Photo: Stephen Poff
If your 2011 New Year’s Resolution was to quit your job and become an entrepreneur — I think now is a great time to go for it. Here’s 7 reasons why:1. Supply of Job Candidates
The unemployment rate continues to be very high. There are highly talented people out there that are looking for jobs.
You may be able to hire someone whom otherwise wouldn’t be willing to work for your company. There are qualified job candidates unemployed – and now may be your chance to hire them.
2. Stock Market Stability
While stability in the stock market can change quickly, 2010 was a very solid year for the Dow Jones. On March 9th, 2009 – the Dow Jones closed at 6,547. That was the bottom that we saw and we all hope we will never see that level again. At the end of 2009, the Dow Closed at 10,428.
So, the Stock Market increased by about 59% since its bottom in the year 2009. In the year 2010 – the stock market increased over 11%. So, it has been stable since the bottom. Even the first half of January 2011 has shown a steady uptick in stocks. With stock market stability – it can be less of a scary time to make investments in entrepreneurship.
3. Office Space
The economic downturn we experienced meant businesses closed down – which meant that office space opened up. When you look for office space today – you will probably find very hungry commercial real estate agents looking to get you into an office. It is a renters market, and you can negotiate hard on things such as your lease term and monthly rent.
4. Social Networking
A great thing about social networking is that there is such a low barrier to entry. A small electronics store can have more Facebook friends or Twitter followers then Radio Shack if they are savvy about social networking. Social networking levels the playing field giving all small businesses a chance to spread the word about their product or offering.
Data use to cost money and it was difficult to create. However, most of the major players on the web offer awesome API’s to help website owners improve their websites with free data. For example, Google offers fantastic maps for any website.
Twitter offers its real time search data to publishers, and other companies such as Ebay, Flickr and Foursquare all offer helpful API’s. Maybe most importantly, Groupon has launched an impressive API which helps websites implement the hottest deals in their area directly onto their site.
Referral income can also be generated when people go to Groupon from your site to make a purchase. For web startups – this free data can make the difference when trying to carve out a profitable internet business model.
6. Retail Sales
Solid retail sales are a good sign for entrepreneurs. It shows consumer confidence and that people aren’t hoarding money but instead are circulating it back into the economy. In December, retail sales had its biggest percentage gain in 6 years. This increase was buoyed be a very solid online shopping holiday season for retailers.
7. Job Creation
We all know that the unemployment rate continues to be a sore spot for this country. Many people continue to be out of work and it is a tough time. By becoming an entrepreneur, you can create jobs, and make a positive impact on the unemployment rate.
Entrepreneurs can feel a great sense of social good because by being successful and hiring people – you are essentially helping people in a time when they need it.
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