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