Thinking of Starting a New Business? Why Not Now?

From Z. Kelly Queijo:


With a shrinking economy and unemployment on the rise, one might think this may not be the best time to start a new business. Jim Flowers, director of VT KnowledgeWorks business acceleration center located at the Virginia Tech Corporate Research Center, disagrees.


In fact, Flowers predicts an increase in the number of entrepreneurs in 2009.


“In your own business,” he emphasizes, “you have at least the illusion of control. If you have to down-size yourself, it’s your own decision. Since the perceived risk in working for a large company is now higher than it was formerly, the perceived risk in entrepreneurship is now much lower on a relative scale than in the (now past) age of the Fortune 1000.”


Small business is big in Virginia. Defined as having fewer than 500 employees, the Small Business Administration (SBA) reports that small businesses account for roughly 50% of private-sector employment. The number of self-employed individuals accounts for 63% (over 406,000) of Virginia-based businesses.


You could wait for the stars to align, but Flowers advises that the most important factor in the success of an entrepreneurial business is the personal commitment of the entrepreneur. Commitment and the persistence that comes with it is something he calls “Moxie.”


He can’t say it often enough. Age does not matter, but The Four Fundamental Factors matter: Market, Magic, Moxie, and Mentors


Allan Tsang knows something about what it takes. Two months ago, Tsang launched his newest company, 88owls.com, a resource for consultants seeking relevant work and for businesses seeking to hire experienced consultants.


When asked, “Why now?”, Tsang replied, “Why not?”


“There never seems to be a shortage of problems,” Tsang said.  “In 88owls‘s case, we know that companies are craving people who are experienced and knowledgeable.  And in the consultants’ corner, they are looking for clients that need them.  We believe we are solving problems at the top of the economic food chain. That is why within two months of launching, we have consultants from over 26 countries. So, yes, it is always a good time to start a business, now better then ever. There is no country I have been in that allows someone to pursue their dreams as easily as the US does.”



Z. Kelly Queijo writes about people and their passions for business and technology.

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