August 27, 2010 12:00:00 am

Why now is ideal time to start a business

By Brian Schwartz

According to the latest figures released by the Bureau of Labor Statistics, nearly 15 million Americans are still out of work and the national unemployment rate is a staggering 9.5 percent. Since the “official” start of the recession in December 2007, the number of those counted as unemployed has doubled, while industry experts peg the actual number at double the official figure.

The startlingly reality for the newly unemployed is that the jobs they once held simply no longer exist. Nearly a third of those unemployed have been jobless for more than 6 months. Many are turning to entrepreneurship as a means to survive, and in doing so, finding a new sense of freedom and control to work in areas they are passionate about.

Starting a business in this economy may seem crazy, but to many people it makes more sense than competing with scores of others who are applying for the few openings that are available.

Shortly after I interviewed almost six dozen entrepreneurs for my book, “50 Interviews: Entrepreneurs Thriving in Uncertain Times,” the message was clear: The best window of opportunity in our lifetime to launch a business is now.

But fortune will not favor those who wait. As employment increases, scarcity of talent will increase the cost to acquire top talent. Higher salaries put pressure on increasing the bottom line and the drop in unemployment may be a sign that the ideal conditions for a startup are beginning to close.

What does it take?

Consider these Five Distinctions of Successful Entrepreneurs, which distill the wisdom from the successful entrepreneurs I interviewed. These are the common threads they all shared that not only result in great businesses, but more fulfilling lives:

Uncover a consuming passion. The more you share, the stronger it becomes. Similar to an addiction, they can’t turn it off and it rarely feels like work.
Define an impersonal goal. You have discovered a purpose greater than yourself. You do it despite the money. It’s more about the impact on other people than on you.
Learn to embrace risk. Entrepreneurs see risk as dashing into the future with hope and the possibility to move closer toward their impersonal goal. Many have shared that once they accept the worst possible outcome, they feel empowered to take action.
Emulate to learn, innovate to earn. Emulating is a great way to get onto the field, but all great accomplishment in the world has stemmed from someone doing something different. Eventually, you need to blaze your own trail and innovate to find success.
Develop an ability to shift perspective. You will no doubt face many challenges and setbacks along the way. The key to not letting those setbacks impact you lies in your ability to shift your perspective and see the circumstances from a different light. Faith is at the root of one’s ability to shift perspective. Faith comes from overcoming earlier setbacks, knowing that in the end, everything works itself out, one way or another!

Brian Schwartz is the author of 50 Interviews: Entrepreneurs Thriving in Uncertain Times. In upcoming issues of NCBR, he will be sharing some of his interviews with successful business people, like Jake Jabs. Schwartz is also the founder of 50 Interviews Inc., and can be reached at www.50interviews.com.