Tags: self-reliance

Self-Reliance: The Entrepreneur's New Challenge

We all tend to think of the entrepreneur in monetary terms, a topic that is usually centered on clever new ways to create income and wealth outside of the bounds of the normal 9 - 5 job. However, there is another important aspect to income, and that, of course, is how we spend it. The smart entrepreneur is as concerned with where the money goes, as he or she is with where it comes from. After all, it's the net profit that really matters.

Given the current state of the economy, the most important challenge to the entrepreneur seems to be holding on to one's money rather than just trying to earn it. Enter self-reliance. Why shell out your hard earned cash for a service or item, when with a bit of entrepreneurity, you can provide that service yourself, and hang on to some of that hard earned cash? Sure, there are times when convenience is a factor, but given the instability and uncertainty in today's economy, self-reliance is looking more and more important. Another factor to consider is the "best use of your time". There's only so much to go around.

If you're like me, you have several major grocery stores, several of which are open 24/7, all within easy driving distance. Why keep food in the house? Is it worth $1000 of your time to grow a bushel of potatoes, when you could run to the store and buy them for $10? But remember, your time is only worth $1000 if you can sell it. So, if payment for your time isn't a sure thing, and the store goes out of business because of the economy, would you still like to eat? Since you, your available time, and your entrepreneurial skills are all gating factors, it seems like some sort of compromise is the order of the day.

We all know that the economy is in the toilet, and things seem to be getting worse with each passing day. So, let's spend some time talking about becoming more self-reliant by applying entrepreneurity to "cash out" rather than "cash in" for a while.

As a quick review of The Great Depression, consider this: conventional jobs dried up, the average Joe was unemployed, food was in short supply, travel was difficult if not impossible, and many people lost their savings and their homes. Now this is not to say that fortunes weren't made, because history shows that out of the economic ruins of The Great Depression arose many giants of industry. Indeed, many entrepreneurs of the time learned how to move forward from economic disaster into prosperity.

The next several posts will be about using entrepreneurity to become more self-reliant during these troubled economic times, some things that I'm looking at, and some suggestions for things to try. I welcome your comments and suggestions.

Permalink 12/28/08 06:33:40 pm, by Bill Rosser Email , 468 words, Categories: Entrepreneurity ,