Lately it seems everybody’s talking about entrepreneurship. It makes perfect sense given the condition of the American economy and the grim reports on unemployment. Apparently, the unemployed are becoming unemployable and young, black males are facing an even bleaker unemployment rate. Enter entrepreneurship. Its quickly becoming clear that becoming an entrepreneur is no longer about doing what you love or having certain personality traits. Today, entrepreneurship is about survival!
Incarati: (noun) \in-ˈk-ə-ˈrä-tē\ rock star entrepre-business owners made famous by sharing what they’ve learned along the way via writing books, blogs and participating in social media; usually Gen Y. Examples: please see Scott Gerber (www.nevergetarealjob.com; @askgerber), David Siteman Garland (www.therisetothetop.com; @TheRiseToTheTop), Shama Hyder Kabani (www.marketingzen.com; @Shama).
The first article for my column, Adventures of a Gen Y Solo Practitioner, is up on Solo Practice University! Its about flirting with the idea of starting your own law practice but many of the principles and ideas mentioned are applicable to anyone looking to start their own business. Check it out and let me know what you think!
My point is that if you want to start a business that has any chance of surviving (and I hope you do because it is freaking awesome!), then you better get ready to work harder than you have ever worked in your entire life. In fact, you should be downright ready to become a madman (or woman) for your business!
After making the decision to establish a business the first thing entrepreneurs want to do is make it official by creating their legal business identity (a.k.a. business entity). There are a lot of options and many people don’t know why they should choose one or another. Here is a brief overview of the most popular business entities.
If you are an entrepreneur, especially a young or under-capitalized entrepreneur, you need to see this movie! It was motivational, educational and incredibly entertaining. There were several key points that the movie made about success and running your own company that you can apply to your life as you set out to start a business.