By Edward Deeb, Editor-in-Chief
July 1, 2008
With today’s buyouts, layoffs, golden parachutes and early retirements, there is a lot of frustration out there. Individuals are paying more for gas, food, taxes and what-have-you, leaving less money to pay all the bills. So what do you do?
Many in this type of situation are starting their own business. Being their own boss. In other words, they are becoming entrepreneurs. One may ask: What exactly is an entrepreneur? He or she is one who organizes, manages and assumes the risk of a business or enterprise, according to Webster’s.
I wonder how many of our readers have talked about or dreamt about having your own business? Then let me say upfront that having your own
business and being your own boss sounds exciting, but entails considerable work and responsibility. Do you want to become a consultant, a restaurateur, a retailer, a writer, an engineer or an accountant? Whatever you want, you have to be prepared for your new job or “new life.” It’s not easy.
Take the shoemaker, for example. I’m sure you’ve heard the story that he takes care of everyone he does business with, but himself. His shoes always seem to need repair. Or the barber who cuts all of his customers’ hair, but doesn’t have time to take care of his own. That’s because you have less time than you did before in a different career. You have to wear many hats. The grocer needs to be able to, for example, stock groceries, cut meats, wash and display produce, be a cashier, be a janitor to keep the store clean, be a marketer and advertise special prices.
Those who have the desire to do something they’ve always wanted to do are courageous in that they are willing to take a calculated risk. Plan on working 12 to 14 hours a day as your own boss, instead of the eight hours at your old job. But if you stick with it and become a success, it is a gratifying feeling knowing that you did it on your own!
In this issue we feature several Entrepreneurs of Distinction. They are those who dreamed of doing their own thing and took the calculated risk and succeeded. Each entrepreneur chose a different path, but they all succeeded. They are today’s dreamers!