an entrepreneur? “ I think you will be surprised what you can do with the right motivation and a little guidance.   I am looking forward to your responses. Chat soon!

http://www.larryobrien.net/?page_id=82

 

 

 

 

 

 

7 Comments to “Become an Entrepreneur — And Prosper in the Coming Hard Times”

  1. Wes McLeod 10 August 2011 at 2:13 pm #

    Hi Larry – THANK YOU for your very good and encouraging advice about starting a business and being creative, productive, service-oriented and profitable in our times.

    I WOULD very much like to talk to you about ways and means of potentially refining and leaveraging the following emerging business concept. Since May 2011, I have begun to share this basic concept with some colleagues across Canada and they are encouraging me to continue to explore and develop it.

    The MyPLACE-CHEZMoi Project Proposal
    DRAFT dated August 8, 2011
    Proprietary Document for Discussion Purposes Only

    The Marketing Title
    MyPLACE-CHEZMoi: Live, Learn and Lead at Canada’s faith-politics interface

    The Concept
    MyPLACE-CHEZMoi is a privately-owned, for profit, partial dividend, holistically-equipped, uni-campus consortium of mixed-income condominium and apartment suite residences, nongovernmental organizations (NGO) offices, and a multimedia educonference- retreat/hostel centre located within walking distance of Parliament Hill in Ottawa, Canada’s national capital.

    The unique and compelling vision of MyPLACE-CHEZMoi is to incarnate a vibrant synergy-leveraging, intergenerational, interdisciplinary pan-Canadian community of Christian faith-informed legislators, staff, activists, diplomats, spiritual care-givers, clergy, public servants, educators, students, lawyers, journalists, authors, publishers, political scientists, social scientists and business persons who, together at the real-life intersection of faith and politics, build lasting relational networks of servant mentor-leaders and explore, develop and communicate transformative ideas and practical engagement skills that 2celebrate and strengthen spiritual, democratic, political and socio-economic foundations and institutions.

  2. Iggy186 15 August 2011 at 3:57 am #

    I was my own boss for quite a few years, with a fair amount of success, until the high tech meltdown. Since then I’ve continued working as a hobby, while doing various government contracts as a tax collector and assessing tax returns.

    What I’d really like is to get back to work doing what I do best. Whatever advice you have will be gratefully received.

    Thank you

  3. Insurance Ottawa 18 August 2011 at 4:58 am #

    I think a great way to hedge yourself from economic turbulence is to have diversity within your sources of income. That is being an entrepreneur. Having strong communities more reliant on local business is a great hedge to the international currency wars of the capital markets. We rely on so much that we can’t control, I think for the world to grow it has to shrink. Both economically and figuratively.

  4. Eloise 3 September 2011 at 4:58 am #

    You couldn’t pay me to inogre these posts!


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